Why Small Warehouse and Flex Space Is So Hard to Find in the Triad (and How to Find It)

Contractors, small manufacturers, distributors, and service companies all hit the same wall in the Triad: there isn't much small industrial space, and what comes open goes fast.

The numbers

• Smallest buildings, lowest vacancy. CBRE's Q1 2026 Triad report put vacancy for buildings under 100,000 SF at 4.8%, the tightest of any size class, with asking rents of about $7.27/SF. Buildings of 100,000–200,000 SF were about 10% vacant.
• Flex is premium. Cushman & Wakefield's Q3 2026 flex average was about $8.48/SF; CBRE's Q1 flex/R&D average was about $11.28, and Kernersville small-bay reached $12.75 NNN.
• Tight pockets. In Q3 2026, Kernersville was 3.9% vacant, North Guilford 1.3%, and Central Winston-Salem 2.5%.

No major broker report breaks out space under 25,000 SF specifically, but every signal points the same way: the smaller the unit, the scarcer it is.

Why it's so tight

1. New construction skipped it. The last building cycle in the Triad delivered large distribution buildings, often 200,000+ SF. Small-bay costs more per square foot to build and lease, so few developers build it.
2. Demand is broad. Trades, e-commerce, light assembly, and service businesses all want 2,000–20,000 SF with a drive-in door and some office.
3. Tenants stay put. Moving a small business is disruptive, so renewals are high and units rarely turn over.

How to find space anyway

• Start early. Six to nine months ahead is not too soon for small space.
• Go off-market. Many owners of small-bay parks don't list vacancies widely. Direct outreach turns up units before they hit the market.
• Be flexible on location. High Point, Davidson County and Randolph County offer lower rents and somewhat more availability for users who don't need a Kernersville or Airport address.
• Know your must-haves. Drive-in door height, power (amps and phase), office percentage and yard needs. A clear list lets you say yes quickly.
• Have financials ready. Landlords of tight buildings pick the tenant who is easiest to approve.

For investors

The same shortage that frustrates tenants supports small-bay rents and occupancy. The risks are higher management intensity and tenant turnover cost, so underwrite realistic downtime and capital for roofs and doors.

Need small space?

Send Matt your requirement — size, area, doors, power — and he'll search listed and off-market options across the Triad.

Sources

• CBRE, Q1 2026 Triad Industrial report (Apr 2026)
• Cushman & Wakefield, Greensboro/Winston-Salem Industrial MarketBeat Q3 2026 (Oct 15, 2026)
• Link Logistics — Greensboro industrial real estate (Jul 1, 2026)