Midland-Odessa retail strikes oilMidland-Odessa retail strikes oilhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=207292018-08-01T05:00:00Z2018-08-01T22:50:00Z

​​​​​​​​New retail for Midland-Odessa July 2018​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.

A 29,000-sf shopping center, called Kimber-Lea Place, is under construction on North Midkiff Rd. near the Midland Mall.​

The organization also recently found that housing prices are up about 6 percent from the first quarter 2017. 

As of May 2018, the average rent per unit quoted in the Midland-Odessa apartment market is up 37 percent from just one year ago.​
https://rebusinessonline.com/rising-oil-prices-seep-into-midland-odessa-retail-development-sales/Read more at {Source}

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