A recent report by Moody's has highlighted the imminent danger posed by Hurricane Milton to commercial properties along Florida's Gulf Coast. With an estimated value of $1.1 trillion, more than 235,000 properties are at risk of being exposed to winds of 50 miles per hour or greater, which could result in significant damage.
The properties directly in the path of Hurricane Milton include approximately 79,000 retail properties, 65,000 apartment buildings, 44,000 industrial facilities, 43,000 office properties, and 5,000 hotels. The majority of these high-value properties are concentrated in the Tampa Bay, Sarasota, and Fort Myers areas.
Moody's emphasized that the $1.1 trillion estimate reflects the total commercial real estate value in the storm's path, rather than the specific losses or damages that Hurricane Milton may cause. The report serves as a stark reminder of the potential impact of severe weather events on the economy and infrastructure.
As authorities and residents brace for the impact of Hurricane Milton, it is crucial for property owners and businesses to take necessary precautions to mitigate risks and ensure the safety of individuals and assets. Stay tuned for further updates and advisories as the situation unfolds.
