Oil boom flows to Midland office projectsOil boom flows to Midland office projectshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=75962013-04-23T08:04:00Z2013-04-23T00:00:00Z

MIDLAND - All the growth in oilfield activity and new jobs have sparked a building boom with several oil companies announcing plans for or completing new office buildings to meet demand for extra space.

Chevron will break ground on a new campus west of the Scharbauer Sports Complex on 25 acres purchased from SBC Corp. The $100 million project will consist of two four-story buildings connected by a walkway. Construction is expected to be completed in early 2015.

Employees of EOG Resources will begin moving into their new three-story office building at 5509 Champions Dr. The 86,250-sf building will accommodate EOG's 112 employees and the attached covered garage has room for 215 vehicles.

Pioneer Natural Resources plans to soon break ground on a $50 million, six-story office building with an adjacent three-story parking garage to house the several hundred employees. The facility will hold the additional hundreds to be hired in the coming years. A large workout facility and cafeteria will be included.

Fasken Oil and Ranch recently moved into its new 60,000-sf headquarters at Holiday Hill Rd. and Sherwood Dr. west of Green Tree Country Club.

The two-story building is the first phase of Fasken's master-planned community, The Vineyard, which company officials hope will eventually include single- and multifamily residences, office and retail space.

There are also plans for Energy Plaza at Westridge Park, located near Chevron's new campus, which could hold up to five multitenant office buildings.

Occupancy of Class A office space is 99.8 percent and Class B office space is 98.5 to 99 percent full, according to Bill Scott of Real Estate One Midland.

Midland Reporter-Telegram
http://www.mywesttexas.com/business/oil/article_879f7e9b-7364-5f1c-bb2e-b863aafa3dd2.htmlRead more at {Source}

 Search NewsTalk Texas