Office availability in Hartford County dropped to its lowest level since before the pandemic, aided by accelerating leasing activity in the second quarter.
At the midyear mark, the availability rate had dropped to 21.7 percent on a countywide basis, CBRE reported in a quarterly research report.
Suburban submarkets accounted for the bulk of the 237,000 square feet of leasing activity. The largest lease was signed by Otis Elevator at 29 South Main St. in West Hartford, where it will occupy nearly 32,000 square feet.
Second-quarter leasing activity more than doubled the first-quarter total, and was 47 percent higher than the three-year average, CBRE researchers reported. The transactions helped drive 294,000 square feet of positive absorption.
Class A properties recorded 241,475 of absorption, but vacancies stand at nearly 25 percent, compared to 15.4 percent for the class B sector.
Downtown Hartford attracted 49,000 square feet of leases, including Farmers Insurance’s commitment for 23,000 square feet at 185 Asylum St.
Renewal activity also accelerated to 144,000 square feet on a countywide basis, representing a 44 percent increase over the three-year average.
Year-to-date, however, leasing activity is 12 percent lower than the previous year, according to the report.
Average asking rents were essentially flat with the exception of the Hartford West submarket, where asking rents dropped 2 percent to $20.76 per square foot.





