Sea Level Rise and Commercial Real Estate
研究美国沿海市场商业房地产交易数据，发现暴露于六英尺海平面上升风险的物业售价折价5-6%，且折价集中在关注气候的买家，表明市场定价长期淹没风险而非当前收入差异。
Abstract This paper examines whether commercial real estate markets capitalize long‐run physical climate risk from sea level rise (SLR). Using property‐level sale transactions for U.S. coastal markets, I find that commercial properties exposed to a six‐foot sea level rise are sold at a 5–6% discount relative to comparable unexposed properties. Importantly, SLR exposure has no significant effect on current net operating income, and the discount is concentrated among climate‐concerned buyers—consistent with markets pricing long‐run inundation risk rather than current income differences.