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16 Hartford Business Journal • December 22, 2014 www.HartfordBusiness.com Industry Focus E c o n o m i c F o r E c a s t Real Estate to Prospect Street in 2017. Trinity's recent commitment to 200 Constitution Plaza demon- strates the trend of higher education wanting to be part of an urban community, allowing students greater opportunities for internships and possible job placements upon graduation. According to the U.S. Bureau of Labor Sta- tistics, by 2030 Millennials (born between 1980 and 2000) will make up 75 percent of the work- force. A study conducted by the Urban Land Institute shows that Millennials typically seek to live, work and play in proximity. The live, work, play environment is becoming increas- ingly more prevalent in the central business district as demonstrated with the continued conversion of office buildings into market-rate apartments, such as at 777 Main St. This trend is further illustrated in downtown Hartford's North End; branded as "DoNo", the planned $350 million redevelopment includes over 300 residential apartments, a grocery store, brew- ery and a 9,000-seat stadium. Amenity-rich submarkets that provide the live, work, play culture continue to thrive. West Hartford Center and the Somerset Square area of Glastonbury demand top-dollar rents, upwards of $26 per square foot and are the most desirable areas for suburban tenants. However, due to the high demand coupled with the lack of available space, many suburban tenants are starting to turn to downtown Hartford. We have seen many examples of this trend. Recently, CPA firms have zoned in on the central business district, relocating from tightening suburban markets. In November, CohnReznick consolidated their Glastonbury and Farmington offices and occupied 50,000 square feet at 350 Church St., relocating 200 employees to Hartford. The Greater Hartford market will continue to stabilize, and we will look for continued urbanization efforts among suburban ten- ants looking to reinvigorate their corporate cultures and to capture the growing cohort of Millennial employees who would rather work in an urban setting. Overall, we continue to be encouraged by the activity we see in the market today as we move into 2015. Both downtown Hartford and the sub- urban markets are on track for moderate growth, fueled by both private and public sectors. g Giulia Wakim is a Hartford research analyst for CBRE/New England. Wakim ▶ ▶ Trinity's recent commitment to 200 Constitution Plaza demonstrates the trend of higher education wanting to be part of an urban community … or