As Recovery Phase Begins, Economists, Property Owners Take Stock of Catastrophic Flood Damage, May Be Weeks Before Full Extent of Impact Can be Determined
Costar : By Randyl Drummer
An initial assessment of the potential impact of the epic storm on the Houston commercial real estate market by CoStar Group reveals that 27% of the market’s gross leasable area, representing $55 billion in property value, is located in flood zones and may have potentially suffered damage.
$16 billion of the $55 billion in property at risk is comprised of apartment buildings within the 100-year flood zone.
Flooding in Texas and Louisiana affected nearly one-fifth of U.S. oil-refining capacity, sending gas prices higher and raising concerns for future supply.
As the flood waters finally begin to recede in Texas and Louisiana, officials caution the storm waters continue to pose threats to life and property. However, the region is shifting into recovery mode and beginning to take a full measure of the unprecedented destruction brought by Hurricane Harvey.
A CoStar Group, Inc. assessment of the potential impact of the epic storm on the Houston commercial real estate market reveals that 27% of the market’s gross leasable area, representing approximately $55 billion in property value, was likely affected by flooding.
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