PLEASANTON, Calif. — While the ongoing effects of the Covid-19 pandemic continue to show impacts on the resumption of pre-pandemic office occupancy patterns, leasing and sales activity have recently provided some encouraging signs. At the close of the second quarter, occupancy within Hacienda had increased by better than 0.5% over the first quarter. Activity in all product types showed decreases in vacancy with the exception of retail which showed a slight increase over the end of the first quarter and warehouse which was unchanged over the first quarter. Over 215,000 square feet of transactions have occurred to date since January 1. As a result, Office, Flex, Retail and Warehouse space vacancies now stand at 14.52%, 11.72%, 10.00% and 0.00% respectively. The park is the largest mixed-use development of its kind in Northern California.
“Hacienda’s second quarter witnessed some important gains and indications that, despite continued impacts from the Covid-19 pandemic, there are key strengths in the local economy that are translating into occupancy at Hacienda projects. In addition, there are also more signs of a presence within the office as employees begin to utilize work places to a greater degree than seen over the last two and half years” noted James Paxson, Hacienda’s general manager. “While there is undoubtedly some additional evolution of work practice that will continue to unfold over the weeks and months to come, there is a greater sense that the overall activity level in the workplace is increasing. The type of activity that we are seeing in terms of new occupancy and recent acquisitions is particularly encouraging. This activity has come about not only through new arrivals but the expansion of existing businesses within Hacienda as well. Added to this is a very strong year of acquisitions that is by no means concluded. Hacienda has already seen six sales of property this year and no fewer than two additional sales are expected within the next few months.”
The following overview provides information on the most recent Hacienda activity pertaining to occupancy, tenants, sales and regional data of interest. Please also refer to selections found under the Project Overview section of our web site for related information.
Projects and Tenants
Hacienda is the largest development of its kind in Northern California. Over 10 million square feet of existing, mixed-use space is occupied by some 630 companies that locally employ over 17,000 people. Hacienda’s businesses represent the best and the brightest of contemporary corporate America and provide the home to everything from small offices to regional centers to large campuses for company headquarters. In addition, Hacienda also features homes to approximately 6,000 residents. Residential developments also provide a full spectrum of choices from stylish rental units to single family detached homes.