Energy tower sparks already energized Midland
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.
| 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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