For Immediate Release

Contact: James Paxson, General Manager
Hacienda Owners Association
(925) 734-6500

PLEASANTON, Calif. — Hacienda activity at the end of the second quarter resulted in some modest improvements in occupancy. Overall vacancy is now less than one percent over the vacancy seen at the end of 2022. Even with an above two percent increase in office space vacancy over the close of the prior year, activity in office, flex and retail space have helped to reduce the overall 16.04% vacancy rate seen at the end of the first quarter to an overall 14.62% vacancy rate at the end of the second quarter. Regional market activity is still fairly temperate and the means by which large blocks of Office sub-lease space, that were introduced during the fourth quarter of 2022 and the first part of 2023, will be absorbed is unclear. Likewise, 2023 has seen no investment sales to date and none are currently anticipated. The continued expectation is that some further stabilization of the market will be needed for both occupancy and investment to return to levels seen over the last few years. The park is the largest mixed-use development of its kind in Northern California.

“Net absorption is still down from the close of 2022. However, this net loss has seen a reduction over the second quarter; which is encouraging,” noted James Paxson, Hacienda's general manager. "Office space vacancy, owing mostly to large blocks of sub-lease space that have been made available, has moved slightly lower over the quarter but is still high compared to the close of 2022. Activity in flex and retail spaces has been good and has produced vacancy rates in both areas that are lower than the close of 2022. Overall net absorption is about 1.00% lower than the occupancy seen as of December 31, 2022. Our lease renewals, while still taking place, reflect caution on behalf of office users, in particular, and suggest that a continued evaluation of office occupancy practice and needs is occurring."

Overview

The following overview will provide you with 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.

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

• Population {Summary of employee and residential population}

• Land Use Summary {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 {Summary of project specific information}

• Business Directory {Summary of businesses located in Hacienda}

About Hacienda

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 15,700 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.

Contact Information

Hacienda Owners Association
4305 Hacienda Drive, Suite 330, Pleasanton, California  94588-2738
(925) 734-6500 phone     (925) 734-6501 fax
info@hacienda.org e-mail     www.hacienda.org WWW