Hartford Business Journal

20 HARTFORDBUSINESS.COM | SEPTEMBER 7, 2026 COMPLETE CATALOG 1-800-295-5510 uline.com 26_008093_Hartford_Business_Journal_SEP Mod: July 27, 2026 2:31 PM Print: 07/27/26 page 1 v2.5 THE NAME THAT STICKS • Huge Selection of Tape Products ALWAYS IN STOCK • Order by 6 PM for SAME DAY SHIPPING • 15 North American Locations Mean SHIPPING SAVINGS and FAST DELIVERY π year helping Otis search for a smaller, higher-quality headquarters. The company considered other towns but ultimately chose West Hartford for its walkable center and concentra- tion of restaurants and shops, Grieco said. "Companies like being there because they can provide their employees with amenities at the doorstep without having to bring those amenities into their space," Grieco said. "You can walk down the street and there are bagel shops and boutique shops and happy hours and fitness centers around the corner." 'Great need' Grieco cautioned that not every office location in West Hartford is equally attractive. Desirability depends signifi- cantly on proximity to the town center. Mike Mahoney, owner of West Hartford-based real estate services firm RLM Co., said it is difficult to find available office spaces larger than 1,000 square feet within walking distance of the center. "There is an appetite from bigger companies for spaces of 5,000 to 10,000 square feet, but there is nothing available," Mahoney said. Despite the demand, significant barriers stand in the way of new office construction, Mahoney said. There is little available land in the town, building costs have risen sharply in recent years, and banks and other lenders remain wary of financing projects in the broadly troubled office market, he said. Developers are much more apt to build apartments, which offer quicker and more certain lease-up prospects, as well as a higher per-square-foot return, Mahoney noted. Office demand in West Hartford is high, and asking rents have climbed about 20% over the past five to seven years to roughly $27 per square foot, compared with $22 across the broader Hartford region, according to CoStar. But that additional rent does not flow directly to owners because mainte- nance, construction and other expenses have also risen sharply, Mahoney said. "Rents are good, but if you have to put in $100 per square foot to build and get a five-year lease, those are hard numbers to work out," he said. "But if you can rent out a one-bedroom apartment for $3,000 a month, you can probably afford to build it." Mayor Shari Cantor said West Hartford lacks enough office space to meet demand from companies interested in relocating to the town. Office demand has climbed to the point that some developers who had considered converting properties into apartments are now weighing office projects instead, Cantor said. She declined to provide details before developers formally submit proposals. "There have been a couple devel- opers looking at repurposing other buildings who are saying: 'There is a great need for office, and maybe we do not need residential as much as we originally thought,'" Cantor said. West Hartford Economic Devel- opment Director Kristen Gorski said discussions about new office projects remain in the early stages, but the town could receive proposals next year. "If you asked that question two or three years ago, I would have said you are crazy," Gorski said of the potential for new office development. "But when you see occupancy rates that are almost unheard-of, there has certainly been a shift. West Hartford has been the market that's been able to rebound from the pandemic and build back stronger than before the pandemic." A good bet Raisner and Webber's purchase of 815 Farmington Ave. already appears to be paying off. AAA is leasing back the ground floor and has continued providing services without interruption. The new owners have also recruited Collins Medical Associates — a multispecialty primary care group serving Greater Hartford and central Connecticut — to occupy the top two floors. Raisner is the landlord for several of Collins' medical offices. The move will allow the group to consolidate several smaller locations — many within a mile of 815 Farmington Ave. — into a larger, more connected space, according to Collins. Connecticut Breast Imaging has also agreed to co-locate in the building. The new location will provide room for Collins to grow and add staff and services over time, the organization said. Blue Back Square's shops, restaurants and other amenities help attract employers to West Hartford Center, experts say. Photo | CoStar Center Appeal Continued from page 19 Joel Grieco

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