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July 19, 2024

Here are some major 2Q Greater Hartford office market leases

CoStar During the second quarter of 2024, GT Independence subleased 16,366 square feet at 400 Executive Blvd., in Southington (shown above), according to CBRE.
By Greg Bordonaro

Office vacancy rates in Greater Hartford declined during the second quarter as leasing activity picked up. 

According to brokerage firm CBRE’s second quarter market report, about 23.2% of office space in Greater Hartford is vacant, including 22.1% of space in the Capital City’s central business district.

Tenants added a total of 161,000 square feet of space during the quarter, and overall the office market saw net absorption of 71,000 square feet during the first half of 2024.

That represented the first time the Greater Hartford office market recorded positive absorption — meaning tenants added more space than they gave up — during the first half of the year since 2020, CBRE said. 

Class B buildings represented 61% of all leasing activity during the quarter, which was also a departure from recent trends, according to CBRE, whose report covers 320 buildings and 30.4 million square feet of office space in Greater Hartford.

Major leases during the quarter, according to CBRE, included: 

  • American Nuclear Insurers renewed its 10,657-square-foot lease at 95 Glastonbury Blvd., in Glastonbury.
  • UConn signed a new lease for 49,500 square feet at 241 Trumbull St., in downtown Hartford. 
  • GT Independence subleased 16,366 square feet at 400 Executive Blvd., in Southington.
  • Barton & Loguidace leased 16,000 square feet at 855 Winding Brook Drive, in Glastonbury.
     

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