Hartford Business Journal

9 HARTFORDBUSINESS.COM | SEPTEBER 20, 2021 centralized event space that people will want to come to and that's convenient for our people as well as clients and business partners, so people will think of the office a little more as a destination as opposed to a daily place they commute to," Fishbein said. "And this location is really great for that. It's filled with amenities, it's an exciting vibrant area, easy to get to with great parking." The move also allows the company to expand its recruiting efforts. "We were recruiting from only a part of the area but being downtown puts us right in the middle," Fishbein said. "So now we can recruit from all four directions and not just largely from north of the city." Meanwhile, Travelers will move equipment from its leased spaces by the end of the year, Thermansen said. "We're nearing the end of a multiyear plan to renovate our facilities to create an even more collaborative environment while making better use of our space," she said. "As part of that, we're simply consolidating the small number of floors we lease into the owned buildings of our main campus." The challenge with Travelers subleasing, said David Jakubowksi, property manager of the State House Square office complex, is that he's now competing with a tenant to lease space. "They have to sublease and I have vacant space in my building," he said. 'Build some momentum' While some of downtown Hartford's major employers continue to allow full-time remote work, other businesses want a return to the office. DEAL WATCH What Can We Do For You? 860.871.1111 www.nemsi.com 55 Gerber Road East, South Windsor, CT 06074 For over 50 years, clients have counted on NEMSI for: HVAC, Plumbing and Process Piping | Electrical Services Energy Management Systems | LEED Certification Programs Design-Build Construction | 24/7/365 Emergency Response Comprehensive Preventive Maintenance Programs NEMS's Recent Awards Include: » ABC Platinum Safety Award » ABC Accredited Quality Contractor (ABC-AQC) » ABC Excellence in Construction Award » ABC Specialty Contractor of the Year » Contracting Business First Place Design/Build Award License #s: E1-0125666 • S1-302974 • P1-203519 F1-10498 • SM1-192 • MC-1134 Offices in: New London | Trumbull | Pawtucket, RI Palmer, MA | Manchester, NH | Albany, NY So You Can Focus On Your Business We focus on your facilities ES_NEMSI HBJ Hlf pg_201221.indd 1 ES_NEMSI HBJ Hlf pg_201221.indd 1 12/21/20 5:05 PM 12/21/20 5:05 PM "Outward facing companies — financial services, law firms — want to be back in the office because they understand the benefits," Ostop said. Motivation and company culture improve in a group setting where ideas can be easily shared. So why is there so much uncertainty about office space? "Many of the jobs the larger corporations have downtown can be done remotely and more divisions within those companies are embracing remote work," Ostop said. But many of these businesses still want to maintain a downtown presence so perhaps the lease they have for 100,000 square feet is renewed at 50,000 square feet because fewer people use the office everyday. "So that not only impacts the building, it will dramatically increase the vibrancy of downtown, which is at a critical tipping point right now," Ostop said. "Suburban Hartford firms like Sun Life were starting to buy into the idea that being downtown may attract young talent. We need to make sure that story continues." Filler agreed. "I'm hopeful that with Sun Life we can build some momentum and maybe get someone else's attention," he said. Greater Hartford 2Q office market snapshot Location Bldgs. Total sq. ft. Vacant (%) 2Q Net absorption Avg. gross rents Downtown Hartford 78 9,732,786 17.7 120,855 $21.37 Downtown Hartford Central Business District 39 7,969,081 19.5 117,893 $21.94 Suburban Hartford 324 15,938,041 21.9 6,009 $18.58 Suburban Class A 126 10,045,643 20.3 -20,556 $19.28 Source: CBRE Research, Q2 2021

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