Commercial real estate assets are developed and owned with the expectation of providing steady income and value increases over the course of decades. Wise owners invest in areas where governments are stable, the rule of law prevails, the economy is growing, and the infrastructure is well funded and maintained. But today, a wise investor also needs to assess the environmental resilience of investment locations, especially in light of climate change, which threatens to upend the stability of environmental conditions throughout the globe. To understand and quantify the risk our portfolios are exposed to on an absolute basis and relative to other institutional investors, National Real Estate Advisors created an analytical tool to help us assess catastrophic risk related to climate change. In addition, we evaluated individual markets’ climate resilience — in particular focusing on Miami and South Florida, where we believe the outsized risk from climate change ought to preclude institutional investment.