Through a partnership with ClimateCheck, a San Francisco, California-based proptech company, CREtelligent.com has added a climate risk assessment report for commercial properties to its suite of commercial real estate due diligence solutions. CREtelligent now delivers climate risk assessments for commercial properties that applies the latest advancements in climate modeling and related data sets to help commercial real estate professionals and property owners to better understand how climate may impact commercial property valuations, opportunities and risks.
“A new consciousness over climate risk is making its way to the forefront of commercial real estate,” said Anthony Romano, CEO of CREtelligent. “Lenders, owners and investors are all beginning to consider climate in their allocations, investment strategies, even site selection. Our strategy has always been to help CRE professionals better manage property level risks, and this addition keeps us aligned with the future needs of the market.”
Romano said ClimateCheck offers highly advanced climate-modeling methodology and data sets for flood, fire, drought, storm and more. The data and methodology used in producing the ClimateCheck Report includes aggregating and distilling 30-global climate models, from peer-reviewed government and academic sources, into an easy-to-understand risk assessment. The result is a rating from 0 to 100 that measures how resilient a property is to climate change over the next five to 30 years. ClimateCheck reports are available nationwide and can be used on a single property or an entire portfolio.
“Anyone holding real estate assets over a period of time should be looking at climate data as it presents real risk,” Romano said, adding that the recent increase and magnitude of wildfires as an example.
The ClimateCheck reports are available on Radius, CREtelligent’s cloud-based “Platform-as-a-Service” that allows users to order, receive, and archive environmental reports, valuations, property condition assessments, zoning reports, land surveys and more all on one secure platform.
