Moody’s estimates that more than $1 trillion in assets are in Hurricane Milton’s path, with more than 235,000 commercial properties potentially exposed to dangerous winds. Hurricane Milton made landfall in Florida on Wednesday as a Category 3 hurricane.
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Hurricane Milton made landfall in Florida on Wednesday as a Category 3 hurricane, with analysts estimating $1.1 trillion worth of commercial real estate will be exposed to dangerous hurricane winds.
More than 235,000 commercial properties in Florida, valued at $1.1 trillion, have a more than 50% chance of being exposed to wind speeds of 80 mph or higher, Moody’s Analytics estimated Tuesday.
This is a rate at which some property damage is likely to occur, according to the Moody’s report.
According to the report, these properties include 44,122 industrial sites, 78,916 commercial properties, 42,387 office buildings, 64,857 apartment buildings, and 5,056 hotels.
Milton’s estimated economic damage to Florida could reach $175 billion, according to a Jefferies analysis note.
“While it is too early to estimate insured losses, a major hurricane impact in one of Florida’s most densely populated areas could be in the mid-double digits,” Jefferies equity analysts said in a note. There may be losses.”
“Some estimate that a once-in-100-year event would result in $175 billion in losses in the Tampa area and $70 billion in losses in the Fort Myers area,” the memo said. added.
The massive storm quickly became a Category 5 hurricane in two days. But it was downgraded to Category 3 when it made landfall in Sarasota County, Florida, on Wednesday.
The National Hurricane Center warned that the storm could cause flooding and storm surges up to 15 feet high along the coast.
Milton’s arrival comes days after Hurricane Helen ripped through Florida and other southeastern states, killing more than 200 people.
In a Sept. 30 report, Moody’s Analytics predicted damages from Helen would be between $20 billion and $34 billion.
