Commercial Real Estate

3/21/2022 (Permalink)

Major flooding will put these businesses out of commission for weeks, perhaps months.

Commercial real estate is a very lucrative business, bringing in billions of dollars ever year. However, a recent study has shown that the threat of flooding in commercial real estate will only intensify, leading to billions of dollars in damages. Over 700,000 retail units and offices face a major risk annually of flooding. According to a study done by the First Street Foundation, structural damage from flooding is projected to cost over $13.5 billion in 2022. If you think that number is high, the study predicts that number could rise all the way up to $16.9 billion by 2052. Those are astronomical numbers and it really puts into perspective just how much water damage occurs on a yearly basis. This study does a great job of highlighting how commercial properties often face the same flooding problems as residential homes, perhaps even worse. It is important that whether damage occurs at a commercial property or residential problem, calling SERVPRO as soon as possible can be the difference in saving you thousands of dollars.