Hartford Business Journal – June 12, 2023
Mike Goman and Tom York are two stalwarts in Greater Hartford’s commercial real estate industry, having teamed up in 2011 to start their own firm, Goman+York Property Advisors LLC.
Goman oversees the firm’s governmental and institutional advisory practice and does work in Connecticut and around the country. Most of his focus lately has been on structuring financial incentives for commercial projects in multiple communities across the state, and assessing and reporting on the fiscal and economic impact of warehouse/logistic and multifamily projects as cities and towns consider land use applications.
He said warehouse and logistics activity will continue to be one of the most active sectors of the commercial real estate industry. However, he expects growth to moderate in New England over the next 24 months as supply begins to catch up with demand.
On the multifamily front, he said higher-end apartment developments will continue to be an active sector across the region, driven by demand from young working couples, empty nesters and retirees. There will be increased focus on the development of workforce housing for teachers, public safety employees and service industry workers, he added.
York has been in commercial real estate for a quarter-century, formerly serving as a broker for CBRE before hanging his own shingle.
He oversees Goman+York’s brokerage division.
On the leasing front, his group advised United Way of Connecticut on its 42,000-square-foot relocation from The Meadows office building at 1344 Silas Deane Highway in Rocky Hill, to 55 Capital Blvd., also in Rocky Hill.
That deal, he said, reflects a “flight-to-quality” trend in the office market, where employers are increasingly seeking out amenity-rich, higher-quality properties that have become more affordable post-pandemic.
As a result of that trend, and an overall reduction in demand for office space, York said he is seeing several owners of Class B and C office buildings consider redevelopment plans for their properties, which are effectively becoming economically obsolete.
As an example, after losing United Way as a tenant, the owner of the 50,000-square-foot Class B Rocky Hill property at 1344 Silas Deane Highway, opted to pursue an office-to-apartment conversion, which was recently approved for 59 apartments.
“Our sense is that this trend will continue and grow for several years as tenant leases expire and the new post-pandemic market realities continue to set in for office property owners with lesser-quality properties,” York said.