CoStar News
Summary: Hurricane Milton threatened over $1 trillion worth of commercial property in Florida, with more than 235,000 properties at risk of exposure to dangerous winds. The storm’s path included 44,122 industrial spaces, 78,916 retail properties, 42,387 office buildings, 64,857 apartment buildings, and 5,056 hotels. While initial worst-case estimates projected up to $175 billion in losses, the actual damage was less severe, with preliminary estimates forecasting losses and cleanup costs of $75 billion. The storm’s impact was particularly significant for the lodging sector, with many hotels forced to shut down temporarily and offer free cancellations.