Natural Disasters and Commercial Real Estate! Hurricane Michael
Hurricane Michael Imperiled More Than $25 Billion in Florida Commercial Property
Florida Beach Towns Hammered By Most Powerful Panhandle Hurricane on Record
The commercial property in the area struck by Hurricane Michael spans the Florida panhandle along the Gulf of Mexico.
Hurricane Michael smashed into beach resorts, shopping centers, apartments and office buildings with 155-mile-per-hour winds and rising seas, threatening more than $25 billion in commercial property along the Florida Panhandle.
The 500-mile stretch of coastline includes about 18,000 commercial buildings valued at $25.5 billion at risk of flooding by surging storm water up to six feet above ground level when the largest hurricane on record to hit the Panhandle reached land near Panama City, Florida, late Wednesday, according to a CoStar Group analysis of property data and recent sales information.