October 23, 2024

Rising insurance costs another threat to struggling commercial real estate industry: report

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The brewing crisis over insurance costs and climate risks hasn’t been limited to homeowners.

Rates for insuring U.S. commercial real-estate were growing by 7.6% annually since 2017, but that rate accelerated in 2023, with some U.S. markets seeing more than 17% yearly increases, according to a new report from Heitman, a global real-estate investment firm, and the Urban Land Institute.

“More institutional investors are taking this more seriously,” Laura Craft, global head of portfolio sustainability strategies at Heitman, told MarketWatch. “Investors are asking us what kind of risk is in our portfolio.”

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