Greensboro Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $19.22 2021 Avg. Asking Rent
  • 10.30% 2021 Office Vacancy Rate
  • $89.3M2021 Total Office Sales
  • $119.99Avg. Sale Price/SF

Greensboro office price per square foot in 2021 was $19.22 on average. The local office market recorded an average vacancy rate of 10.30% across all asset classes combined. The 8 transactions that closed here throughout 2021 amounted to a total sale volume of $89.3M. Greensboro office space commanded an average sale price per square foot of $119.99.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Greensboro Class A & A+ Office Space$22.28
  • Greensboro Class B Office Space$16.51
  • Greensboro Class C Office Space$18.01
  • North Carolina Class A & A+ Office Space$30.03
  • North Carolina Class B Office Space$23.99
  • North Carolina Class C Office Space$18.96

Greensboro, NC Office Asking Rents by Class

Average office rent in Greensboro rested at $19.22 per square foot in 2021. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Greensboro averaged $22.28 per square foot. Across all submarkets, class B office space recorded an average asking rent of $16.51 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.01 per square foot, on average. Comparably, statewide North Carolina average office rents by class in 2021 were: $30.03 per square foot for class A office space; $23.99 per square foot for class B office space; $18.96 per square foot for class C office space.

2021 Office Vacancy Rates in Greensboro

Submarket Asking Rents Vacancy Rates
Greensboro CBD $23.69 8.69%
West Greensboro $20.12 6.57%
Airport - NW Guilford County $16.82 9.34%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Greensboro market was 10.30% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Greensboro was 6.57% in the West Greensboro submarket, while the highest office vacancy in the market was 9.34%, recorded in Airport - NW Guilford County.

Office Spaces for Rent in North Carolina

Greensboro Office Sale Price per SF

  • $119.992021 Avg. Price per SF
  • -0.41%Y-o-Y Avg. PpSF Change
  • $89.3M2021 Office Sales Volume
  • 82021 Number of Transactions

Greensboro, NC Sale Price per SF Trend

  • Greensboro Avg. Sale Price per SF in 2021$119.99
  • North Carolina Avg. Sale Price per SF in 2021$292.62
Greensboro office space cost in 2021 marked a -0.41% change compared to the previous year. The sale price for office space in Greensboro averaged $119.99 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $292.62 per square foot.

2021 Office Sales Volume

  • Greensboro, NC Total Office Sales Volume in 2021 $89.3M
  • Greensboro, NC Total Number of Office Sales Closed in 2021 8
A total of 8 deals closed on the Greensboro office market in 2021, adding up to a yearly sales volume of $89.3M. Notably, the largest transaction on the market saw Wells Fargo Tower change hands for $30,412,000 on 12/2/2021.

Largest Greensboro Office Sales in 2021

Property name Address Date Price
Wells Fargo Tower 300 North Greene Street 12/2/2021 $30,412,000
Volvo Building 8003 Piedmont Triad Pkwy 12/21/2021 $27,844,500
2001 North Church Street 2001 North Church Street 6/29/2021 $9,390,000
Asheville Building, The 1500 Pinecroft Road 1/4/2021 $7,350,000
1301 Carolina Street 1301 Carolina Street 12/16/2021 $5,272,793
Data provided by Commercial Edge

Coworking Spaces in North Carolina

2021 Office Construction in Greensboro, NC

  • Greensboro, NC Total SF under construction in 2022 312,200
Largest Office Properties Recently Completed in Greensboro
Office building Address SF Completed
2101 North Church Street 2101 North Church Street, 27405 7,392 2023
400 Bellemeade St 400 Bellemeade St, 27401 112,000 2021
2800 Lawndale Drive 2800 Lawndale Drive, 27408 50,895 2017
3820 North Elm Street, Suite 601 3820 N Elm St, Suite 601, 27455 2,201 2008
Maple Professional Park 1414 Yanceyville Street, 27405 37,230 2007
804 Green Valley Rd 804 Green Valley Rd, 27408 75,000 2001
212 South Elm Street 212 South Elm Street, 27401 45,310 2001
4280 Piedmont Parkway 4280 Piedmont Parkway, 27410 16,000 2000
328 East Market Street #100 328 East Market Street, 27401 3,835 2000
Grandover Commons - 4508 & 4510 Weybridge Lane 4508 Weybridge Lane, 27407 84,804 1999

Worth noting among recent office completions on the Greensboro market is 2101 North Church Street, which is currently the largest new office development in the city, at 7,392 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Greensboro commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.