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Energy tower sparks already energized MidlandEnergy tower sparks already energized Midlandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=62732013-09-20T12:36:00Z2013-09-20T04:00:00Z

MIDLAND - Due to the oil play western Texas, the Midland real estate market has been on fire. AngeloEconomics estimates more than 1.5 million sf of office space, 530 new hotel rooms, 12,289 multifamily units and 800,000 sf of retail space will be needed by 2023. 

Projected New Office, Hotel, Multifamily, Retail Space Needed by 2023*
Category Total Existing Pipeline Total SF Needed
by 2023**
Total New SF
Needed by 2013***
Energy
Tower
Office sf (June 2013) 9,935,477 1,104,000 12,548,507 1,509,030 564,000
Hotel rooms (2012) 3,000 1,301 4,831 530 198
Multifamily units (Mar. 2013) 9,825 1,866 12,980 1,289 132
Retail sf (2012) 6,677,968 50,000 7,526,070 798,102 53,500

*AngelouEconomics

**Office space and hotel rooms needed by 2023 are based on job growth projection of 52.6 percent. Multifamily units and retail space needed by 2023 are based on population growth projection of 25.4 percent. Hotel rooms and multifamily units include additional space necessary to achieve occupancy rates that mirror Texas state averages.

***Total new construction needed by 2023 = Total needed space by 2023 — (Total Existing Space + Pipeline).

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