Storm surge, days of rain and cresting rivers caused by Hurricane Florence left portions of more than 2,600 buildings, nearly 30 million square feet of commercial real estate, across the Carolinas under at least a foot of water, according to preliminary estimates from CoStar Group — the data/analytics leader of the $17 trillion commercial real estate industry.
Following Hurricane Florence, shopping centers, freestanding stores and storefronts appear to be the largest casualty of the floodwaters, with at least 1,750 retail properties of that type totaling 16 million square feet facing some level of water damage. At least 683 office properties, accounting for 5.5 million square feet, are in the confirmed flood damage zones, along with 137 apartment buildings, totaling another 5.5 million square feet. Forty-five motels and hotels had damage.
By total commercial space involved, the 118.5 million square feet of properties damaged by Hurricane Harvey a year ago was four times the nearly 30 million square feet damaged in North and South Carolina over the past week. Although the number of apartment properties involved was similar for both floods, five times more apartment property square footage was damaged in the Houston area and nearly three times more office space was affected in Houston's inventory of larger office buildings than this week.
We’d love to set up an interview for you with Patrick McCafferty, GIS Analyst at CoStar Group, to discuss his full report of the impact Hurricane Florence had on Commercial Real Estate, as well as answer any questions you may have.
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