As for so many, 2020 challenged Hacienda in a number of ways. The impacts of the Covid-19 pandemic were particularly harsh on smaller tenants in the development; especially those that cater to a clientele where an on-site visit is the norm for conducting business. In addition, the restrictions that were in place in response to the pandemic contributed to additional adversity.

Despite this, Hacienda's occupancy rate held steady through much of the year and only started to decline toward the end. Furthermore, some of this change may prove to be more one of timing than permanent loss as the pandemic has greatly impacted the speed at which transactions occur. The result is that some of the natural part of the churn that projects like Hacienda see is more weighted to routine departures that are part of the normal cycle while new arrivals have been slowed because the process of bringing on new tenants is taking longer.

Hacienda's resilience was on full display as tenants of all sizes adapted to the rapidly changing conditions throughout the year. Whether pivoting to new business models, developing remote work regimes or actively engaging in work to address the pandemic in one form or another, Hacienda businesses worked hard to meet the challenges with which they were confronted. The following will provide a general overview of activity in Hacienda during 2020 including projects occurring at various sites, new tenants and sales.

2020 Development Activity (Approved, Under Construction or Completed)

While no new building development occurred in Hacienda during 2020, a number of projects were advanced at various locations. These projects included a variety of site and building improvements; some performed in anticipation of new tenants. A list of some of the major construction projects at Hacienda sites appears below.

Major Tenant Activity

Hacienda saw around 125,000 square feet of activity in 2020. All of these involved transactions in small to medium sized spaces. Tenancies continued in a wide range of industries including: health care, finance, education, medical diagnostics, professional services and retail. A list of some of the feature tenant activity appears below.

2020 Sales Activity

Hacienda sales activity slowed considerably over what was seen in the last several years. Only one sale was completed during the course of the year as outlined below.