ADEC Innovations has released an expansion of its property risk assessment tool, RiskFacts, into a more comprehensive platform amongst increasing climate impacts and environmental factors to help commercial real estate operators manage and prepare for a variety of situations.
The new platform, ADEC SiteRisk, includes environmental site and risk assessments, environmental databases, portfolio monitoring, and more. Specific risk reporting capabilities include the Phase I Environmental Site Assessments, Records Search and Risk Assessment, and Environmental Professional Opinions. The inclusion of more than 2,000 government environmental databases allows users to further calculate potential property risks.
ADEC SiteRisk also allows property managers to identify and better understand the zones surrounding a given property, such as brownfield sites, federal wetlands, superfund sites, pipelines, or FEMA 100-Year flood plains, to name a few.
Research indicates that the United States real estate market may be overvalued without ample consideration of climate risk. ADEC Innovations claims this and increased regulatory changes proposed by the EPA point to a rising need for improved property risk assessment tools, such as its new platform.
"The commercial real estate landscape is characterized by adaptability, sustainability, and technological integration," said James M. Donovan, CEO of ADEC Innovations. "Leveraging these trends, ADEC Innovations, through ADEC SiteRisk, provides stakeholders appropriate risk assessment tools tailored to their needs, empowering them to make informed decisions and efficient strategies, which ensure long-term success in this ever-evolving industry."
The tool allows for customizable views so customers may tailor information received based on their specific interests. ADEC Innovations explains that the platform may be useful for a number of stakeholders, including municipalities, real estate brokers and owners, Real Estate Investment Trusts, banks, non-bank lenders, and insurance companies, among others.
Especially as climate change-related weather events impact real estate and development worldwide, real estate and city planners increasingly look to make decisions informed by climate impacts. Recently, the UN released guidance on sustainable infrastructure projects, helping developers determine how to build sustainably, which includes addressing potential environmental risks.
ADEC SiteRisk provides Property Risk Reports that evaluate sites and determine what mitigation measures may be needed to create climate-resilient solutions to potential environmental threats.
As multiple industries work to create climate adaptation plans and undergo sustainability transitions, risk assessment tools may offer an informed starting point.
