ADP Planning To Vacate Its 63K SF Office In Pleasanton
Human resources software company ADP will vacate its offices in Pleasanton, California, following previous downsizing efforts.
ADP plans to relocate to the East Bay, as reported by the San Francisco Business Times.
ADP will close its 63K SF office at 4125 Hopyard Road in the Britannia Business Center in the early part of next year. ADP has occupied this space since 1997, most recently signing a lease renewal last year.
The company previously occupied 94K SF in the building, according to the San Francisco Business Times.
High-profile office departures have become common in the Bay Area in recent months as companies downsize their offices or abandon them entirely.
News of the Bay Area's most significant departure in recent weeks took place in July, when Salesforce announced plans to vacate 350K SF in downtown San Francisco, opting to sublease the space in its Salesforce West building.
The East and South Bay markets have fared slightly better than San Francisco in terms of office vacancy rates this year, but they are still hovering around the 20% mark, depending on the submarket.
CBRE’s recent Q2 2022 report on the Interstate 680 corridor said Pleasanton is holding a 17.2% overall total vacancy rate. For Class-A office spaces in the city, this vacancy rate clocked in at 19.1%.
Meanwhile, Class-B and C properties in the Bay Area continue to struggle to keep up with the demands of the flight-to-quality trend taking hold of the office asset class.
