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The Greater Hartford office market opened the first quarter of 2020 with more than 220,000 square feet of positive absorption, welcome news for a market that saw over 250,000 square feet of Class A negative absorption in 2019.
In March, the COVID-19 pandemic hit the United States, abruptly freezing market activity.
Sales and leasing transactions in process continued to fruition with little interruption as stakeholders on all sides attempted to keep business as usual amidst the uncertainty of COVID-19. In the summer months, landlords and tenants became increasingly more creative under the unprecedented global market disruption.
Tenants considering big moves focused on work-from-home strategies and a reevaluation of space needs. Landlords began offering attractive tenant improvement packages and lease terms with additional rent concessions. They also revised price offerings, resulting in downward pressure on average asking rental rates, which continue to soften into year-end.