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NC Triad Posts Positive Q3 Office Stats Despite Overall Cooling
Mirroring the national trend, rent growth in the North Carolina Triad (Burlington, Greensboro, and Winston-Salem) has cooled since the onset of the pandemic, according to the NAI Piedmont Triad Office Market Report, Q3.
Office rents in the Greensboro metro have increased by 2.0% year over year, but are still below the market’s average annual gain of 3.1% over the past three years. Demand is still at a fraction of pre-COVID-19 levels.
Winston-Salem’s office vacancies are expected to remain below levels seen during the Great Recession. However, weaker demand has put a strain on rent growth, and rents have fallen slightly over the past 12 months. Sales volume has fallen in 2021.
Office rents in the Burlington market were rising at a 3.3% annual rate during the fourth quarter of 2021. After a pause in new devolopment that lasted for over five years, 18,000 square feet is now underway.
Photo: Winston-Salem, NC
- ◦Economy
