As global greenhouse gas emissions increase beyond modeled worst-case scenarios, changing climate and weather patterns introduce new dimensions of uncertainty into a rapidly evolving real estate marketplace. Along with economic, demographic, and societal changes, uncertainty in future climate conditions and the underlying vulnerability of coastal areas are necessitating a critical review of coastal development and management practices.
In January 2013, ULI convened an interdisciplinary group of market stakeholders to explore the implications of new environmental risks in coastal regions on real estate practices and markets. In addition to individuals representing the diversity of the real estate industry, forum participants included professionals from the insurance industry, government, and nonprofit organizations. Many shared valuable insights derived from their engagement in these issues and signaled that coastal risk is a business issue to be discussed today, not tomorrow.
The report Risk & Resilience in Coastal Regions summarizes the dialogue from the forum and identifies eight themes for future study. The report reflects the dialogue at the forum and is the first step in framing a broader set of activities that likely will engage many coastal communities for some time.