In August of 2017, a category 4 hurricane made landfall in Texas, where it would leave behind a devastating amount of destruction. Hurricane Harvey greatly impacted many Texas cities, including Houston, where certain areas of the city received more than 50 inches of rain. Major streets that were filled with bustling traffic just days earlier became crowded with boats filled with residents seeking help, or locating those that needed help. Countless Houstonians were stranded in their homes as the water took over. Entire sections of the city were cut off as the flood created temporary barriers. The Buffalo Bayou filled with water and city officials were faced with a major decision that had a grim outcome no matter the choice – release water from the dams and flood countless houses and businesses or leave the rising water to potentially overflow past the emergency spillways, which could cause an even bigger disaster. When it was all said and done, Harvey changed Houston forever, and the city is still working towards recovery to this day.
The Quarem office is located in the heart of downtown Houston. We all feel extremely blessed to say that our homes and business weren’t impacted by the flood, but we witnessed first-hand the aftermath and the damage that Harvey left behind. When faced with the question of how natural disasters impact commercial real estate and the professionals within the industry, we see beyond the loss of a property or building. Housed behind the walls of any commercial property, be it an office building, retail space, or warehouse, are thousands of important assets that are used daily to support the operation of a business.