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HARTFORDBUSINESS.COM | JULY 22, 2024 7 DEAL WATCH 208 apartments, he said. "It's the only real play up there," Greenberg said. "The office campus is a thing of the past, and I don't see it coming back." The 42,170-square-foot office building at 1095 Day Hill Road is currently 30% occupied, but will be completely vacant in February when the last remaining tenants move out, Greenberg said. He hopes to also gain zoning approval to demolish that building and build a residential development, ideally around 150 market-rate units. The building is near his Day Hill Road sports and entertainment complex, which includes an 82-foot-tall sports dome and Fastpitch Nation softball fields. Still, Greenberg said residential conversions are expensive, with the cost of demolition, building supplies and borrowing all higher than they were pre-pandemic. Greenberg's 162,900-square-foot office building at 80 Lamberton Road is about 50% vacant, after tenant SS&C Technologies Inc. reduced its space by about half, he said. That building has several tenants with multiyear leases, so Greenberg said he will keep it as office space and search for new tenants. It's not all bad news for Green- berg's Windsor office portfolio. His 32,886-square-foot office property at 995 Day Hill Road is almost fully occupied with long-term leases held by Windsor Federal Bank and IT firm Cooperative Systems. Bottoming out Joel M. Grieco is the executive director in the Hartford office of brokerage firm Cushman & Wake- field. He said some office buildings in Windsor, like The Hartford's 1 Griffin North complex, were originally built for large back-office operations, but those types of roles in particular have embraced hybrid and remote work, allowing companies to downsize or consolidate space. "Those institutions are exactly the sort of companies that have adopted a lot of work-from-home and hybrid work environments. So, they've been able to pull their wings in and consol- idate into buildings that they own," Grieco said. Converting to residential or other uses is often not practical or cost-ef- fective for the large, deep-set build- ings. In that case, owners must get creative about subdividing spaces for smaller tenants, while holding out hope for landing another major employer, experts said. Grieco said he doesn't expect vacancy rates to get much worse, "but a turnaround may be slow-going." "I think we've hit sort of a natural bottom," he said, adding that compa- nies are now making longer-term real estate decisions after years of temporary pandemic planning. Join Donny Marshall & Friends Donny Marshall Charity Classic, Lake of Isles, Aug. 11-12th. Limited foursomes available. To learn more: or jay@elkinsonsloves.com Join some of the biggest and tallest names in sport as the 21st Century Tolland Fund continues to help give young athletes with disabilities the chance they deserve. Event includes: • Opening Night VIP Welcome Reception • On-course Highland Park Market Grill • Waypoint Spirits, Lawson's Finest and Coors spirit zones • A1 Toyota and Harley-Davidson Hole in One Challenges • Post golf celebrity rounds, Ambassador Limo Auction and Awards Dinner • VIP Apparel from Vineyard Vines AUG. 11-12, 2024 2Q 2019 2Q 2020 2Q 2021 2Q 2022 2Q 2023 1Q 2024 80% 70% 60% 50% 40% 30% 20% * In the first quarter of 2024, Windsor had 28 office buildings with 3.17 million square feet of space, accounting for 10.4% of all office space in Greater Hartford.| Source: CBRE OVERALL VACANCY RATE CLASS A VACANCY RATE WINDSOR'S OFFICE VACANCY RATES