John M. McCormick is one of the top brokers in Greater Hartford. He’s the executive vice president of CBRE Hartford, which annually tops the list of largest local deal activity.
One of the biggest deals he and his team were involved in over the past year was the sale of the Class A, 142,000-square-foot Windsor office building at 200 Great Pond Road, which was completely renovated and re-tenanted during COVID. Corporate commitments from GE, Milliman USA and MassMutual brought occupancy from 0% when the property was acquired by EIP in 2019, to 96%, which created a competitive bidding process and final sale price of $15.6 million, McCormick said.
McCormick said hybrid work models and permanent work-from-home strategies will continue to impact the market, increasing supply in both the downtown and suburban markets.
“A disproportionate amount of leasing activity has taken place in spaces where existing [furniture, fixtures, and equipment] and contemporary space designs are available,” he said. “However, as companies continue to re-evaluate their space needs in the coming year, there will likely be additional vacancies on the market.”
Concerns with supply chain, inflation and interest rates will also continue to impact the market over the next 12 months, said McCormick, who added he is still seeing a number of adaptive reuse opportunities, as well as a flight to quality.
“Highly-amenitized buildings are garnering a disproportionate amount of leasing activity and will continue to be a differentiating factor in both the [central business district] and suburban submarkets,” he said.
McCormick has been in the business for 30 years and his largest career deal involved the past sale of downtown Hartford’s 845,000-square-foot State House Square office complex for $97 million.