Development of conceptual framework for understanding vulnerability of commercial property values towards flooding

The purpose of the research is to develop a conceptual framework to anticipate the vulnerability of value of commercial properties towards changing risk of flooding. The existing patterns, themes, and issues associated with property value and their vulnerability towards flooding were identified and used to inform the development of the conceptual model.

Literature review is performed to identify the factors affecting vulnerability of commercial property values to the impact of flood risk in the UK. The review approach was based on related literature contributing to identified themes and sub-themes. The extant literature is summarized into two distinct themes of “vulnerability” and “value” contributing to changing risk of flooding. The synthesised literature is then utilized in developing the conceptual map which further paved the way towards designing the conceptual framework.

The generic conceptual framework presented explores the interaction between different internal and external influencing factors affecting the vulnerability of value of commercial property system. The framework highlighted the importance of space and time within the system. An extensive review of previous studies in both the residential and commercial sectors for different disaster studies reveals that the main research challenge in assessing the vulnerability of property values are the intensive data requirements. The need for data is considered to be the main restrictive factor resulting in lack of empirical studies in this field.

This study brings together two existing research domains of flood vulnerability and property value. Practitioners and researchers will find this study useful in developing an improved understanding of the vulnerability of commercial properties to flooding. The conceptual framework is an important outcome of the research which will encourage further research in this considerably neglected field.