Vacancy

↑ Office: 20.7 percent

↑ Retail: 9 percent

↑ Apartment: 5.2 percent

↑ Industrial: 11.6 percent

Absorption

↓ Net office: -342,000 square feet

↑ Net retail: 75,000 square feet

↓ Apartment: -249 units

↑ Net industrial: 281,000 square feet

Rents

↑ Asking office rents: $20.69 per square foot

↓ Effective office rents: $17.33 per square foot

↓ Retail:

• Asking: $17.21 per square foot
• Effective: $15.37 per square foot

↑ Apartment:

• Asking: $967 per unit
• Effective: $923 per unit

↑ Industrial: $5.06 per square foot

Under Construction

↓ Office: 0 square feet

↑ Retail: 273,000 square feet

↔ Apartment: 0 units

↓ Industrial: 145,000 square feet

Résumé

• Demographics: 38 percent black, 27 percent white, 2 percent Asian, 33 percent other; 44 percent identify as Hispanic or Latino
• Largest employers: United Technologies Corp., The Hartford Financial Services Group, Aetna Inc., Travelers Cos. Inc., Hartford Hospital
• Eight of city's top 20 employers are financial or insurance companies
• Hartford's Connecticut Science Center set to open in spring
• City has renewed efforts to attract a National Hockey League team after losing franchise in 1997

Sources: CB Richard Ellis; Cushman & Wakefield; Economic Development Data & Information for Connecticut & Western Massachusetts; Hartford Business Journal; The Hartford Courant; Property & Portfolio Research Inc.; Reis Inc.; U.S. Census Bureau; U.S. Department of Labor

Ivanna C. Sukkar is senior associate editor at Scotsman Guide. Reach her at (800) 297-6061 or ivanna@scotsmanguide.com.

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