Hartford Office Figures Q1 2023
April 27, 2023 5 Minute Read
The Greater Hartford office market experienced considerable negative absorption in Q1 2023, pushing the availability rate up 260 basis points (bps) to 29.9%—a new all-time high. The Hartford North submarket was the primary driver, notching 700,000 sq. ft. of negative absorption due to a large block coming online at 1 Griffin Road North.
Notable transactions were very limited during the first quarter. The Department of Labor leased 18,000 sq. ft. at 60 Weston Street, followed by Aerotek Affiliated Services, Inc.’s 17,000 sq. ft. renewal and expansion at 30 Batterson Road Park. Rounding out the top three transactions, was Capitol Region Council of Governments 11,000 sq. ft. lease at 350 Church Street.