Abstract
Commercial property value can be vulnerable to risk exposure, economic effects of risk on property and perception of usefulness of the property in the market. The processes of decision making in risk reduction can generate differential exposure to risk making some organisations more vulnerable than others. This research deals with understanding exposure of property value to flood risk in a selected case study area in Wakefield, England. The work constitutes identification of variables that analyses the business vulnerability of organisations and presenting them through an operational framework. The operational framework is then practically tested in the field using the questionnaire survey method. The results from the survey show the differential attitude of respondents with varying level of knowledge and occupational experience towards specific factors associated with flooding that may affect property value. However, a tendency can be observed for flooding and its effects to be taken more seriously in peoples’ perception. It was difficult to observe direct evidence of effect of flooding on commercial property price or rent but it can be noticed that respondents from all flood hazard zones recognised flooding as an issue of concern and emphasised problems of “loss of income” and the requirement for “cheap and easily available insurance”.
Highlights
The degree to which organisations are vulnerable towards hazard does not wholly depend on the proximity to the potential source of threat
According to the strategic flood risk assessment published by Wakefield City Council, central Wakefield and its surrounding areas are affected by a high risk of flooding
The perception of all commercial property respondents towards risk of flooding and its subsequent impact on property value was revealed from their level of agreement to a list of statements provided in the questionnaire
Summary
The degree to which organisations are vulnerable towards hazard does not wholly depend on the proximity to the potential source of threat. Researchers have noted that the interdependency between different factors are not straight forward, for example, business interruption losses stem from the organisation itself and from interdependencies between suppliers, producers, consumers, business owners and the relevant stakeholder environment [9,10] These interdependencies between different stakeholders involve higher level of physical, economic and social complexities in relation to adaptation to risk which in other words exposes their damage potential in the form of vulnerability [11]. The paper seeks to advance the concept of vulnerability of value as a ‘state of exposure’ ‘susceptibility’ and ‘resilience’ when interacting with external hazards like flooding through the presentation of an operational framework Such attempts have seldom been made conceptually or empirically, and this study makes a preliminary effort to analyse such influence. J. of Safety and Security Eng., Vol 5, No 3 (2015)
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