The Climate Service and Nuveen Launch Climanomics® Market View
DURHAM, N.C. and NEW YORK, July 26, 2021 /PRNewswire/ — The Climate Service (TCS), a leader in climate risk analytics, and Nuveen Real Estate, one of the largest real estate investment managers globally, today announced the launch of a study designed to guide comprehensive market-level climate risk assessment for real estate investments.
Building on the foundational work of Heitman and the Urban Land Institute presented in their joint report entitled Climate Risk and Real Estate: Emerging Practices for Market Assessment (2020), the TCS/Nuveen Climanomics® Market View seeks to address a key gap identified within the report: that a dearth of resources exist to guide investors in assessing the financial implications of market-level impacts.
Going beyond existing research and providing a structured approach to analyzing the relationship between projected physical climate hazards, policy, economics, and demographics, the study considers five different factors: 1) Municipal Adaptation, 2) Building-Level Adaptation, 3) Insurability, 4) Rental Market Growth, and 5) Liquidity.
“Forward-thinking real estate investors, working to understand the risk held in their portfolios, have begun considering market-level impacts as a way to fully measure the impacts from climate change on specific investment properties. But until now, there has not been a comprehensive framework and toolkit enabling this work,” says Tory Grieves, co-author of the study and VP of Analytics at The Climate Service.
“The work of assessing climate risk in real estate goes beyond a single metric, or set of metrics, extending into the interwoven nature of building valuations and the market in which they reside,” said Abigail Dean, Global Head of Strategic Insights, Nuveen Real Estate, and co-author.
“As climate risk assessment and reporting becomes mandatory and mainstream, the ability to understand and assess climate risk accurately and comprehensively will be critical, and will confer significant strategic advantage. We believe that the only way to do this work is through a framework such as that described in this report — capturing the full picture of market impacts,” says Grieves.
Contributors to the study include Aon and global real estate services company, JLL. Download an abbreviated version of the report here.
About The Climate Service
Trusted by clients including the world’s largest banks, asset managers, real estate investors, Fortune 500 firms, and public bodies, including the US Federal Government, the Climanomics® platform from The Climate Service enables climate risk assessment and reporting consistent with the TCFD framework. Providing asset and portfolio-level analysis, evaluating assets anywhere in the world, the platform models risks and opportunities decades into the future. Our company’s goal is to help investors, companies, and communities understand their financial risks from the changing climate and the opportunities from a transition to a lower-carbon economy. Our mission is to embed climate risk data into every decision on the planet to accelerate an equitable transition to a low-carbon economy.
About Nuveen Real Estate
Nuveen Real Estate is one of the largest investment managers in the world with $134 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 85 years of real estate investing experience and more than 620 employees* located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise. For further information, please visit us at nuveen.com/realestate
*Includes 300+ real estate investment professionals, supported by a further 310+ Nuveen employees.
Contact: Julianne Hogan, [email protected]
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SOURCE The Climate Service
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