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Joel Grieco and Jonathan Putnam
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2021 Power 25 Real Estate: Joel Grieco and Jonathan Putnam
hartfordbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hartfordbusiness.com Daily Mail and Mail on Sunday newspapers.
Downtown Hartford’s major office buildings remain relatively deserted compared to pre-pandemic times, which creates potential problems for building owners.
“It makes it harder to lease additional space because it looks like a ghost town,” said Gary B. O’Connor, a commercial real estate attorney at Pullman & Comley. “[Owners] want the tenants to come back.”
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Gary B. O’Connor
Hartford’s largest office landlord, Shelbourne Global Solutions, certainly wants its tenants to start beckoning workers back to the workplace as soon as possible, said Benjamin Schlossberg, managing member of the New York-based realty company.
“We need to keep our buildings full, occupied and vibrant and it’s hard to do if people aren’t at work,” Schlossberg said. “For us it’s a real urgency.”
At State House Square, one of downtown Hartford’s major Class A office properties, David Jakubowski keeps a close eye on parking garage traffic reports, eager to see concrete signs of greater employee activity as COVID-19 vaccination rates rise.
However, Jakubowski, who manages the three-building property on behalf of its owners, has observed only a slight increase over the past few months. Inside, there’s still just a sliver of normal employee activity levels.
“We were hoping at this point we might have 25% of the normal population back to work,” Jakubowski said. “I see a few more people I haven’t seen in the last year, maybe one or two days a week.”
The pandemic has battered the U.S. retail sector, driving bankruptcies and store closures to record highs.
That’s translated into some big, empty storefronts, and left real estate owners scratching their heads about how best to fill them. At two prominent Greater Hartford retail properties that are coincidentally right across the street from each other, new office space may be the desired solution.
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Marty Kenny
Brokers for the owners of the Corbin Collection shopping center in West Hartford and recently shuttered Lord & Taylor store at Westfarms mall just over the border in Farmington are working to find tenants who would repurpose tens of thousands of square feet of vacant retail space into office space.
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