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	Hurricane Harvey
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        <div id="contentPlaceholder_C089_Col00" class="sf_colsIn sf_1col_1in_100"><div class='sfContentBlock'><h3><strong>Updated September 5:</strong>  As much as 600 million square feet of commercial real estate space in the Houston metropolitan area, or 38% of Houston&rsquo;s total gross leasable area, may have been impacted by the recent flooding caused by Hurricane Harvey.</h3>


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<p>By combining FEMA flood map information with
NASA satellite imagery, an additional 149 million
square feet of space was revealed to be inundated
with water. At least 25% of the properties impacted
by flooding are not in a FEMA-designated flood zone.</p>


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<p>The hardest hit multifamily submarket is Southwest Houston, where just shy of 35,000 units, or 45% of the submarket, are in a flood zone or were shown to be inundated as of August 29. Southwest Houston tends to include a lot of low-rise buildings, and 22,500 units are recorded as being in single-story buildings, where there was little respite from high water.</p>
<p>With the inclusion of known inundated properties, the value of buildings at risk rises to $75.1 billion, with apartments representing $18.5 billion, the second largest share after $26.1 billion of retail. Apartment buildings known to be surrounded by water as of August 29 were valued at $3.3 billion.</p>
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<h2 class="cstmH2">MULTIFAMILY UPDATE</h2>


<p>The hardest hit multifamily submarket is Southwest Houston, where just shy of 35,000 units, or 45% of the submarket, are in a flood zone or were shown to be inundated as of August 29. Southwest Houston tends to include a lot of low-rise buildings, and 22,500 units are recorded as being in single-story buildings, where there was little respite from high water.</p>
<p>With the inclusion of known inundated properties, the value of buildings at risk rises to $75.1 billion, with apartments representing $18.5 billion, the second largest share after $26.1 billion of retail. Apartment buildings known to be surrounded by water as of August 29 were valued at $3.3 billion.</p>
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<p>Katy Freeway West has the most combined rentable
building area at risk, with an unhealthy two million
square feet known to have been inundated. This
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contact us with questions about specific properties or for any other assistance.  <span style="white-space: nowrap;">Call 888.226.7404</span> or  <a href="mailto:sales@costar.com?subject=Houston_Hurricane">email </a>us.</p>


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