Q1 2026 Greensboro/Winston-Salem Office Figures

KEY TAKEAWAYS

Market fundamentals improved modestly quarter-over-quarter as vacancy declined to 24.0%, driven by a combination of increased leasing activity and limited move-outs. Average asking rents spiked to $19.85 per sq. ft. as landlords adjusted pricing to offset higher tenant improvement allowances. Net absorption totaled positive 38,000 sq. ft.., driven by a combination of minimal tenant move-outs and new leasing activity, which was concentrated in Northwest Guilford, PTI Airport, and Winston-Salem CBD submarkets.

Total leasing activity for the quarter was 326,000 sq. ft., the highest the market has seen since Q1 2024. Renewals made up 64.9% of the total and a 168,000 sq. ft. renewal by a confidential Aerospace and Defense tenant in Southeast Guilford was the largest deal of the quarter.

Sales activity decreased quarter-over-quarter to $39.1 million. The most notable deal of the period was Black Mountain Energy Storage’s $19.1 million purchase of West End Center in Winston-Salem CBD. Its two buildings are expected to be converted to a battery storage-related or energy infrastructure facility, though no plans have been finalized.