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10/28/24
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Hacienda Business Park, a 900-acre mixed-use job center and housing development in the Bay Area city of Pleasanton, has seen continued positive absorption, with the vacancy rate dropping to a year-low of 14.47%, down from 15.03% at the close of the previous quarter.
Year-to-date net absorption reached 104.9k sf, nearly double the previous quarter's figure, marking a strong recovery from the negative 165.9k sf recorded at the end of 2023. October also contributed to this positive trajectory, with total occupancy hitting a year-to-date high of 6.96 msf, a month-over-month increase of 15.3k sf. With additional deals expected to close in the fourth quarter, further improvements are anticipated for the remainder of 2024.
The bulk of the recent activity came from spaces under 10k sf, which accounted for 95.71% of all transactions but comprised 38.19% of the total leased space. In contrast, larger spaces made up only 4.3% of deals but represented a significant 61.81% of the total leased space by the end of the third quarter.
Hacienda welcomed several prominent tenants last year, including ADP (which relocated within Hacienda), Shea Homes, Regional Parks Foundation, Walovich Architects Group and Inneos (also relocated within Hacienda). New tenants in 2024 include 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, Sutter Health Care Center and ACCO Engineered Systems.
The business services sector remains the largest space occupier, covering 1.52 msf. Biomedical companies occupy 1.12 msf, while software development and manufacturing claim 553.2k sf and 498.6k sf, respectively. Additionally, key industries such as retail, hospitality, healthcare, education, and consumer goods further enrich the tenant mix, underscoring the wide range of employment opportunities across the Bay Area.
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