2021 proved to be a year that, just as you thought you knew what was going to happen, everything changed. The year presented a number of challenges for many but also demonstrated itself as a year of opportunity and one in which several exciting new developments occurred in Hacienda. It should be noted though that the outcomes for the year were very much dependent on the sector of the market and economy being considered.

The office sector continued to see a great deal of uncertainty. While many hoped that more or less typical occupancy of office space would resume before the end of the year, the continued presence of Covid-19 surges due to new variants kept this from happening. Many offices have reformulated their plans for a return to occupancy multiple times and even at the beginning of this new year, these plans continue to evolve.

However, even with uncertainties in the office sector, Hacienda saw a number of promising developments in other quarters. The market in areas related to research and development, light manufacturing, bio-pharmaceutical products, and logistics were active throughout the year. In fact, some of the most striking activity for Hacienda occurred in these and related sectors; much of it in the latter portion of the year. The following will provide a general overview of activity in Hacienda during 2021 including projects occurring at various sites, new tenants and sales.

2021 Development Activity (Approved, Under Construction or Completed)

While no new building development occurred in Hacienda during 2021, a number of projects were advanced at various locations. These projects included a variety of site and building improvements; some performed in anticipation of new tenants. A list of some of the major construction projects at Hacienda sites appears below.

Major Tenant Activity

Hacienda saw around 510,000 square feet of activity in 2021. All of these involved transactions in small to medium sized spaces until the end of the year which produced a major short-term lease at Hacienda's largest warehouse facility. Tenancies continued in a wide range of industries including: health care, finance, education, medical diagnostics, professional services and retail. A list of some of the feature tenant activity appears below.

2021 Sales Activity

Hacienda sales saw a marked increase over the prior year. Only one sale was completed during the course of the year as outlined below.