Some of America's finest companies and organizations call Hacienda home, thanks to its excellent location in the heart of the Bay Area, outstanding amenities, and many business benefits. Firms from a broad range of industries have facilities at Hacienda, Northern California’s largest mixed-use development. Tenants include Fortune 500 companies, start-ups, and professional consulting firms that specialize in areas that include computer systems, science, medical devices, engineering, law, and accounting as well as hospitality and retail specialists.

The development closed out December 2025 with stable fundamentals, maintaining 6,586,529 square feet of occupied space. Tenant demand remained consistent, with leasing activity continuing to skew toward smaller footprints, particularly suites under 10,000 square feet. The park’s diverse tenant base, spanning business services, biomedical, manufacturing, and healthcare sectors, continues to underscore Hacienda’s role as a key employment center within the Bay Area.

The restructuring of the commercial real estate market seen nationally over the course of 2025 was reflected in Hacienda's activity over the year as well. Year-over-year figures showed an overall increase in vacancy from 15.22% to 20.32% by the end of the year. While quarter-over-quarter figures fluctuated throughout 2025, the end of the year saw a negative 415,088 square feet of net absorption. Total occupancy began at 6,898,595 at the beginning of the year and decreased to a total of 6,483,507 by the end of December 2025. Like many other markets, Hacienda saw challenges throughout 2025 with corresponding losses of tenancy in the office and retail sector. However, these losses are already starting to be offset by activity being seen in just the first few weeks of 2026, suggesting that the underlying structural challenges in commercial real estate are starting to stabilize.

Most activity last year came from tenants occupying less than 10,000 square feet, which accounted for 96.20% of all transactions and 67.95% of the total volume of occupied space. Larger spaces of between 10,000 and 50,000 square feet, accounting for 3.80% of all space occupied during the year, made up 32.05% of deals. No transactions for the year took place in occupancies over 50,000 square feet.

The business services sector comprised the largest portion of Hacienda’s occupied space, at 1,787,484 square feet. Biomedical companies accounted for 1,012,707 square feet, various forms of manufacturing occupied 471,301 square feet, and health practitioners occupied 404,695 square feet. Other notable industries at Hacienda last year included retail, hotels, education, and consumer goods.

The tables below provide a general overview of activity in Hacienda during 2025, including highlights of selected projects at various sites, tenant activity, and property sales.

2025 Development Activity (Approved, Under Construction, or Completed)

In addition to a variety of tenant improvements made or commenced for new businesses, last year saw the continuation of construction on two Hacienda projects: the development's 11th residential community and a companion childcare facility. Both projects are located on Owens Drive just south of Rosewood Drive and are being developed on a portion of the parking field for the larger Rosewood Commons office complex. Below is a summary of development activity for the year.

Construction activity in support of new tenancy was also present during 2025. In addition to projects being completed that had commenced the year prior, many new and notable improvements began last year as well.

Major Tenant Activity

The majority of tenant activity in 2025 related to an influx of dozens of smaller tenants into a variety of multi-tenant spaces. Activity last year also included expansion by existing tenants and new tenants assuming full occupancy of existing facilities.

2025 Sales Activity

Overall, Hacienda has enjoyed an impressive history of growth and investment. The fundamental soundness of the Hacienda vision has allowed it to realize its potential over the years as a compelling and comprehensive master planned project. Once built, projects in Hacienda continue to receive investment with new ownership. This means facilities are kept current and contain all of the important amenities in demand from businesses looking for a premier location. Advance planning for facilities also means that the process for both creating new projects and making upgrades to existing projects has been made simple so that Hacienda can provide a quick and nimble response to market demands.

In 2025, sales activity increased over the prior two years after a year of no sales completions in 2023 and only two transactions in 2024. Changing dynamics in the investment market suggest more sales will be seen over the course of 2026.