Floods and fires, rising ocean levels and fatally captivating bouts of sub-zero temperatures in unlikely areas; these are just some of the issues real estate developers and investors will be navigating in the approaching years. David Wigder at GreenBiz offers these three suggestions to help developers adapt to a changing market where function despite a changing climate is paramount.
- Help Municipalities Adapt — Wigder assesses that developers should look for, “… A change in (how) credit scores (are calculated) for U.S. cities and states by including the potential for climate shocks in determining credit ratings. This will create new opportunities for business by forcing local and state governments to accelerate investments in projects to adapt to climate change in order to stave off a downgrade of their credit rating.”
- Build to be Resilient — New construction faces threats that construction projects ten-plus years ago simply did not face. Wigder states in regard to recent wildfires in California and the Pacific Northwest, ” Most homeowners who lose their homes move away rather that rebuild. The lack of services, infrastructure and community discourages many would-be newcomers from buying even at a discount….Rebuilding using resilient design can help accelerate recovery.”
- Shift to Higher Ground — Sure, we love our coastal cities, but the future of our beachfront properties is in clear and present danger. Growth in cities removed from coastal waters has been exponential in these last few years, and developers should expect this trend to last.
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