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June 24, 2024 / 2024 Power 25 Real Estate

2024 Power 25 Real Estate: Joel Grieco

Joel Grieco
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Joel Grieco has seen a number of different cycles during his more than 30-year career in commercial real estate.

An executive director in Cushman & Wakefield’s Hartford office, he focuses mostly on the office market, which has struggled since the 2020 pandemic.

In fact, according to his firm’s first quarter market report, about 26.5% of office space in Greater Hartford is vacant, including over 36% of space in the Capital City’s central business district.

If the Hartford County office market were static over the next year, that would be a victory, Grieco said.

What gives him some hope is that he’s seeing employers and employees increasingly agree that an “in-person” work environment is more fun, collaborative and produces better results for certain industries.

“So, even though the hybrid model is here to stay, and any given company can occupy much less space than they used to, there is a conviction to establish a true office presence,” Grieco said of current market trends. “In doing so, employers are looking for buildings that can provide the best amenities for their employees.”

Despite the slower activity, Grieco has been involved in some major sales and lease deals. He represented Day Pitney in the law firm’s new 41,000-square-foot lease at Goodwin Square in downtown Hartford, as well as Selective Insurance in its move from Glastonbury to State House Square in Hartford for 25,000 square feet of space.

He’s also representing the new owners of 175 Addison Road in Windsor, a 600,000-square-foot high-tech flex and office building that is getting new life from common area upgrades and amenity enhancements.

Another challenge in the market, Grieco said, is that the costs to operate buildings and renovate space continues to increase.

“This produces a double-whammy for landlords who have had to compete on rental rates and concessions, and are now faced with increased costs,” he said.

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