For Immediate Release

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

PLEASANTON, Calif. — Hacienda, the largest business development of its kind in Northern California, has sustained its annual upward trend in occupancy through the fourth quarter of 2024. The vacancy rate at year-end was 15.22%, a 3.2% decrease from 15.73% recorded at the end of last year.

Occupacy & Leasing

Some of the largest leases in the I-680 corridor were signed at Hacienda last year. Sutter Bay Medical Foundation leased 64,222 square feet at 4480 Willow Road and Acco Engineered Systems Inc. took 67,757 square feet at 5890 Owens Drive. Additionally, Sutter Health’s Palo Alto Medical Foundation signed a separate lease for 23,000 square feet at 5075 Hopyard Road, part of its plan to establish over 25 new ambulatory care centers system-wide. Renovations for these spaces are set to begin in 2025, with openings planned for 2026 and 2027. 

Year-to-date net absorption totaled 43,921 square feet, roughly half the amount recorded in the previous quarter, but a significant rebound from the negative 165,861 square feet reported at the close of 2023. With several additional deals on the horizon, further improvements are expected in the first half of 2025.

During the last quarter of 2024, monthly occupancy reached 6,959,573 square feet, up from the 6,854,674 square feet recorded at the start of the year in January 2024. The majority of activity involved spaces under 10,000 square feet, which constituted 95.45% of all transactions but only 38.13% of the total leased space. In contrast, larger spaces accounted for just 4.55% of all the leasing deals completed but represented a substantial 61.87% of the total leased space by the end of the fourth quarter.

Hacienda welcomed several notable tenants over the past year, including STN, Inc., a computer consulting firm; Stanford Health Care Cancer Clinic Pleasanton; K&A Engineering Consulting; The Bay Area Fencing Club; Sutter Health Medical Center and Care Center; and ACCO Engineered Systems. Medical equipment supplier Calyxo, Inc. expanded its footprint at Hacienda, and Sunbelt Controls, a construction engineering company, relocated and expanded, as well. The business services sector remains the largest occupant, utilizing 1,823,342 square feet of space. Biomedical companies occupy 1,163,099 square feet, while manufacturing and healthcare account for 471,332 and 392,522 square feet, respectively. Additionally, industries such as retail, hospitality, software development, education, and consumer goods enhance the diverse tenant mix, highlighting the broad spectrum of employment opportunities throughout the Bay Area.

“Hacienda’s overall performance in 2024 demonstrates the resilience and growth of our business community,” said James Paxson, Hacienda’s general manager. “With year-end vacancy rates decreasing slightly to 15.22% and net absorption showing a significant rebound from a year ago, Hacienda continues to thrive as a hub for diverse industries. Leasing progress across several areas of the industry was seen, particularly with the addition of high-profile tenants like ACCO Engineered Systems, STN, Inc., Sutter Health, and Stanford Health Care, while existing sectors such as business services, biomedical companies, and manufacturing remained robust. We look forward to building on this momentum in 2025 with several exciting deals expected to close, further strengthening Hacienda’s role as a dynamic center for innovation and opportunity.”

Population and Employment

By the end of the fourth quarter of 2024, Hacienda accommodated 14,988 employees across 683 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

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 2023 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