Real Estate

Commercial real estate faces $13.5 billion in flood damage in 2022: Report


A satellite image shows TD Bank Ballpark submerged in flood, after Hurricane Ida swept through the Bridgewater Township in New Jersey, September 2, 2021.

Maxar Technologies | Handout via Reuters

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…


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