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July 18, 2022 / 2022 Power 25 Real Estate

2022 Power 25 Real Estate: Mike Goman & Tom York

Mike Goman

Mike Goman and Tom York are two stalwarts in Greater Hartford’s commercial real estate industry, having teamed up in 2011 to start their own firm, Goman+York Property Advisors LLC.

Goman oversees the firm’s governmental and institutional advisory practice and does work in Connecticut and around the country. And his firm has seen a lot of activity over the past year in municipal economic development advisory services and feasibility studies for private developers.

On the municipal side, the majority of that work has been helping towns initiate the redevelopment of specific large and obsolete projects, or with various grant programs such as the Community Investment Fund, Community Challenge Grants or American Rescue Plan Act-related programs.

Tom York

On the development side, he said he’s seeing a lot of interest in acquiring obsolete office and retail properties, with the goal of converting them either to rental housing or some type of mixed-use development.

Another trend he said he’s seeing is an increasing number of towns taking a real-world, pragmatic approach to economic development.

“Whereas in years past we used to see many towns resisting new development, we’re now seeing many more towns rethink their view of development and position themselves to be more favorably disposed toward new developments,” he said.

York has been in commercial real estate for a quarter-century, formerly serving as a broker for CBRE before hanging his own shingle.

He oversees Goman+York’s brokerage division.

York says COVID-19 has been the biggest event to impact commercial real estate during his career and he’s spent the majority of his time over the past year advising office occupiers on post-pandemic best practices.

“One of our current clients is a 50,000-square-foot tenant with 250 employees and a lease expiring later this year,” he said. “After careful consideration and analysis, they opted to relocate their operations and incorporate a hybrid model, which reduced their space requirement by about 18%. They chose an amenity-rich, higher-quality property, which had become materially more affordable post-COVID and they believe will enhance their ability to recruit and retain high-quality, productive employees.”

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