New construction nudges 2007 Hartford vacancy rates upward
The numbers were inflated by new inventory that is leading some to believe 2008 will be strong for office building sales.
In a market overview by Jones Lang LaSalle, 2007 absorbed 471,607 square feet of office space. That number is likely to be reversed in 2008 with The Hartford and MetLife vacating leased space.The Hartford is leaving several buildings in the north and west markets wide open with its move to Windsor. And MetLife is vacating roughly 373,000 square feet of space at CityPlace I by the end of the year. That could put pressure on lease rates as landlords provide concessions to lure new tenants. It could also make for an active leasing market in 2008.
If the credit markets stabilize, Jones Lang LaSalle believes that 2008 will be a busy year for sales. Three buildings likely to sell are 100 Pearl Street, One Financial Plaza and the Connecticut River Plaza.
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