Midland-Odessa retail strikes oil

​​​​​​​​​MIDLAND ,ODESSA – The regional retail market continues to grow stronger due to the rise in oil prices over the past year, while the area unemployment rate is at its lowest on record, according to the Midland Development Corp.

Rising oil prices, increasing disposable incomes, and expanding housing developments make the Midland-Odessa market appealing for retail investors, developers, and operators looking to enter or expand in the market.

In first quarter 2018, triple-net rents for shopping centers increased to nearly $16 per sf.

Overall rent growth in this category is up nearly 38 percent over the last four years and up 4 percent from 1Q 2017.

This rent growth coincides with a decrease in the overall occupancy of 70 basis points to 93.4 percent due to a surge in new development in the area.