ODESSA , Texas – AVERA , a Houston-based commercial real estate firm, is building a spec industrial building in the petroleum-rich Permian Basin near Odessa, Texas.
With the widespread growth of hydraulic fracturing – or fracking – the Permian Basin of West Texas has become one of the most productive oilfields in the world.
Odessa was No. 2 in the nation in 2013 population growth on a percentage basis, behind only The Villages, Fla. Odessa added 4,769 residents last year, a 3.2 percent gain to take the city’s population to 149,378, according to the U.S. Census Bureau.
The CBRE Group reports that apartment occupancy in the Odessa/Midland area is 97 percent.
To serve the many energy companies in the Permian Basin, Avera is building its spec building in the Leeco Industrial Park, a deed restricted business park located east of Odessa along I-20, in the Permian Shale Basin.
Companies with facilities near the AVERA site include: National Oilwell Varco, GE Oil & Gas, Knight Oil Tools and Weatherford International.
The building is for sale or lease, with expected completion in Q4 2014