Home Advertisement Leasing Activity Accelerates at Hacienda in Q1 2026

Leasing Activity Accelerates at Hacienda in Q1 2026

The RegistryApril 26, 20264 Mins read29

Image courtesy of Hacienda Owners Association

Pleasanton, Calif. – Hacienda, Northern California’s largest mixed-use development, entered 2026 with improving fundamentals, building on the stabilization that began in late 2025. Following a year impacted by several high-profile tenant closures, including Party City and Kohl’s, leasing activity regained momentum in the second half of 2025 and carried into the first quarter of 2026. Early indicators point to a more balanced and active market, with demand strengthening across a range of industries and space sizes.

Occupancy & Leasing Activity

Hacienda posted measurable gains in occupancy during the first quarter of 2026, with vacancy declining to 18.53%, down from 20.53% at the end of 2025—an encouraging sign that the market is regaining equilibrium. Occupancy rose from 6,483,507 square feet at year-end 2025 to 6,606,330 square feet in January, before settling at 6,562,064 square feet in February and climbing again to 6,581,927 square feet in March. As of April 2026, total occupancy stands at 6,536,035 square feet, reflecting normal month-to-month movement within an active leasing environment.

Net absorption has also turned positive, reaching approximately 180,000 square feet year-to-date—a notable improvement from the roughly 400,000 square feet of negative absorption recorded in 2025. This shift underscores renewed tenant demand and the impact of new leases commencing across the park.

Leasing activity during the quarter highlights a two-tiered market. Spaces under 10,000 square feet accounted for nearly 70% of all transactions, demonstrating strong demand from smaller users and growing firms. At the same time, larger spaces over 50,000 square feet, while fewer in number, represented close to two-thirds of total leasing volume, emphasizing Hacienda’s continued appeal to larger-scale tenants. A significant 300,000-square-foot transaction early in the quarter further reinforced this trend.

Notable activity in Q1 includes the expansion of AEye, Inc., which established its signature headquarters at Hacienda, as well as a new lease with The Wine Group at Hacienda Terraces, adding further depth to the development’s tenant roster. Additional momentum came from expansions by existing tenants: OPM Biosciences leased a second location within the park, adding 20,000 square feet to its footprint, while W.E. O’Neil relocated and expanded within Hacienda into approximately 7,200 square feet. Together, these transactions reflect the park’s ability to support tenants through every stage of growth.

“The first quarter of 2026 reflects the steady progress Hacienda has made following a challenging 2025, with declining vacancy, positive absorption, and consistent leasing activity across tenant sizes,” said James Paxson, General Manager of Hacienda. “The continued commitment from companies like OPM Biosciences and W.E. O’Neil, both of whom chose to expand their presence here, speaks to Hacienda’s strength as a long-term home for growing businesses. With demand for large-format space and continued interest from both new and returning tenants across key industries, Hacienda is well-positioned to build on this momentum and further strengthen its role as a dynamic Bay Area business location.”

Tenant Mix & Industry Trends

Hacienda’s tenant base remains diverse and well-balanced, reinforcing its role as a key employment hub in the Tri-Valley and broader Bay Area. Business services continue to represent the largest sector, occupying approximately 1,787,484 square feet. Biomedical firms follow with 1,012,707 square feet, while manufacturing and healthcare tenants occupy 473,301 and 404,695 square feet, respectively. These core industries are complemented by a broad mix of retail, hospitality, software, education, and consumer-oriented businesses.

Population and Employment

At the end of the fourth quarter of 2025, Hacienda accommodates 13,312 employees across 691 companies. This number is anticipated to grow as new developments unfold and occupancy rates approach pre-pandemic levels.

Additionally, Hacienda’s residential communities currently have approximately 5,844 residents, a figure that is expected to increase to 6,400 with ongoing housing developments.

As of the 2020 U.S. Census, the region’s population was 400,213. 60% of Tri-Valley residents hold a bachelor’s degree or higher, surpassing the educational attainment levels of both California and the broader Bay Area. This concentration of skilled professionals contributes to a robust labor force, making the Tri-Valley an attractive location for employers seeking top talent. In terms of demographics, 45.4% of residents are aged between 25 and 44, and over 58% report annual incomes exceeding $150,000. The region’s high quality of life, characterized by natural beauty, tight-knit communities, and top-notch schools with a graduation rate of 97%, further enhances its appeal to innovators and business leaders.

City of Pleasanton

Pleasanton’s demographics reveal a highly educated workforce, with over 85% of residents having attended college and nearly 70% holding a college or professional degree. The city also enjoys a high household income, with over 75% of households earning more than $75,000 annually. Pleasanton is a young city, with nearly a third of the population under 19 and over a quarter aged between 20 and 54, indicating a substantial portion of residents in their prime career years. The city boasts a rich history and character showcased in its picturesque downtown, reflecting its commitment to a high quality of life. Hacienda exemplifies this with its excellent educational facilities, abundant recreational activities, and a favorable climate for enjoying sports facilities, parks, and golf courses.

Hacienda Overview

This overview offers the latest information on Hacienda’s occupancy, tenant updates, sales, and regional data of interest. For additional details, please consult the Project Overview section on our website.

Park Activity

Occupancy and Major Tenant Transactions (Summary of occupancy information and major tenant activity)
Development (Summary of development approvals and project construction information)
Sales (Summary of project sales)

General Park Information

Population (Summary of employee and residential population)
Land Use (Summary of activity by land use)
Demographics | Area and Community (Summary of demographic characteristics from 2010 US Census and 2019 American Community Surveys)
Valuation (Summary of valuation)

Projects and Tenants

Property Profiles (Interactive summary of project-specific information)
Business Directory (Summary of businesses located in Hacienda)

About Hacienda

People come to the San Francisco Bay Area for many reasons: a spectacular natural setting, a sophisticated lifestyle, and unique professional opportunities. Quality of life means having the best of everything within easy reach, whether it’s world-class restaurants, theater and museums, the best learning institutions in the country, or some of the finest services available.

Quality of life applies to business, too: having easy access to needed resources, being among other industry leaders, and knowing that you are part of a region that leads the world in innovation. When working and living environments both enhance quality of life, the result is an unbeatable combination that leads to success; and that is what you will find at Hacienda.

Centered in a dynamic region and propelled by the Standard Metropolitan Statistical Areas of San Jose, Oakland, and San Francisco, the Bay Area is a robust economic region. Hacienda, located near the center of the Bay Area in Pleasanton, spans 875 acres and is home to over 680 companies employing more than 13,300 people. In addition to being a hub for business, Hacienda also features homes for about 6,400 residents, offering a full spectrum of residential choices.