Assessing property flood resiliencefor commercial buildings:
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Citation: Dr Hong Xiao, Prof. David Higgins, Dr Rotimi Josephiyush Mr Tiwari (2023). Assessing property flood resilience for commercial buildings: Some recommendations.
London: Property Research Trust DOI: https://doi.org/10.52915/NOVD8680 Authors Dr Hong Xiao Prof. David Higgins Dr Rotimi Joseph Mr Taiwo Adedeji Prof. David Proverbs |
Summary:
Commercial property plays a significant role in the UK economy and represents a major investment asset for both the pensions and insurance industries. UK commercial property forms a significant portion of the economy, with an estimated turnover of £3.2trn and employing about 22.8 million people with an average growth rate of 2.2% since 2008. Commercial property investment rental income derived from business leases on offices, shops, industrial and leisure facilities supports pensions, insurance policies and savings plans. Therefore flooding poses a considerable threat to the security of income from this asset class and means the security of these investments is paramount to the large number of shareholders and stakeholders. In recent years, UK flood risk management policy has recognised that floods cannot be totally prevented and has therefore embraced a proactive and more robust approach of managing flood risk and living with floods, captured under the "living with water" philosophy. This approach often entails building resilience into the system that is exposed to the risk. Keywords: Flood resilience, floor risks, commercial property, investment and rental income.
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