Greater Hartford BOMA President's Message

Happy New Year, especially if you are a prospective tenant in the commercial real estate market. Leasing activity is slow and it is a tenant's market with landlords continuing to offer generous improvement allowances and free rent concessions to attract tenants to their buildings. Aggressive deals from landlords keep vacancy rates relatively flat. We are seeing gains in consumer confidence as well as reductions in unemployment. Connecticut unemployment declined in November 2011 for the third straight month falling three tenths reaching 8.4%, the lowest in the state since June 2009. With modest economic growth and job creation the commercial real estate market should gradually improve with it. There is good news in 2012 for Hartford central business district owners as the City of Hartford announced a plan to reduce taxes by $30 million. Owners should see a reduction of 15-20% in their 2012-2013 tax bills. Who knows what can and will happen in 2012? Our January program will examine what the market may look like and what we can expect for 2012. Please join us on January 25th to hear Ed Deak, Ph.D and chairman of the Economic Department at Fairfield University, to share his economic predictions. On February 14th, Catherine Smith, commissioner of Economic Development for the State of Connecticut, will speak to the members. On March 13th, Greater Hartford BOMA will be hosting a half day seminar on "Workplace Violence", a free public awareness seminar to learn about personal safety and workplace violence. Hosting this seminar at Northeast Utilities Auditorium in Berlin and partnering with AlliedBarton Security Services and ACP, this seminar is a 'must attend' for all the BOMA members. Watch your mail for more information on these great upcoming programs.