Pricing climate risk into portfolios remains key challenge for commercial real estate industry - Dallas Business Journal

Commercial real estate owners and operators are amid a complicated exercise to figure out how to factor climate risk within their portfolios.

"We were having multiple conversation with real estate investment managers trying to leverage climate risk software analysis to inform … their decision-making process," said, executive vice president at the Urban Land Institute."Many of them were trying out multiple providers and were getting different scores … for the same assets. That was concerning for a lot of people."

Brugge said real estate companies ULI and LaSalle spoke with reported frustration over a lack of transparency from climate-risk providers, which, she said, are also trying to understand what the industry needs.ULI and LaSalle also identified difficulties in translating complex climate science into economics as another concern among investment managers. Development of industry standards was identified by the study as necessary to make climate-risk evaluations more consistent.

"Anyone looking at global capital ... starting to get prepared for a regulatory approach to assessing climate risk," he continued. For state and local governments that've already passed some legislation around ESG, that's provided some predictability for owners in pricing their portfolios' transition risk, Grayson said.

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