Mayfaire Town Center Strengthens Leasing Strategy with Diverse Plus-Value Tenants

Wilmington Business News – Commercial leasing activity at Mayfaire Town Center continues to underscore its shift from traditional anchor reliance toward performance-driven, experience-first tenancy.

In-line retail rents in comparable suburban centers around Mayfaire are currently tracking between $24 and $30 per square foot NNN. The broader Wilmington retail leasing market averages roughly $24.50 per square foot for standard space, with office listings averaging between $26 and $32 per square foot depending on the asset class and location.

Two recent lease additions at Mayfaire reflect tenant mix optimization rather than pure footprint scale. Rowan Piercing Studio signed for an estimated inline space of 1,200 to 1,500 square feet at standard inline rates, anchoring wellness-driven retail within the center. Similarly, Altar’d State Kids occupies a boutique-sized footprint—likely under 2,000 square feet—aligned with elevated consumer demographics and repeat traffic.

On the office front, The Offices at Mayfaire IV, directly adjacent to the Town Center, demonstrates Class A leasing performance for whole-floor offices. Two suites available on the third floor—Suite 3A at approximately 5,453 square feet and Suite 3B at about 7,762 square feet—are listed at $28 per square foot NNN (with some listings citing $32 per square foot including full building features).

Highlighting those comps:

• Suite 3A: 5,453 square feet available, $28 / sf / yr NNN
• Suite 3B: 7,762 square feet available, $28 / sf / yr NNN
• Market-average office rent: circa $26–$32 per square foot in Class A assets in the Mayfaire node

These rates align with private single-tenant propositions in suburban coastal submarkets and reinforce the premium status of Mayfaire’s office product. Tenants here benefit from synergy with high‑traffic retail footfall and walkable access to amenities, which supports retention and lease flexibility.

For landlords and investors evaluating leasing strategy: diversifying into service-oriented, purpose-led occupancies like Rowan offers resilience against e-commerce disruption. These tenants generally require less upfront TI, command higher per‑square‑foot sales, and tend toward longer lease terms—enhancing long-term net operating income (NOI).

Meanwhile, Altar’d State’s segmented fashion brand strategy enables multiple boutique leases under one corporate umbrella, delivering higher effective gross rent per brand out of the same podium space with lower vacancy risk.

Between inline retail yields and high‑class office anchors generating $28 / sf / yr NNN, Mayfaire’s leasing posture reflects market rent capture consistent with income growth rather than occupancy-driven discounts. It also provides a blueprint for well-positioned mixed-use assets balancing retail, service, and office tenancy to drive asset value retention and investor appeal.

Mayfaire Lease Roll Table: showing current tenants, square footage, lease rates, and annualized rent

5-Year NOI Uplift Model projecting income growth with 3% annual rent escalation

Comparable Retail Centers Table for regional benchmarking of rents and space types