The Hottest Year on Record: What It Means for CRE

2023 was the hottest year on record, according to climate change service Copernicus. Extreme heat and climate change usher in a whole host of obstacles for the commercial real estate industry to hurdle. Finding the best information on how to approach these hurdles can prove difficult.

ULI has compiled our best reports, webinars, articles, and case studies covering what you need to know about how the hottest year on record is going to affect the industry. The information below will help you plan for the future and mitigate the effects of our warming planet on your buildings and business.

Heat Mitigation

It’s getting too hot.

Extreme heat is the most widespread and deadly weather-related hazard in the United States—and one of the most dangerous in the world—and it’s worsening due to both climate change and urban development patterns. It’s a complex problem that has significant impacts on human health, and the built environment offers numerous opportunities for mitigation.

What it means for real estate, from over 50 experts: Scorched: Extreme Heat and Real Estate

Experience from one of the hottest regions, APAC: Scorched: Extreme Heat and Real Estate in Asia Pacific

Real heat, real life examples in real estate: Living with Heat: A Boston Design Charrette

A case study in heat mitigation: Urban Heat Island Mitigation in Gowanus, Brooklyn

Wildfire Resilience

Where there’s heat, there’s fire.

Wildfires are becoming more commonplace and extreme, increasing the scale of their destruction. Many wildfires occur in or near developed areas, putting more people at risk and leading to dangerous air quality impacts. Moreover, climate change is extending the fire season and making the conditions for destructive fires more likely to occur.

Strategies to safeguard from wildfire: Firebreak: Wildfire Resilience Strategies for Real Estate

Live demonstration of home wildfire resilience: Regional Webinar: Wildfire Resilience Demonstration

Mitigating risk in high-risk areas: When Wildfires Strike: Living with High-Risk Fire Zones

ULI Advisory Services Panel on resilience: Regional Resilience in Northern Colorado

Drought Resilience

With unprecedented levels of heat, the world is facing unprecedented levels of drought.

The frequency, intensity, and duration of droughts are increasing, leading to a myriad of issues, including regional wildfires — and this pattern is expected to continue with climate change. This new normal challenges the future of development and growth.

Strategies for drought-resilient development: The Water Wise Report

The video version: Water Wise Webinar

What water is really worth: The Worth of Water: Becoming Water Wise in an Era of Scarcity

Want to stay informed and make an impact water related policies? Join the Water Wise Development Coalition

Flood Preparedness

On the opposite end of the water crisis, there needs to be plans for when water levels swell to the other extreme.

Flooding is one of the most expensive and common natural disasters in the world, and its impacts are only expected to accelerate due to increasingly frequent and intense storms and sea-level rise. The Urban Resilience program’s work on flood preparedness includes original research, convenings, and technical assistance projects addressing flood risk and resilience at site, community, city, and regional scales.

Real estate and its role to safeguard against floods: Harvesting the Value of Water

Protection and recreation: Parks That Protect: Leveraging Waterfronts for Resilient Communities

Investing in resilience: The Business Case for Resilience in Southeast Florida

Join the conversation: Participate in the ULI Southeastern Coastal Development Forum.

Resilient Retrofits

Part of combatting the rise in heat and climate emergencies is retrofits.

Not everything can be new construction, and today’s buildings will still represent two-thirds of the global building stock by 2040. The need for resilient retrofits is a generational opportunity: the chance to remake the world’s vulnerable buildings in a more fitting image for the hazards they will face.

Research on what climate retrofits work: Resilient Retrofits: Climate Upgrades for Existing Buildings

Webinar for everything resilient retrofits: Resilient Retrofits: Existing Buildings and Physical Climate Risk Webinar

TAP case studies in…: New York, Nashville, and Houston

Workshop with expert panelists: Cloudburst Infrastructure Workshop for New York City Housing Authority

For more information on heat, climate change, and resilience, attend the 5^th annual ULI Resilience Summit in New York City on April 12, 2024.