H1 2024 Greensboro/Winston-Salem Retail Figures

Market Report Highlights

• Vacancy rose to 5.9%, up 10 basis points from year-end 2023 but down 10 bps year-over-year. 
• Average asking rates increased by 3.0% year-over-year to $14.97 per sq. ft. Since mid-year 2020, average asking rates have increased by 36%. 
• Construction activity declined to just 15,000 sq. ft., down 73,000 sq. ft. year-over-year. High construction costs continue to ensure scarcity of new development activity. 
• The Triad's retail market recorded 37,000 sq. ft. of net absorption during the first half of 2024, which is a sizeable decrease from the 120,000 sq. ft. absorbed in the second half of 2023. 
• Retail property sales in the Triad reached $55 million in the first half of 2024, which is a 6.7% decline in volume compared to the second half of 2023. 
• The Triad's retail fundamentals are expected to remain strong through 2024 due to the long-running lack of new construction deliveries and continued strong consumer spending and tenant demand.