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

Source: CNBC — 

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.

Approximately 730,000 retail, office and multi-unit residential properties face an annualized risk of flood damage in the United States. The structural damage from flooding is projected to cost $13.5 billion in 2022, increasing to over $16.9 billion by 2052, according to the First Street Foundation, a nonprofit research and technology group, and global commercial engineering firm Arup.

The research incorporated sea-level rise, but focused more on flash floods, also known as pluvial flooding.