Hiles’ Western Rim Notes Increased Interest In Rentals
In the heart of Dallas and in nearby towns, businesses are purchasing property for astronomical, headline-grabbing prices. Major 2016 transactions for some of the most visible highrise office towers include a German investment fund’s purchase of the 21-story 2000 McKinney tower in Uptown Dallas for over $200 million—approximately $500 per square foot. Twenty miles to the north in West Plano, an unnamed foreign investor is reportedly spending nearly $400 per square foot for the 13-story Legacy Tower, which is a record high for the city. With high construction costs and escalating land valuation, capital is flowing into the area from both domestic and international sources paying premium rates for office locations. Like corporations, buyers on the hunt for lower-priced homes are facing difficulty with many opting to rent instead. Marcus Hiles’ Dallas based company has confirmed increased interest in his luxury rentals as conditions have limited the amount of entry-level houses below $250,000 for first-time homeowners.