Economy
The Greensboro/Winston-Salem economy expanded in Q3, with nonfarm employment increasing by 1.0% year-over-year (YOY), adding 6,800 jobs. Professional and business services, representing 12.5% of total employment for the Triad, grew by 3.6% YOY, the region’s second-fastest growing sector. Unemployment measured 3.7%, 50 basis points (bps) below the U.S. average.
Supply and Demand
Overall vacancy rose a modest 10 bps quarter-over-quarter (QOQ) and 50 bps YOY to 12.7% but has remained relatively stable within a 50-bp range since Q1 2025. Vacancy in the Greensboro and Winston-Salem Central Business Districts (CBDs) increased by 20 bps QOQ but remained tight at 10.5%, 320 bps below suburban submarkets. Net absorption totaled -88,000 square feet (sf) in Q3, concentrated in the West Forsyth (-46,988 sf) and Greensboro CBD (-37,360 sf) submarkets while High Point/SW Guilford led occupancy gains with 28,212 sf. In a notable downsize, Arch Mortgage Insurance shed three floors at Renaissance Plaza in the Greensboro CBD, adding nearly 47,000 sf of premier, Class A office space to market.
New leasing totaled more than 75,000 sf in Q3, bringing year-to-date (YTD) activity above 477,000 sf. Renewals nearly doubled from the previous quarter to just under 50,000 sf and represented the quarter’s three largest leases. Leasing has been subdued YTD, down 9.6% from the comparable period in 2025 and 31.3% from 2024.
Pricing
Average asking rents increased by 3.4% YOY to $20.01 per square foot (psf), surpassing the $20.00 psf threshold for the first time. Rent growth was supported by stable CBD higher asking rent growth in Class A assets. The addition of premium space at Renaissance Plaza, marketed at $27.50 psf, 37.4% above the market average, also contributed to the increase. Class A rents reached $22.26 psf, up 3.2% YOY.
