The Greensboro office market has had several hundred thousand square feet of new office developments come out of the ground recently, and the absorbing response to the new office space has been very strong, according to Carl Essa, president of Essa Commercial Real Estate.

He says one reason for this healthy absorption is a steady increase of corporate relocation into the Greensboro market.

The majority of development has taken place in the Northwest and Airport submarkets, mostly due to the roadways and infrastructure, airport location and expansions, as well as nearby suburban neighborhoods that keep the commutes to workplaces minimal.

Several major tenants in the area include Volvo, United Health Care, VF Corp. and Cone Mills. Class A rental rates in Greensboro range from $17.95 per square foot to $23 per square foot, says Essa. Vacancy rates are at less than approximately 4 percent.

There are several growing submarkets in the area. "Without a doubt, people should keep an eye on the Guilford College/West Friendly area, Green Valley area, North Elm/Pisgah Church area and the Airport submarket," Essa says.

Greensboro's office market is thriving, as evidenced by one of Essa Commercial Real Estate's newest projects. "We are presently developing a 61,000-square-foot Class A office building with a below market rental rate of $17.95 per square foot," says Essa. "The building offers floor to ceiling windows, fiber optics accessibility, two elevators, extremely attractive finishes and landscaping, and is located in a nice area that is easily accessible to the major thoroughfares. Last fall, our pre-leasing response was 70 percent in less than a month. The building is under construction and will be ready for occupancy early this summer. This indicates an excellent office climate."

Carl Essa is president of Essa Commercial Real Estate.


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