Commercial real estate owners and managers, as well as their tenants, are increasingly exposed to impacts of flooding, such as a higher potential for property damage, business disruptions and loss of life.
The Intact Centre on Climate Adaptation is aiming to give Canada’s commercial real estate a safe harbour ahead of a growing storm.
The University of Waterloo research centre has developed a comprehensive report outlining 20 measures that can be implemented by commercial real estate owners and managers to enhance flood resilience.
Flooding is the costliest natural disaster affecting Canadians and is the lead driver in rising catastrophic insurable losses for the property and casualty insurance sector in Canada. From 2009 to 2018, insured losses averaged $1.8 billion annually, compared to $405 million annually from 1983 to 2008.
“The commercial real estate sector has fallen victim to the ravages of flooding across much of Canada in recent years,” said Dr. Blair Feltmate, Head of the Intact Centre on Climate Adaptation at the University of Waterloo. “Such extreme weather, driven by irreversible climate change, will only get worse. Fortunately, direction outlined in Ahead of the Storm offers a timely reprieve to stewards of commercial real estate that will help to ensure business continuity despite a changing climate”
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