Doubling Down

There have been three pieces of good news for Connecticut real estate this week.  The first was that Hartford Health Care is planning to take a big chunk of 100 Pearl Street, marking a departure from the normal downsizing of office and space users in Hartford.  The second was that the Knights of Columbus have bought one of the two towers on Long Wharf Drive in New Haven.  They acquired it an auction, for $12.8 million, about a third of what it last sold for, but it means that a large employer and player in New Haven is expanding, not leaving.  The last bit of news is not commercial per se, but represents the same theme.  Housing purchases over a million dollars were up 40% last year in Connecticut.  After lots of bad news about values and units, that was a sign that buyers are using their resources to invest in local property.

Having current owners double down on real estate holdings in the state may not be as sexy as bringing in new companies and residents, but it does mean that we may be at the start of a new era, where we retain our jobs, and perhaps then recruit others.  So we view it as a positive start to a new decade!