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The most populous city in Contra Costa County, Concord might be known for its open spaces, relatively affordable real estate and scorching summers, but if the city’s economic development trends continue, it could known for something else: High tech firms, new development projects and trendy restaurants. It looks as if Concord could be the new Walnut Creek.

“The big story is the growth,” said Pedro Garcia, an economic development specialist for Concord. “We have seen the demand for office and housing space increase significantly. The city is taking advantage of its core strengths, including competitive prices, location and transit, like our two BART stations.”

That growth has taken the form of a number of new development projects and more businesses moving to Concord, including The Veranda, a $100 million, 375,000-square-foot retail development schedule to open in the fall; more apartment units by the Concord BART station; more restaurants moving into downtown Concord; and the largest East Bay office lease of 2016. This is in addition to the proposed redevelopment of the decommissioned Concord Naval Weapons Station by Fivepoint, which will add over 12,000 homes and 6.1 million square feet of commercial space over the coming decades.

In addition to Lennar, Legacy Partners and SyRES are bullish on housing in Concord. The developers are building a 134-unit apartment building near Concord BART station. An adjoining parcel has plans for 180 additional units. Other housing projects include Nicholson Development Properties’ Concord Village proposal for 231 units near BART and Argent Concord LLC’s proposal for 171 units at 2400 Willow Pass Road.

The city’s relative affordability is drawing residents and office tenants to Concord. In May, office lease rates averaged $22.32 per square foot, according to listings on LoopNet. Home prices are also attracting workers: The median list price for a home in Concord is $548,400, or $350 per square foot, compared to $1,189,100 at $497 per square foot in San Francisco, according to Zillow data from April 2017. Renting is also cheaper in Concord, with the median at $2,272, nearly $1,200 less than San Francisco.

This spring, Concord welcomed its first high-tech firm, Honor HomeCare, a digital health startup focused on seniors. After raising $42 million in Series B funding, the company opened an office near Todos Santos Plaza. A year ago, it also welcomed JetSuiteX, which offers public charter flights from the East Bay to Burbank and Las Vegas.

Traditional businesses are also coming to Concord. Wells Fargo is centralizing its existing East Bay offices, bringing 2,200 employees to 285,000 square feet in Swift Plaza, the East Bay’s biggest lease of 2016. Meanwhile, the Veranda retail project expects to have a positive economic impact.

“Our project will provide at least another $3 million a year in benefits to the community in terms of sales tax and property tax,” CenterCal CEO Fred Bruning told the Business Times in June 2016.

City officials have expressed concern that the new project will cannibalize tenants from existing retail locations, but for now, business at the nearby Sun Valley Mall is strong.

“Occupancy was at an all-time high last year,” said Kim Trupiano, marketing sponsorship director at Sun Valley.

In part, Concord is booming now because the rest of the Bay Area has already exploded.

“The trends go Silicon Valley to San Francisco, to Oakland, then Walnut Creek, then Concord,” said Garcia.

The hot new thing

Concord has seen an increasing amount of development and business move into town, especially in the past year.

April 2016: Wells Fargo signs an eight-year lease at Swift Plaza for 282,238 square feet that 2,200 employees are expected to work at.

August 2016: Legacy Partners and SyRES acquire 134-unit apartment building near Concord BART station. An adjoining parcel has plans for 180 additional units.

November 2016: Long Market Property Partners and Paragon Commercial Group purchase Todos Santos, more than 40,000 square feet of retail spread over 2 acres.

Four restaurants move into downtown Concord.

April 2017: Six Flags Corp. takes over operation of Waterworld California.

Fall 2017: The Veranda’s $100 million retail center and $5 million park are scheduled to open.