Office Owners in a ‘Race for Resilience’ to Avoid Weather-Driven Obsolescence
CREtech
Thanks for keeping up with the CREtech Community in the News! For more news about members of the CREtech Community, follow us on Linkedin.
Houston's office market, already burdened with high vacancy rates, faces a growing threat from increasingly severe weather due to climate change. Much of the vacancy is concentrated in outdated buildings lacking modern amenities, but recent extreme weather events, such as a derecho and tropical storm, have highlighted the need for office buildings to update their resilience infrastructure. Failure to do so could render these buildings obsolete, especially as storms become more frequent and severe. The rising costs of maintaining infrastructure and insurance, combined with low occupancy rates, make it difficult for many building owners to justify the necessary investments. The article emphasizes that while newer buildings with modern resilience features fare better, older ones may become "zombie buildings" as they fail to meet evolving climate challenges. Additionally, the resilience of the surrounding infrastructure is just as crucial as that of the buildings themselves.
Original article posted on August 1, 2024