With Old Man Winter Upon Us, Will Storms and Flooding Affect our Infrastructure? Here’s What the Commercial Real Estate Industry Says About the Risk Factors of Climate Change
While hurricane and wildfire seasons may be far behind us, the calendar says it is three days until the official start of winter. With that season comes increased precipitation, which lately has dumped massive amounts of rain and heavy snow throughout parts of the U.S. It is no surprise that flooding was cited as one of the major climate concerns of real estate executives. The Climate Change Resilience Task Force at law firm Goulston & Storrs expands upon the recent results of their joint survey with Corporate Counsel magazine on the commercial real estate industry’s attitudes toward climate change risk.
Survey Highlights: Awareness, Not Action
The Goulston & Storrs survey showed mixed reactions to climate threats; 70% of executives do not conduct risk assessments of properties. There is growing awareness of threats, yet some respondents do not believe risk level is higher than it was in previous decades. Of the segment that does believe climate change poses a growing threat to real estate, and overwhelming majority (69%) believes flooding poses the most significant risk followed by hurricanes (59%) and then related disruption of power and water supply (55%). For a complete picture of the survey results, see the infographic “Climate Threat Survey by the Numbers”.
Climate Change Resilience Tools
The Climate Change Resilience group offers tools and insights for developers, investors, landlords, tenants and operators who are faced with challenges in development and redevelopment of land and infrastructure following the last few years of adverse weather events.
Hear our recent webinar (link provided above) to learn more about our thoughts on climate change, and download our tip sheet, “Prepare Yourself for Climate Change Threats”.
Goulston & Storrs’ Climate Change Resilience Task Force advises business and property owners, developers, investors, environmental and planning professionals, insurance providers and policyholders, and financial institutions on the legal and business uncertainties arising from emerging issues relative to climate change. Members of our Climate Change Resilience Task Force represent each of the markets that Goulston & Storrs serves, including lawyers and professionals from our Boston, New York and Washington, DC offices.