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A new study commissioned by the Hartford region’s biggest business group claims that Greater Hartford offers office users a serious discount on locating operations there compared to other nearby metros.

The MetroHartford Alliance released a new study this week conduced by accounting firm CohnReznick that analyzed office lease costs and business tax burdens in 15 other metro areas. The study found the combined annual tax and office lease cost for a general class A office user in Hartford was $1 million, compared to $1.5 million in Austin, Texas, $2.3 million in Boston and $2.6 million in New York City.

That low rent is partly driven by significant weaknesses in the region’s office market, where double-digit vacancy rates are the norm.

But where the metro really shines, according to the Alliance, is in its cost of doing business for insurance companies. Only comparably-sized Des Moines, Iowa, and much larger Columbus, Ohio offered a lower total annual tax burden: $358,000 and $442,00, respectively compared to Hartford’s $448,000.

Added to what the report termed “regulatory support from the state of Connecticut, combined with a business-friendly environment,” the tax and lease cost advantages give the region an advantage in attracting early-stage insurtech and fintech companies aiming to manage expenses and provide value to their investors.

“This study underscores the strength of our region as a hub for insurance and financial services firms,” David Griggs, president and CEO of the MetroHartford Alliance said in a statement. “We are committed to leveraging the study’s insights to foster a vibrant business climate for all employers in our community.”

Outgoing Hartford Mayor Luke Bronin praised the study in a statement provided by the Alliance.

“The findings from this study make a powerful case for locating, investing, and growing here in Hartford,” he said. “We’ve long known that Hartford and the Hartford region can boast of some the best talent in the world, the best quality of life in the country, and a tremendous geographic location, and this study shows that companies can get those advantage and save money and operate more efficiently at the same time.  We need to make sure that we get that information out far and wide, and I appreciate the MetroHartford Alliance’s work in commissioning this analysis.”