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October 19, 2023 Deal Watch

Greater Hartford office market sees slight uptick in 3Q space availability; here are some major leases

HBJ File Photo Downtown Hartford skyline.
By Greg Bordonaro

The amount of available office space in Greater Hartford recorded a slight uptick during the third quarter, despite an increase in leasing activity, according to a new report by CBRE. 

The Greater Hartford market, including Hartford and 17 surrounding municipalities, posted a 29.8% office availability rate, up from 29.6 in the second quarter, and essentially flat from 29.9% recorded in the first quarter, according to CBRE.

During the third quarter, tenants signed 217,000 square feet of leases in Greater Hartford. However, that was offset by an overall 39,000-square-foot increase in newly vacated space.

For the year so far, Greater Hartford office tenants have shed a net 651,000 square feet of space. 

Greater Hartford’s vacancy rate is 28.2%, flat from the second quarter, CBRE data shows.

Downtown Hartford has a 24.9% availability rate, but its largest Class A buildings have an availability rate of 32.7%. 

The market north of Hartford, including Windsor and Bloomfield, has by far the highest office vacancies, with a 69.2% availability rate. 

Here are some new leases that were recorded during the third quarter:

  • Stanley Black & Decker: 60,000-sq.-ft. lease renewal, 700 Stanley Drive, New Britain
  • Town of Bloomfield: 26,012-sq.-ft. new lease, 1300 Hall Blvd., Bloomfield
  • Bank of America: 25,391-sq.-ft. lease renewal, 29 South Main St., West Hartford
  • Selective Insurance Group: 24,912-sq.-ft. new lease, 90 State House Square, Hartford
  • Gateway Financial: 20,518-sq.-ft. new lease, 455 Winding Brook Drive, Glastonbury

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