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June 24, 2024 / 2024 Power 25 Real Estate

2024 Power 25 Real Estate: Mike Goman & Tom York

Michael Goman
PHOTO | CONTRIBUTED Tom York, principal of Goman + York Property Advisors
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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 advisory and development services practice and does work in Connecticut and around the country.

Most of his focus over the past year has been working with a number of communities on extensive updates to their town center master plans. These are often year-long assignments that involve reviewing and updating zoning regulations and re-imagining town center conceptual designs, he said.

There is increasing interest from communities looking to attract new commercial real estate investment, Goman said, as cities and towns look to increase and broaden their property tax base and offset a decline in the assessed value of some of their existing commercial properties, like office buildings.

“This interest shows up in marketing efforts, meaningful entitlement reform, and a generally more positive reception to developer proposals,” Goman said.

He added that new development continues to be concentrated in the multifamily residential and warehouse/logistics sectors.

Additionally, there is extensive activity in studying the economic and design feasibility of re-purposing larger retail and office properties that have been impacted by lower market demand.

York has been in commercial real estate for more than a quarter-century, formerly serving as a broker for CBRE, before hanging his own shingle. He oversees Goman+York’s transactional and advisory services.

York said the office market continues its “flight-to-quality” trends with tenants gravitating to the higher-quality, amenity-rich buildings and locations. Consequently, Class A properties in popular suburbs, like West Hartford and Glastonbury, “are realizing disproportionate demand with some achieving pre-pandemic occupancy and rent levels.”

“On the contrary, there are numerous Class B and C office buildings that are effectively becoming economically obsolete,” York said. “As a result, many owners are considering redevelopment concepts, including office-to-apartment conversions. Our sense is that this trend will continue and grow for several years as tenant leases expire and the new post-pandemic market realities continue to set in for office property owners and lenders with lesser-quality properties.”

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