Winston-Salem Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $18.04 2024 Avg. Asking Rent
  • -0.40% Y-o-Y Avg. Asking Rent Change
  • 15.94% 2024 Office Vacancy Rate
  • $110.1M2024 Total Office Sales
  • $77.99Avg. Sale Price/SF

Winston-Salem office price per square foot in 2024 was $18.04 on average. This marked a -0.40% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.94% across all asset classes combined. The 14 transactions that closed here throughout 2024 amounted to a total sale volume of $110.1M. Winston-Salem office space commanded an average sale price per square foot of $77.99.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Winston-Salem Class A & A+ Office Space$21.56
  • Winston-Salem Class B Office Space$17.07
  • Winston-Salem Class C Office Space$15.00
  • North Carolina Class A & A+ Office Space$34.49
  • North Carolina Class B Office Space$26.63
  • North Carolina Class C Office Space$19.48

Winston-Salem, NC Office Asking Rents by Class

Average office rent in Winston-Salem rested at $18.04 per square foot in 2024. 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 Winston-Salem averaged $21.56 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.07 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.00 per square foot, on average. Comparably, statewide North Carolina average office rents by class in 2024 were: $34.49 per square foot for class A office space; $26.63 per square foot for class B office space; $19.48 per square foot for class C office space.

2024 Office Vacancy Rates in Winston-Salem

Submarket Asking Rents Vacancy Rates
West Winston-Salem $21.35 24.64%
Winston-Salem CBD $19.41 9.46%
South Winston-Salem $18.51 9.96%
North Winston-Salem $15.86 25.66%
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 Winston-Salem market was 15.94% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Winston-Salem was 9.46% in the Winston-Salem CBD submarket, while the highest office vacancy in the market was 25.66%, recorded in North Winston-Salem.

Office Spaces for Rent in North Carolina

Winston-Salem Office Sale Price per SF

  • $77.992024 Avg. Price per SF
  • $110.1M2024 Office Sales Volume
  • 142024 Number of Transactions

Winston-Salem, NC Sale Price per SF Trend

  • Winston-Salem Avg. Sale Price per SF in 2024$77.99
  • North Carolina Avg. Sale Price per SF in 2024$182.30
The sale price for office space in Winston-Salem averaged $77.99 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $182.30 per square foot.

2024 Office Sales Volume

  • Winston-Salem, NC Total Office Sales Volume in 2024 $110.1M
  • Winston-Salem, NC Total Number of Office Sales Closed in 2024 14
A total of 14 deals closed on the Winston-Salem office market in 2024, adding up to a yearly sales volume of $110.1M. Notably, the largest transaction on the market saw Piedmont Triad Research - Wake 90 change hands for $28,500,000 on 10/30/2024.

Largest Winston-Salem Office Sales in 2024

Property name Address Date Price
Piedmont Triad Research - Wake 90 635 Vine Street 10/30/2024 $28,500,000
190 Kimel Park Drive 190 Kimel Park Drive 5/17/2024 $17,800,000
Frontis Plaza Building 2085 Frontis Plaza Blvd 5/17/2024 $13,000,000
B/E Aerospace at 190 Oak Plaza 190 Oak Plaza Blvd 11/20/2024 $11,000,000
Hanesbrands - Oak Summit 1000 East Hanes Mill Road 8/15/2024 $9,000,000
Data provided by Commercial Edge

Coworking Spaces in North Carolina

2024 Office Construction in Winston-Salem, NC

Largest Office Properties Recently Completed in Winston-Salem
Office building Address SF Completed
Bailey South 450 North Patterson Avenue, 27101 75,000 2020
630 N Liberty St 630 N Liberty St, 27101 2,141 2017
751 West 4th Street 751 West 4th Street, 27101 51,942 2014
2860 Lyndhurst Avenue 2860 Lyndhurst Avenue, 27103 3,663 2014
6010 Golding Center Drive 6010 Golding Center Drive, 27103 50,000 2008
Trader’s Row 530 North Trade Street NW, 27101 65,180 2007
6010 Golding Center Drive 6010 Golding Center Drive, 27103 50,000 2007
841 Old Winston Rd 841 Old Winston Rd, 27284 11,694 2007
Linville Professional Center #114 900 Old Winston Road, 27284 1,415 2007
1617 NC 66 S 1617 NC 66 S, 27284 13,878 2006

Worth noting among recent office completions on the Winston-Salem market is Bailey South, which is currently the largest new office development in the city, at 75,000 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Winston-Salem 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.