Issue link: https://nebusinessmedia.uberflip.com/i/619113
www.HartfordBusiness.com decemBer 28, 2015 • Hartford Business Journal 45 BOOK OF LISTS 2015-2016 Real Estate Compound impact of a growing economy By Frank H. Hird, Vice president of O,R&L Commercial in Rocky Hill, and president of the Connecticut Chapter of Industrial and Office Realtors W hile it's clear that Connecticut is lagging behind much of the coun- try in the economic recovery, it is nonetheless recovering. Companies are adding workers, empty buildings are being leased or sold, and there seems to be general consensus that next year this trend will continue. Outdated office buildings in Hartford and New Haven are being converted to residential use. There is a compounding effect any- time a new building goes up or an old one is renovated for a new use. A great exam- ple would be the new 495,000-square-foot office/research tower being completed in New Haven, at 100 College St. Beyond the jobs inside, everything from construction companies to restau- rants and apartment buildings will see the net positive result. Even something like a new ballpark in Hartford can have a multiplying effect with more people coming into Hart- ford, including an increase in restau- rant patrons, new retail and visits to other downtown venues. These events all have a cumulative effect on the overall economy. The econo- my is like a large ship, once it starts off in a direction it takes a lot of time to change course. A significant change in the econ- omy can be imperceptible at first, but as time goes by we will all wonder how we didn't see it coming. There is a trend under way in Connecticut that has been going on for some time: Young people, after graduating from college, are moving to the big cities — New York, Bos- ton, Washington D.C. or Chicago. For those who do want to remain in Connecticut, this trend can have a posi- tive effect on larger cities in Connecticut with younger people moving to our own cities instead of staying in the suburbs. That leads to the inevitable question of who is going to buy up the existing housing stock? Prices seem to be headed downward for sales of existing homes and rents for new or existing apartments seems to rise every year while vacancy rates remain low. At some point there comes a balanc- ing point where prices become so low on houses or so high on city apartments, a switch takes place again. n Frank H. Hird ▶ ▶ Even something like a new ballpark in Hartford can have a multiplying effect with more people coming into Hartford, including an increase in restaurant patrons, new retail and visits to other downtown venues. For more qualification information and to nominate, visit www.HartfordBusiness.com and click on "Our Events" For questions contact Amy Orsini at arosini@HartfordBusiness.com or 860-236-9998 x134 In Print. Online. In Person. www.HartfordBusiness.com Delivering Business. 2016 Award Nomination Deadlines: Get Recognized! NOMINATION DEADLINE February 10, 2016 NOMINATION DEADLINE April 10, 2016 NOMINATION DEADLINE February 15, 2016 NOMINATION DEADLINE May 26, 2016 NOMINATION DEADLINE July 22, 2016 NOMINATION DEADLINE August 13, 2016 The Hartford Business Journal celebrates outstanding achievements in the business community all year long. If you or someone you know deserves to be honored at one of our events and in our special supplements, please nominate them today! We accept nominations year-round on our website or via email. • A unique way to show your company's appreciation to a client, coworker, boss, friend, spouse or colleague for a job well done • Individual and corporate recognition In Print, Online and In Person from the award-winning Hartford Business Journal • Grow interest and awareness of your brand favorably within the area business community • Complimentary tickets to the awards event allows for beneficial corporate networking opportunities with qualified attendees • Timeless commemoration that will be appreciated for many years to come WHY NOMINATE? Benefits Include: