Hacienda Business Park in Pleasanton has continued to see a steady flow of tenant activity during the first half of 2018. However, with the repositioning of several properties, net absorption declined by around 45,000 square feet since the close of 2017. Over 200,000 square feet of activity has been seen so far this year. The park is the largest mixed-use development of its kind in Northern California.
“With some recent moves and changes, Hacienda has seen a slight decrease in occupancy in the Office and Office/Flex sectors over the last few months. Activity in the market suggests that these will be temporary as new opportunities are being discussed with different projects” said James Paxson, Hacienda’s general manager. “Our existing tenants are still showing signs of growth so, in addition to new tenants relocating from other areas, current businesses will likely be looking to Hacienda to fill their future needs as well."
Several notable transactions occurred in the first half of 2018. Major commitments were made by companies in a variety of business segments, including: Re/Max Accord (Brokers), Catholic Management Services (Community), Global Syn-Turf (Consumer Goods) , Precision Cabinets (Consumer Goods), Neotract (Biomedical), and Barrick Gold Corporation (Mining).
A number of large construction projects are currently in progress, or have recently completed, in Hacienda. Work is under way on improvements for the Rosewood Commons facility related to new tenants arriving at that site and construction was completed at the new Starbucks facility on Owens Drive. Work on the Summerhill Homes Andares residential community, consisting of 94 quality condominium units, continues.