While much will depend on actions taken by the incoming presidential administration, property developers have generally noted that the era of low mortgage rates are over, and as a result, home sales will begin to subside in the coming year. As families seek affordable housing and move towards the suburbs, The Washington Post reported, “the percentage of people who drive to work will increase for the first time in a decade.” Citing a Jan. 14 report in Forbes, Marcus Hiles explained that as jobs leave cities, young professionals are following. Surrounding Dallas, for example, Toyota and FedEx headquarters are moving to West Plano, and State Farm has built a massive presence in Richardson. Large employment sectors dominate Irving, Plano and North Dallas, and the locations in which apartments are being developed have coincided with this trend. Despite Dallas’ Uptown and Downtown submarkets experiencing a housing revival and an abundance of new rental options, most of the construction – 82 percent – continues to be in areas outside of the urban core.
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