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higher than the 2004 Tr~Valley rate of 13.6 percent) and asking rents on the rise (from $1.60 to $1.75 between the fourth quarter of 2003 and 2004). Pleasanton's industrial market is also rebounding. with vacancy rates down from 5.8 percent in 2003, to 5.1 percent at the end of 2004. Despite historical downward trends since 2001, industrial rents were also beginning to increase over the period with average asking rents up from $0.91 to $1.01 between the end of 2003 and 2004. As shown in Table 8-8, as of the third quarter of 2005, the Pleasanton office market (including officelflex space) encompasses 12.03 million square feet. This represents 47 percent of the total inventory in the Tr~Valley, which has over 25 million square feet of office space. The vacancy rate in Pleasanton is 11.8 percent (down from 13.9 percent in the fourth quarter of 2004), just slightly higher than San Ramon with eleven percent, and somewhat lower than Dublin with 12.9 percent, and significantly lower than Livermore which has office vacancies of over 27 percent. Asking rent for Class A office was $2.05 in Pleasanton (a 10.8 percent increase from the fourth quarter of 2004), slightly lower then the Tri-Valley ($2.13) and Dublin ($2.20). Hacienda Business Park With nearly 7 million square feet of built office and R & D space, Hacienda Business Park is one of the largest developments of its kind in Northern California. Situated at the intersection of Interstates 1-580 and 1-680. and located equidistant from San Francisco and Silicon Valley, as well as serving as the closest major Bay Area employment center to Sacramento, the Business Park is wei~positioned to tap into local labor markets. Hacienda was originally developed in the earty 1980s by The Prudential Insurance Company and the Callahan Property Company on an 854 acre site. Its original marketing targeted large firms outgrowing Silicon Valley or San Francisco locations and seeking to locate closer to large East Bay labor pools. Today. Hacienda maintains a strong competitive advantage among office locations in the Bay Area. It has developed with a high level of amenities for employers and their workers, including four publicly accessible fiber networks, proximity to BART connected by free shuttles, and an extensive commuter program. The project has also matured into a mixed use development, incorporating mid- and low-rise office, office "flex," retail, and residential uses. Hacienda Business Park is zoned for nearly 12.5 million square feet of built space and currently boasts 1 0.4 million square feet. In addition to 5.4 million square feet of built office space, Hacienda also has nearly 1.7 million square feet of R & D/Flex space, 891.000 square feet of retail. and over 1,500 residential units housing approximately 3,500 residents. Oracle, currently Hacienda's largest employer, contains nearly 3,000 employees occupying almost 600.000 square feet. Multiple Fortune 500 companies have been attracted to the Park and established branch or headquarters offices. including AT&T, Hewlett-Packard, Sun Microsystems, and Roche Molecular Systems. All land owners at Hacienda are members of Pleasanton Economic Development Background Report FINAL - January 2006 34