A new analysis of commercial real estate flood risk suggests that 3.6 million commercial real estate properties face a growing chance of flood damage. The report from First Street Foundation and commercial engineering firm Arup suggests that US businesses will collectively lose 3.1 million days of operation due to flooding next year that is expected to cause "severe structural damage" as a result of climate change.
Additionally, of these, 729,999 retail, office, and multi-unit residential properties face annualized risk of more than $13.5 billion in 2022, growing to top $16.9 billion by 2052, about a 25% increase. The lost productivity impact on local economies would start at $49.9 billion next year and grow to $63.1 billion.
Typically, reports and analysis have focused primarily on residential property impact of flooding. But commercial real estate is also at risk.
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