DALLAS, Feb. 26, 2017 /PRNewswire/ -- Urban
submarkets have seen a remarkable rise in housing development over
the course of the last couple of years, with ever-growing
skyscrapers and towers reshaping skylines and reviving downtowns
that used to be missing the modern architectural design options in
the past. As the cost of living in these areas continues to rise
faster than wages and the number of jobs outside of cities
increases, many real estate experts, including Western Rim Property
Services CEO Marcus Hiles, predict a resurgence of activity in
suburban submarkets in 2017.
As individuals seek affordable housing and move farther into the
suburbs, The Washington Post reported that, "the percentage of
people who drive to work will increase for the first time in a
decade." Citing a Jan. 14 Forbes
article, Hiles explained that corporations are exiting cities, and
young professionals are following the jobs. Outside of Dallas, for example, Toyota and FedEx
headquarters are moving to West
Plano, State Farm has established a massive presence in
Richardson, and large employment
sectors already exist in Irving,
Plano and North Dallas.
The locations in which apartments are being constructed have
coincided with this trend. Although Dallas' Uptown and Downtown submarkets
experienced an urban revival and an abundance of properties opened,
82 percent of the construction continues to be in areas outside of
the city-center. Marcus Hiles noted that as young professionals
seek more space than they can afford in a city, empty nesters look
to reduce upkeep, and millennials search for their first residence,
developers have had to adapt to a shifting market, and as a result,
the suburbs have become decidedly more urban.
Marcus Hiles is a Texas real
estate investor, developer and philanthropist who founded Western
Rim Property Services in 1988 with a unique vision of luxury
living. Nearly three decades later, his company owns and manages
over 15,000 upmarket residential rental properties. An active
member of his community, Hiles supports local, national and global
initiatives for education, women and children.
Marcus Hiles - Chairman & CEO
of Western Rim Property Services:
http://www.MarcusHiles-News.com
MarcusHilestx (Marcus Hiles) -
DeviantArt: http://marcushilestx.deviantart.com
Marcus Hiles (@marcus_hiles) -
Twitter: https://twitter.com/marcus_hiles
Marcus Hiles - New Luxury
Apartments in Frisco, TX -
YouTube: https://www.youtube.com/watch?v=dmsJNbfOh-g
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SOURCE Marcus Hiles