Flood risk mitigation and commercial property advice
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27 March 2017
Commentators have increasingly raised concern over the impact of flood risk on commercial property insurability, maintenance and recovery, property utility and, ultimately, property value.
'Flood risk mitigation and commercial property advice: an international comparison' provides a unique global perspective on the issues affecting the built environment professions and RICS professionals in providing professional advice on properties at risk of flooding.
Research focus
Through interviews conducted with over 70 experienced professionals across 5 countries (Australia, China, Germany, UK and the US), the research focuses on the current and future roles of built environment professionals, insurers and regulatory bodies in providing advice for properties at risk and in promoting flood risk mitigation.
The research maps the impact of flooding and flood risk on commercial property value and identifies the barriers and opportunities for built environment and RICS professionals in this field. Key opportunities include:
- Providing advice on payback periods.
- Cost-benefit analysis or return on investment on flood mitigation measures.
Findings and recommendations
The research develops a conceptual model for illustrating the potential roles for built environment professionals in supporting commercial property at risk from flooding and identifies common strategies for professionals to take advantage of the identified opportunities. These include:
- Greater collaborative practice among built environment professionals and other stakeholders.
- The development of professional competencies including the better understanding of hazard information and risk mitigation options.
- Improved understanding of insurance options.
- Improved access to risk databases.
In identifying a series of important and recurring international themes across all five case study countries, 'Flood risk mitigation and commercial property advice: an international comparison' presents highly robust findings that are widely applicable regardless of local flood conditions, regulatory frameworks and insurance regimes.
RICS Research Trust is now the Property Research Trust
This research was funded by the RICS Research Trust. As of the end of January 2021, RICS Research Trust became fully independent of RICS, and has been rebranded as the Property Research Trust. Find out more here . The Trust supports and promotes high-quality independent contributions to knowledge in the disciplines of land, real estate and construction.
Published date: 20 March 2017
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