Wills Elliman, senior managing director of Newmark’s Wilmington office, has been tasked with trying to sublease Comcast’s 150,000-square-foot office near Newark. Comcast closed the building, which it had used as a call center with about 600 employees, in early 2022 less than four years after it signed a 10-year lease for the space.
Few businesses are seeking a building that large. Elliman said it would be difficult to lease to multiple tenants because the floor plate, the amount of leasable space on each floor, is still very large at around 50,000 square feet. Plus, an upgraded amenity space that includes a Starbucks, fitness center and game room can’t be divided among the tenants.
If it can’t be subleased, Comcast is “going to have to eat it,” Elliman said.
So where are those companies going? Newer buildings are doing a better job attracting them than older ones.
According to Newmark, the greater Wilmington market recorded a 22% vacancy rate for buildings 20 years and older and a 13.7% vacancy rate for buildings constructed within the past 20 years. The younger buildings account for just 13.2% of office inventory, sending demand for those spaces up.
