"This is likely to be the only major speculative office building of this size to be started in Northern California in the next several quarters," says Scott Ellis, senior vice president at Colliers. "We believe that this is absolutely the right time to begin this project, despite the economic uncertainty. When the first building is delivered in the first quarter of 2003, it will have no competition."
Ellis says that most conservative forecasts have the Bay Area economy adding jobs by then, adding that Concord's class A vacancy is only 5%.
The project's developer, Sierra Pacific Properties, has designed the building with extensive Internet connections and power capability, in an effort to "truly represent the next generation of class A office buildings."
Ed Del Beccaro, managing partner of Colliers in Walnut Creek, says Metroplex will have access to a skilled workforce in Concord and surrounding cities, which is a big asset for prospective tenants.
"Metroplex will provide close to 2,400 new jobs that will continue to position Concord as a premier business destination," Del Beccaro says, adding the center's suburban location shortens employee commute times.
The project will be in close proximity to two BART stations and access to three freeways.
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