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