What is the future of Delaware commercial real estate? - Technical.ly Delaware

Business

Oct. 31, 2019 4:42 pm

What is the future of Delaware commercial real estate?

The fourth annual Delaware Commercial Real Estate Conference is Nov. 6.

Are mixed-use projects still the way of the future in Delaware? What factors drive demand in the office market, and where will the market be in two years?

These are just a handful of the topics to be covered at the fourth annual Delaware Commercial Real Estate Forecast Conference on Nov. 6 at the Sheraton Wilmington South Hotel from 8 a.m. to noon.

Wilmington, by the data, was the second-least expensive city for commercial real estate in Greater Philadelphia in 2018, with only Allentown, Pennsylvania, averaging lower office space rents. But there are issues that have made Wilmington less attractive to some office space seekers.

“The bigger problem is the wage tax,” said Wills Elliman, Wilmington-based Senior Managing Director of Newmark Grubb Knight Frank (NGKF), told Technical.ly last December. “The head tax is only $10 per month per employee for $120 a month, that’s no big deal. Wage tax — 1.25% — becomes real money. Depending on the income level of the employees and the densification of the space — in other words, how many people are in 1,000 sq feet, for instance — the tax could be two to three dollars per square foot. Parking is seven to 10 dollars per square foot — now you’re getting close to $40 per square foot. The absolute highest price in the suburbs is $30.”

Elliman will be among the speakers at the Forecast Conference, which focuses on office, retail and residential real estate, along with Dailey Tipton, VP of Evolution Energy Partners; Mary Ellen Gray, the City of Newark’s Planning and Development director; Todd Breck, principle at Breckstone Architecture and others.

Click here to register for the conference.

-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

5 ways you can honor Martin Luther King, Jr. this Monday

Delaware’s first chemtech conference is coming to the Chase Center in February

Emerging Enterprise Center and Goldey-Beacom pair up for professional development series

SPONSORED

Delaware

Technology is ever evolving — shouldn’t business education be, too?

Horsham

Penn Mutual Life Insurance Co

Product Systems Specialist

Apply Now

Philadelphia, PA - Center City

Odessa

Sr. Project Manager – ERP Implementations

Apply Now

Philadelphia, PA

Vistar Media

QA Engineer

Apply Now

‘Learn with the Experts’ at these New Castle County financial workshops

INtheSpirit holiday bash returns to The Mill on Dec. 20

Shop local with Spaceboy’s Market Street Swap on Dec. 6

SPONSORED

Delaware

Packed with growth opportunities, WSFS Bank moves into Philly

Philadelphia, PA - Center City

Odessa

Business Architect

Apply Now

Philadelphia

Vistar Media

Sr. Software Engineer

Apply Now

Philadelphia

Vistar Media

Front End Engineer

Apply Now

Sign-up for daily news updates from Technical.ly Delaware

Do NOT follow this link or you will be banned from the site!