Is your property resilient?
When it comes to real estate, resilience means the ability of “companies and funds to survive and thrive in the face of social and environmental shocks and stressors.” Shocks refer to short-term events like fires, floods, fires, hurricanes, and earthquakes. Stressors are longer-term and ongoing issues such as environmental degradation and aging infrastructure.
Evaluating your building’s resiliency requires you to ask yourself if your property will be able to hold up to future environmental and social threats. This requires you to identify all the environmental and social threats that your building is subject to. Once your threats have been identified, you need to determine how severe the impact of each threat will be. This measure combines the likelihood of the event and the ability of your building’s infrastructure to withstand the threat.
When it comes to hotels and other hospitality properties, they tend to be more vulnerable than office buildings, shopping centers, and other commercial buildings. This is because hotels must protect basic services (power, lighting, comfortable conditions, etc.) as well as secure key hotel amenities and attractions.
To protect your hotel from all the risks that it faces, you need to conduct a resilience assessment of your property. This assessment identifies potential risks, highlights the property’s vulnerabilities, and offers suggestions to mitigate these threats. For instance, a comprehensive resilience assessment will do the following:
- Identify local shocks and stressors.
- Establish a time frame for analysis.
- Determine the likelihood of threat occurring within the established time frame.
- Highlight at-risk property infrastructure in relation to identified chocks and stressors.
- Assess potential impact of loss.
- Determine risk level.
- Develop a risk mitigation plan with property improvements and budget requirements.
This is what you need to know about assessing the resiliency of your building. Are you looking to update your property to make it more resilient? If so, then contact Nikki Fox at Parkwest General Contractors at Nikki@ParkwestGC.com. We are ready to assist you with all your building renovation and construction needs today.