Houston Hurricanes: CRE's Call for Change 🌩️🛠️

Houston's Power Outage Crisis: CRE Reacts ⚡🏙️

July 18, 2024•2 min read

Houston's Power Outage Crisis: CRE Reacts ⚡🏙️

Houston's real estate market is reeling after Hurricane Beryl left a trail of devastation, spotlighting major infrastructure weaknesses. 🌪️ A week after the storm, a sign for luxury apartments on Westcreek Lane remains toppled, symbolizing the broader chaos.

Despite reduced outages from a peak of 2.26 million, some Houstonians won’t see power until July 19, a staggering 11 days post-hurricane. The commercial real estate sector is feeling the strain, with many questioning the city's preparedness and insurance coverages. 🏢💡

The situation escalated with a group of Houston-Galveston restaurants filing a class action lawsuit against CenterPoint Energy. The hurricane, hitting at the end of a holiday weekend, essentially wiped out two weeks of productivity. "Many clients prioritized family safety over deals," emphasizing the human impact amidst the power outages and extreme heat. 🏡🔥

Despite the chaos, some businesses like Mooring USA ramped up operations to address damage and microbial growth. Mooring reported an overwhelming demand for mold and asbestos testing, underscoring the critical need for swift damage mitigation. 🦠🛠️

Insurance questions abound, with tenants and landlords unsure about claims responsibilities. Mark Rafail of Rafail Insurance Agency clarified that while interior damage usually falls to tenants, exterior damage is the landlord's burden. Yet, business interruption coverage is rare, leaving many without recourse for lost revenue. 💸📑

Reflecting on past hurricanes, Davidson remains cautiously optimistic about long-term business impacts, noting that only a few significant hurricanes have hit Houston in 40 years. However, the frequency of recent storms, coupled with inadequate infrastructure, raises concerns. 🌧️🔄

As Houston braces for a hurricane season predicted to be well above average, the call for infrastructure resilience and accountability grows louder. "There’s no quick fix," summing up the sentiment of many in the commercial real estate sector. 🚧🏢

Stay tuned for more updates as Houston navigates these challenging times. 🌟 #HoustonStrong #PowerOutage #HurricaneBeryl #CommercialRealEstate #Infrastructure #CRE

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Bill Rapp, CRE Broker

I am a Houston commercial broker, with residential experience, as well as a lending background. I have been in the real estate industry for 14 years and counting, and I have worked in many roles within the industry and each has given me a unique perspective of the industry as a whole. My dedication to clients is rooted in this industry knowledge, but also includes my desire to go the extra mile in networking to source off market opportunities for my clients. Me and my team at eXp Commercial have a cutting-edge technology package that gets the widest exposure for each transaction. eXp Commercial offers a nationwide network through which we can deliver the best exposure and professional advice to achieve our clients’ goals while also minimizing their risk. Clients appreciate my methodical method of discovery in our initial consultation. Through which we can get to know each other and their specific’s business’s needs and objectives on a granular level. Our processes help navigate each transaction and its potential pitfalls through to a successful outcome for our clients. It is my stated goal to provide our clients with extensive market analysis and expertise that fosters innovative solutions and rewarding commercial real estate opportunities.

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