Q4 2024 Greensboro/Winston-Salem Office Figures

MARKET REPORT HIGHLIGHTS:

• Greensboro/Winston-Salem's office market experienced 31,516 sq. ft. of absorption in Q4 2024, marking the first quarter of positive demand since Q4 2022. 
• Overall vacancy ended Q4 at 20.2%, down 5 basis points quarter-over-quarter and 350 bps year-over-year. Q4 was the first quarter of positive net absorption since Q4 2022, and just the third quarter of occupancy gain since the onset of the pandemic in 2020. 
• The average asking rent ended Q4 at $20.34, up 0.4% for the quarter and 2.1% year-over-year. Asking rents continue to rise at premium buildings as the flight-to-quality trend persists.
• Sublease availability increased moderately by 48,538 sq. ft. quarter-over-quarter to 255,799 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 to end the year. 
• After three consecutive quarters of an empty construction pipeline, Front Street Capital and Carter Development broke ground on a 127,000-sq.-ft. build-to-suit at Wake Forest University's new The Grounds Development.