Q3 2024 Greensboro/Winston-Salem Office Figures

Market Report Highlights: 

• Overall vacancy rose to 20.3%, up 210 bps quarter-over-quarter and 420 bps year-over-year. Since Q3 2020, office vacancy has increased by 910 bps. 
• The office market experienced 661,716 sq. ft. of negative absorption in Q3 2024, bringing the year-to-date total to negative 908,223 sq. ft. The majority of the negative absorption occurred in the Winston-Salem CBD submarket, where Wells Fargo vacated over 700,000 sq. ft. across multiple buildings. 
• Sublease availability decreased to 207,261 sq. ft., marking the third consecutive quarter of decline. 
• The average asking rent rate ended Q3 at $20.26 per sq. ft., up 0.6% for the quarter and 1.9% year-over-year. The flight-to-quality trend persists, as effective rents for top-tier buildings continue to outperform lower-tier buildings. 
• There is currently no speculative space under construction in the Greensboro/Winston-Salem market, and no projects are expected to break ground for the foreseeable future.