New locations of apartment developments may surprise many.
Forbes' Jay Denton reports in the last four years, a large number of apartment edifices have been built and constructed in urban core submarkets, usually those already highly populated near downtown.
So much so that these skyscrapers have changed the city skylines, as well as the attitude of the sociable, whereas the millenials, who live on-the-go populate these apartment complexes. As a result, downtown and uptown areas are in dire need of new housing.
However, despite the focus of the construction being in the urban areas, may were surprise when more and more apartment constructions have been seen in the suburban areas. Yes, many in the industry have been surprised.
It even appears as if the suburban is being "urbanized," so to speak, as these developers actually make the "urban-style employment" outside or near the city centers, an examppe of which is the town centers. Of course, it is not the same, as dense or even have an urbal feel to it present in uptown or downton areas but just the same, it is a huge attraction to developers and renters alike.
Denton says it is not a surprise. To quote, "Though the largest concentration of jobs is downtown, less than one-quarter of those positions are in urban submarkets - the rest are spread out among the many suburban submarkets. Take Dallas, for example. Toyota and FedEx headquarters are moving to West Plano, State Farm anchors a massive development in Richardson and large employment nodes already exist in the Las Colinas area of Irving, in Plano and in North Dallas. Add them to other hotspots such as Frisco, and the total number of jobs outpaces that in the denser downtown area."
Now, though there exists many property businesses in Dallas, both in uptown and downtown submarkets, the development of properties are visibile outside of the urban core. In addition, record shows that 46,800 of the 56,979 units started from January 2012-September 2015 - 82 percent - were in suburban markets.