John M. McCormick, an executive vice president at CBRE Inc., has long been one of the most active brokers in Greater Hartford.
He’s been at the center of some major lease and sale deals over the past year, including Connecticut Children’s long-term lease, for 70,000 square feet, and the subsequent sale of 300 East River Drive in East Hartford for $7 million.
He also brokered UConn’s 51,000-square-foot lease at Hartford 21, expanding the flagship university’s downtown Hartford presence. He also brokered the $1.3 million sale of the United Way of Central and Northeastern Connecticut’s former Hartford headquarters, at 30 Laurel St., to New York-based Spectra Construction & Development, which plans to redevelop the property into housing.
Both leasing and sales volume were lower in 2024, McCormick said, but broker inquiries and office tour traffic have increased so far this year.
“Leasing activity and interest continues to be strongest in highly amenitized, Class A properties with ownership that is well-capitalized,” McCormick said. “Clients are seeking maximum flexibility and aggressive lease terms from landlords, including increased tenant improvement allowances, free rent, and terms of three, five, seven and 10 years.”
The next six to 12 months will continue to be a tenant’s market, McCormick said, “with outside market influences posing additional challenges and uncertainty.”
“The Hartford central business district market will be particularly challenging with the pending foreclosures of several high-profile office towers, making it difficult to navigate and complete transactions,” he said. “Hybrid work schedules will also continue to be challenging for large corporate employers, resulting in delayed planning decisions. The high costs of construction are anticipated to remain a headwind in the coming year as well.”