The physical risks facing commercial property are substantial with extreme weather events like floods and wildfires set to increase in both the US and Europe over the coming decades. Property markets have yet to fully price these in, especially in areas where such events have been less frequent in the past. And while they should eventually adapt to reflect these changing risks, it may take particularly extreme and damaging weather events for these adjustments to occur.
In view of the wider interest we are also sending this US Commercial Property Update to clients of our UK and Europe Commercial Property, Climate Economics and Long Run services.
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