Winston-Salem Commercial Real Estate Market
Winston-Salem's economic transformation from tobacco manufacturing to biomedical research and healthcare is reshaping its commercial real estate market in fundamental ways. The Innovation Quarter has attracted Wake Forest School of Medicine, Invacare, and dozens of biotech startups, creating demand for specialized lab, office, and flex space that didn't exist a decade ago. This transformation radiates outward: nearby retail benefits from Innovation Quarter foot traffic, and residential development in the surrounding West End and Industry Hill neighborhoods drives further commercial demand.
The healthcare sector dominates Winston-Salem's economy through Atrium Health Wake Forest Baptist and Novant Health, two major hospital systems whose combined employment and capital investment anchor medical office demand throughout the city. Properties near the medical center campuses along Hawthorne Road, Silas Creek Parkway, and Hanes Mall Boulevard see consistent occupancy. The industrial market along I-40 Business and US-421 serves a mix of advanced manufacturing, food processing (Krispy Kreme, HanesBrands legacy), and regional distribution tenants.
Winston-Salem offers a compelling value proposition for CRE investors: Innovation Quarter-adjacent properties are appreciating rapidly, healthcare-anchored assets provide income stability, and industrial properties along major corridors deliver strong yields. Compared to Charlotte (90 minutes southeast) or the Triangle, Winston-Salem's lower entry prices and higher cap rates attract investors seeking to build yield-oriented portfolios. Sellers who understand this positioning and present institutional-quality materials can capture competitive offers from both local and out-of-market buyers.
Top Property Types in Winston-Salem
Office & Biotech
Winston-Salem's life sciences ecosystem — anchored by the Innovation Quarter and Wake Forest School of Medicine — creates specialized demand for lab, research, and flex properties that few mid-size cities can match. Properties with appropriate power, HVAC, ventilation, and loading infrastructure suitable for biomedical tenants command significant premiums. The Innovation Quarter's success has also created spillover demand in adjacent neighborhoods, where adaptive reuse of older industrial buildings into creative office and lab space is accelerating.
Industrial / Warehouse
With Atrium Health Wake Forest Baptist and Novant Health both operating major hospital campuses in Winston-Salem, the city's medical office market is one of the most stable CRE asset classes in the Piedmont Triad. Properties along Hawthorne Road, near Hanes Mall, and on the Silas Creek medical corridor benefit from captive physician demand and patient traffic. Multi-specialty buildings with a mix of primary care, orthopedics, cardiology, and outpatient services generate the strongest investor interest.
Retail & Mixed-Use
I-40 Business, US-421, and the Kernersville-adjacent corridors give Winston-Salem's industrial market strong transportation connectivity. The city's manufacturing heritage — from textiles and tobacco to today's advanced manufacturing and food processing — provides a tenant base that values Winston-Salem's workforce, cost structure, and logistics access. HanesBrands, Krispy Kreme, and numerous mid-size manufacturers maintain operations here, creating consistent warehouse and distribution demand.
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Cap rates in Winston-Salem are attractive relative to the Triangle, with improving fundamentals driven by Innovation Quarter growth and healthcare expansion.
Why Winston-Salem Property Owners Work With John Salony
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Pre-qualified buyers. Realistic pricing from day one. Clean financials and marketing materials that attract serious offers, not tire-kickers.
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