Hartford Office Space

Find New Hartford Office Space To Rent:

Hartford is currently experiencing a high vacancy rate for Class A space (19.5%), a surprising fact considering that the city is the capital of Connecticut. The excess inventory has kept rents affordable at an average of $23.47 per square foot. New construction in the area is a mixed lot. On the one hand, work has begun on the AI Technology Center to house the engineering firm’s headquarters. The building is the first commercial office building in Connecticut to be certified LEED Platinum. Also, New England’s largest utility company, Northeast Utilities, has announced plans to move its corporate headquarters to downtown Hartford, and insurance giant Aetna is looking at moving over three thousand of its employees from Middletown, Connecticut to its corporate headquarters in Hartford. Find local Hartford office spaces here and if you are thinking of relocating then check out our listings in Philadelphia, Baltimore, and Boston.

Hartford Local Commercial Economic Status:

On another note, Hartford, long the insurance capital of America, has seen some of its largest companies leave. MetLife and Cigna have moved to Bloomfield, Connecticut which have left many empty units among Hartford office spaces. MetLife’s departure left several floors vacant in Connecticut’s largest office tower, CityPlace. Travelers chose Windsor, Connecticut as the location to build its training center, and MassMutual has moved its Hartford operations to Enfield. These moves have, ofcourse, increased the vacancies in Hartford. Job growth, due in part to the relocations of several of the major insurance companies, is a down by 2%, and unemployment is currently around 14%. Despite these factors, forecasters and experts predict that Hartford will weather the recession better than many other areas. To find more news on local markets check out our office space articles.

Hartford Population, History, and Data:

Hartford has seen a 2.41% increase in population since 2000, with a current count of approximately 124,000. The city has a high number of skilled workers, especially in the engineering and technical fields, and the average age is 29.7. The cost of living is 100.7, barely above the national average and much lower than many New England cities, such as Boston. Unfortunately, Hartford has a crime rate significantly higher than the state (14.53 versus 2.83). Samuel Colt, the firearms manufacturer, is responsible for two of the most popular attractions in Hartford. Armsmear was the Colt family home, constructed in 1856 upon Samuel’s marriage. Bearing some resemblance to an Italian villa, the home has some unusual features, including Turkish-style domes and arching windows. The Colts had the grounds extensively landscaped, adding conservatories and greenhouses. Part of the estate was willed to the city, which razed some of the greenhouses to make way for other projects. Nearby is the Colt Armory, the factory that produced the Colt firearms, which was named a National Historic Landmark in 2007.

Hartford Social Happenings and Real Estate:

Despite its small size, Hartford boasts an active nightlife, and neighborhood pubs are plentiful, as are the restaurants. The city also has numerous historic sites, including the Mark Twain House, the Harriet Beecher Stowe House, and the Old State House, which was completed in 1796. Hartford also features fine examples of residential architecture from the last two centuries, along with various Hartford office spaces and Bushnell Park, located next to the Capitol, was the nation’s first public park and showcases not only Hartford’s Civil War Memorial, but also a 1914 carousel.