Commercial real estate faces increasingly steep costs from flood damage for the foreseeable future, study says

The commercial real estate industry faces an intensifying threat from flooding, which is likely to lead to billions of dollars in increasing costs, a new study says.

The research incorporated sea-level rise, but focused more on flash floods, also known as pluvial flooding. The research incorporated sea-level rise, but focused more on flash floods, also known as pluvial flooding. First Street partnered with Arup in order to go beyond simple flood risk, which it has already done for residential properties. By matching its flood modeling on commercial properties with Arup's knowledge of structure and architecture, the two were able to understand the impact of flood risk on each specific type of commercial building in the country. Then they could determine the economic consequences of a flooding event given the specific building type.

The researchers also put a price tag on potential damage to come that factors in the damage to local economies and productivity. The cost of that impact is expected to grow to $63.1 billion in 2052 from $49.9 billion in 2022 due to worsening flood risks associated with climate change, according to the report.

Source: News Formal (newsformal.com)

We’re all going to stay home and work and buy online anyway. If the malls are gone, commercial real estate is not far behind. It’s automation, Block Chain and distributed ledger, delivery drones and smart homes. The city is done.

Sed the bill to Oil and Gas. It's time the pay for their own messes, than tax payers.

Look out! More floods everywhere. Except where there are droughts, and good city planners who understand flood plains and flood mitigation.

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