Greensboro Market Report

Yield Range

5.0-9.0%

Vacancy Rate

14.2%

Active Deals

Outlook

Positive

Greensboro is part of the Piedmont Triad region in North Carolina, with a diversified economy spanning manufacturing, aviation, technology, and logistics. The city saw over $4.74 billion in capital investment in 2025, with nearly 15,000 jobs announced. Industrial and retail markets remain healthy, while office vacancy is stabilizing. The city is home to Bell Partners, one of the largest US multifamily operators.

Yields & Returns

Multifamily cap rates range from 4.84% (Class A) to 6.71% (Class C) as of Q1 2025. Industrial cap rates range from 4.84-6.71%. Retail averages 6.65%. Office cap rates are elevated at 8.4-9.0%+ reflecting high vacancy.

Vacancy & Supply

Vacancy Rates

Office: 14.2% (Q4 2025, up 10 bps QoQ). Industrial: 7.7% (Q4 2025, down from prior quarters). Apartment: 7.8% (Q4 2024, up from 4.3% in 2021).

Supply Pipeline

Industrial: 643,852 sq ft under construction as of Q4 2025. Multifamily construction has slowed after significant deliveries in 2023-2024. Limited new office starts.

Competitor Activity

BGO (Sun Life) acquired Bell Partners, Greensboro's largest multifamily operator, for $350M in April 2026. Industrial sales exceeded $100M for two consecutive quarters in late 2025, led by Nova Capital Partners and Hoffman & Hoffman transactions.

Firm	Activity	Asset	Detail	Value
BGO (Sun Life)	Acquisition	Multifamily	Acquired Bell Partners for $350M, increasing AUM to $100B	$350M
Nova Capital Partners	Disposition	Industrial	Sale of West Friendly Business Park	$20.2M
Hoffman & Hoffman	Acquisition	Industrial	Acquired 7915 Triad Center Drive	$23.5M

Demand Drivers

Key sectors include aviation (JetZero facility at PTI Airport), advanced manufacturing (Toyota battery plant in nearby Liberty), technology (Lenovo expansion), and logistics (e-commerce distribution). Tenant demand for industrial exceeds 13M sq ft. The Greensboro Chamber received over 160 business inquiries in 2025.

Rental Market

Industrial asking rents average $5.91/SF. Office rents range from $17.81/SF (Class C) to $30.52/SF (Class A). Apartment rents have been growing moderately at 2-3% annually, though concessions have increased in newer Class A properties due to elevated supply.

Employment & Economy

Total nonfarm payroll grew 0.7% YoY. Major employers include Cone Health, Moses Cone Hospital, USPS, Volvo Trucks, Honda Aircraft, and Lenovo. Unemployment is near national average. The city reported $4.74B in capital investment commitments in 2025 with nearly 15,000 associated jobs.

Migration & Demographics

Greensboro metro population continues to grow moderately. The city is attracting business relocations and expansions, though growth is slower than Raleigh and Charlotte metros. Housing affordability relative to other NC metros supports continued in-migration.

Transport & Connectivity

Piedmont Triad International Airport (PTI) serves as a major cargo and passenger hub. I-40, I-85, and I-73 provide highway connectivity. Norfolk Southern and CSX rail service supports industrial logistics. The city is centrally located within the Piedmont Triad region alongside Winston-Salem and High Point.

Key Risks

Office vacancy remains elevated at 14.2% with limited near-term improvement expected. Industrial vacancy could rise if large speculative projects deliver without pre-leasing. Apartment oversupply in certain submarkets (Northwest I-40 Corridor vacancy at 11.6%). Exposure to manufacturing sector trade policy risks.

Outlook 12–24 Months

Positive outlook driven by strong industrial demand, major corporate expansions (Toyota, JetZero, Lenovo), and record capital investment. Office market stabilizing but not recovering. Multifamily fundamentals improving as supply pipeline slows. The BGO/Bell Partners acquisition signals institutional confidence in the market.

Sources

CBRE Q4 2025 Greensboro/Winston-Salem Industrial FiguresCushman & Wakefield Q4 2025 Greensboro/Winston-Salem MarketBeatApartment Loan Store Cap Rate DataCity of Greensboro Economic Development 2025 Year in ReviewGreensboro Chamber of Commerce