Report: 27% of Houston CRE Could Be Flooded

CoStar Group has assessed the potential impact of Hurricane-turned-Tropical-Storm Harvey on Houston’s commercial real estate sector – multifamily, office, retail and industrial buildings. The result was that some 27% of gross leasable area could be flooded, representing a property value of $55 billion.

And, out of that amount, $16 billion represent apartment buildings in Houston’s 100-year floodplain. This means some 72,000 apartment units could be impacted. Also in the floodplain are 20 million square feet of office space, and 73 million square feet of retail space. Additionally, 11 hospital buildings fall within the floodplain.

The submarket that could be most impacted is Southwest Houston. Within that area, the Braeburn, Greater Fondren and Sharpstown neighborhoods have the highest number of units in the floodplain.

For comments, questions or concerns, please contact Amy Sorter