After a winter storm charged through Texas, leaving millions without power, the commercial real estate industry is grappling with what the future could hold.
“This issue goes beyond offices and affects real estate as a whole because you cannot properly assess the damage done during such a cataclysmic weather event until after the carnage has ended and the snow has melted,” said Ari Rastegar, CEO of Rastegar Property Co.
Texans are used to mild to warm temperatures during the winter, making many unequipped to deal with treacherous weather like what they experienced last month.
Now, building operators need to come into their properties and assess any damages that will need to be taken care of before opening operations back up.
John Myers, managing director for property management at JLL, said that in addition to difficult travel limiting how many people were in buildings, the loss of power did not allow these buildings to even support occupants anyways.
As is the case with many catastrophic vents, owners and operators will need to be better prepared for the potential for another storm like this in the future. This means stocking up on emergency items like bottled water and generators, as well as having a policy in place to keep tenants safe.