For Immediate Release

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

PLEASANTON, Calif. — Hacienda, Northern California's largest business development, is witnessing signs of improvement in occupancy figures as of the first quarter of 2024. Although there was a slight uptick in vacancy from 15.73% in the fourth quarter to 15.89% in the first quarter, the period saw a significant drop in negative net absorption of 165,851 for 2023 square feet, compared to 13,061 for 2024 year to date. Anticipated activity is projected to turn this figure positive prior to the conclusion of the second quarter. Retail and flex space both saw availability of just under 7%, while office space vacancy is currently running at around 21%. Despite this, April showed promising growth, with total occupancy reaching 6,841,613 square feet, marking an increase of 8,804 square feet compared to the previous month. Further improvements are anticipated throughout the remainder of 2024.

In January 2024, monthly occupancy began the year at 6,854,874 square feet, experiencing slight fluctuations throughout the quarter and reaching a low point of 6,832,809 square feet in March. Most of the activity stemmed from available spaces under 10,000 square feet, comprising 84.62% of all transactions and 50.2% of the total leased space volume. Conversely, larger spaces accounted for 15.38% of deals, representing 49.8% of the total leased space during the first quarter.

Hacienda welcomed several notable tenants last year, including ADP (relocation to new facilities within Hacienda), Shea Homes, Regional Parks Foundation, Walovich Architects Group, and Inneos (relocation to new facilities within Hacienda). The newest tenant in 2024 is the computer consulting company STN, Inc. The business services sector remains the largest occupier of space, encompassing 1,523,088 square feet. Biomedical companies occupy 1,121,006 square feet, while software development and manufacturing sectors claim 553,154 square feet and 498,570 square feet respectively. In addition, other significant industries such as retail, hotels, health, education, and consumer goods contribute to the diverse tenant mix, underscoring the abundance of employment opportunities across the Bay Area. 

"Despite challenges in the first quarter, Hacienda's resilience continues to be on display as we witness a promising upward trend in occupancy figures,” said James Paxson, Hacienda’s general manager. “With April's growth marking a positive turn, we anticipate further improvements throughout 2024. Our diverse tenant mix, including notable additions like STN, Inc., underscores the robust employment landscape across the Bay Area. As Northern California's largest business development, Hacienda continues to adapt and thrive, providing opportunities for businesses across various sectors to flourish."

Population and Employment 

By the end of the first quarter of 2024, Hacienda featured a workforce of 15,489 spread across 634 companies, a figure projected to grow with forthcoming developments and a return to pre-pandemic occupancy rates. 

At the same time, approximately 5,844 people live within Hacienda's residential developments, a figure set to rise to 6,400 with ongoing residential expansion endeavors. 

Notably, the demographic aged 25 to 44 accounts for 45.5% of Hacienda's resident population, with over 52% earning annual incomes surpassing $150,000. 

City of Pleasanton 

Pleasanton's rich history and character are vividly embodied in its picturesque downtown and the city's commitment to a high quality of life, evident at Hacienda, which includes excellent educational facilities, numerous recreational activities, and a favorable climate for enjoying sports facilities, parks, and golf courses. The Pleasanton Unified School District is among California's best, with several schools in the state's "Distinguished Schools" program, and proximity to top-ranked colleges such as UC Berkeley, Las Positas College, and Golden Gate University offers a variety of majors and courses, especially for working adults. Demographically, Pleasanton features a highly educated workforce, with over 85% of residents having attended college and nearly 70% holding a college or professional degree, complemented by a high household income where over 75% earn over $75,000 annually. The city is young, with nearly 30% of the population under 19 and over 25% aged between 20 and 54, indicating a substantial portion in their prime career years. 

State of the City of Pleasanton 2024 

Pleasanton’s Mayor Karla Brown recently delivered a comprehensive update on the city's Economic Development Strategic Plan during her State of the City address. Mayor Brown highlighted the new ONE Pleasanton plan, a five-year strategy approved by the City Council. This plan shifts the city’s strategy of evaluating projects and initiatives on a short-term basis. The ONE Pleasanton plan sets out to accomplish several important goals. These include securing better long-term funding for the city, making city government more efficient, prioritizing environmental concerns, and improving public safety. Importantly, the plan also focuses on building a more inclusive and welcoming community for everyone. 

“ONE Pleasanton represents our commitment to safety, progress, and a thriving community,” she said. Mayor Brown also provided insights into the Johnson Drive Economic Development Zone project, spotlighting the successful inauguration of two new hotels, SpringHill Suites and TownePlace Suites. Another highlight of this initiative is the ongoing construction of Pleasanton's inaugural Costco retail shopping center, with construction progressing toward its scheduled opening later this year. 

"Hacienda succeeds because of Pleasanton's visionary leadership, where dedication to strategic planning and prudent fiscal stewardship cultivates an environment for economic prosperity. As ONE Pleasanton sets the course for a thriving future, Hacienda stands as a testament to the enduring benefits of careful planning, fiscal prudence, and support for our vibrant business community," added Paxson.

Hacienda 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 2020 US Census and 2022 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

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 630 companies employing approximately 15,700 people. In addition to being a hub for business, Hacienda also features homes for about 6,000 residents, offering a full spectrum of residential choices.

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