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More frequent and severe floods spurred by climate change are poised to wreak major damage to commercial real estate in the U.S. over the next 30 years, causing significant economic harm, a new study finds.

Damage to businesses, stores and apartments could increase 25 percent between 2022 and 2052, hitting nearly $17 billion per year within three decades, according to a groundbreaking joint study by commercial engineering firm Arup and the nonprofit First Street Foundation.