Abstract
The market for commercial and industrial real estate can be impacted by the risks and uncertainty associated with environmental contamination. This research addresses environmental risk perceptions through a national survey of commercial and industrial real estate investors, and compares the results to a similar survey of lenders. Key findings are: perceived risk declines as cleanup plans for contaminated properties are approved, cleanup begins and is completed; lenders perceive greater risk than investors before, during and after cleanup; prior experience with contaminated properties generally decreases perceived risk; and strong market conditions mitigate perceived risk while weak conditions tend to exacerbate these perceptions.
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