Q1 2025 Greensboro/Winston-Salem Office Figures

MARKET REPORT HIGHLIGHTS:

• Greensboro/Winston-Salem’s office market experienced net negative absorption of 73,694 sq. ft. in Q1 2025 as lease expirations continue to exceed tenant move-ins.
• Direct vacancy ended Q1 at 20.5%, up 30 basis points quarter-over-quarter and 290 bps year-over-year. Vacancy has now risen by 83% in the Greensboro/Winston-Salem office market since 2020.
• Despite the consistent economic headwinds, the continued demand for premium space keeps asking rents on an upward trajectory. Average asking rates increased to $22.05 sq. ft., up 9.7% year-over-year.
• Sublease availability decreased moderately by 7,785 sq. ft. quarter-over-quarter to 248,014 sq. ft., representing 1.0% of market-wide inventory. Since reaching a peak of 613,106 sq. ft. in Q1 2024, sublease availability has stabilized locally.
• Office space under construction remained the same at 127,000 sq. ft., with no new projects breaking ground.