2023 Power 25 Real Estate: John M. McCormick
John McCormick
John M. McCormick is one of the top brokers in Greater Hartford. He’s the executive vice president of CBRE Hartford, which annually tops the list of largest local deal activity.
One of the biggest deals CBRE was involved in recently was serving as the exclusive advisor to manufacturing giant Raytheon Technologies on its $78.5 million sale of 300 acres in East Hartford, near Rentschler Field.
The land formerly served as an airfield and was purchased by Massachusetts-based National Development, which is currently constructing two massive distribution centers, totaling 2.5 million square feet, that will be occupied by Lowe’s and Wayfair.
Over the past 12 months, McCormick said he and his team have been involved in commercial property sales totaling about $150 million, and lease deals totaling 500,000 square feet.
CBRE served as a broker in sales involving Riverview Square in East Hartford ($50 million, 338,000 square feet), 9 Farm Springs Road in Farmington ($14.25 million, 132,000 square feet), and a flex industrial portfolio in Rocky Hill (340,000 square feet).
McCormick said the macroeconomic headwinds associated with inflation, higher interest rates and supply-chain disruptions continue to impact the local market.
“With the increased cost of tenant improvements, the market is seeing a higher percentage of renewal activity and relocations to flight-to-quality assets with superior amenities,” he said. “The urban migration trend continues, as evidenced by Talcott Resolution’s announcement to relocate from Windsor to 52,000 square feet at One American Row in Hartford.”
With an oversupply of office space, it will continue to be a tenant’s market in both the suburbs and Hartford’s central business district, McCormick added.
“Adaptive reuse for vacant offices may include medical office, multifamily, self-storage and in some cases, demolition for industrial and/or retail development,” he said. “Landlords will continue to provide overall lease term flexibility and improved economics and concession packages for both large and small tenants.”
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