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Natural Disasters, Regional Economic Structure and Commercial Real Estate

Author

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  • Shaun Bond
  • Shawn McCoy
  • Ian McDonough

Abstract

The economic consequences of weather and climate disasters in the United States are of significant concern to institutional investors. In this paper we study commercial real estate market outcomes in response to natural disasters. In particular, we draw on recent research examining resilient regions and show how measures of resiliency may predict which markets and property types recover more quickly from natural disasters. We first investigate the price and cash flow impacts of a natural disaster to understand how market signals are responding to the occurrence of extreme climate events. Second, we consider how investors are responding to, and potentially mitigating, evolving climate risks by examining capital expenditure strategies in areas before and after extreme events occur. In each case we investigate these questions in the context of the economic resiliency of the region in which the property is located.

Suggested Citation

  • Shaun Bond & Shawn McCoy & Ian McDonough, 2023. "Natural Disasters, Regional Economic Structure and Commercial Real Estate," ERES eres2023_38, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2023_38
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    More about this item

    Keywords

    commercial real estate; Hurricanes; Institutional Investors; Natural disasters;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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