Seismic Risk Assessment of Real Estate Portfolios | Standards Michigan

Seismic Risk Assessment of Real Estate Portfolios

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Seismic Risk Assessment of Real Estate Portfolios

August 30, 2018
mike@standardsmichigan.com
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ASTM International develops one of the most widely referenced standards suites for education facilities.   You will see them referenced deep in risk management agreements, construction contracts and in the documents that set the standard of care in design, maintenance and operations.  Now comes notification from the ASTM Committee E06 Performance of Buildings of a new standardization project to manage risk in the financial support for buildings with seismic risk —  ASTM WK55885 New Practice for Seismic Risk Assessment of Real Estate Portfolios.   Many large research universities have multiple properties in seismic zones.  From the project prospectus:

Scope and Purpose: Real estate portfolios for mortgage lenders and property owners often include many properties distributed across many regions or multiple states. Seismic risk assessment for a group of real estate properties (a portfolio) differs from PML investigations for a single building (as treated in ASTM E2026 and E2557). The geographical diversification of the portfolio is a fundamental characteristic that differentiates it from the investigation of a single site.  

Project Need: Proper treatment of the complex variables associated with seismic risk assessments at multi-property portfolios requires a new, separate standard, with an appropriate stakeholder focus, and a more complex computational approach more consistent with (probabilistic) earthquake insurance models, but accommodating structural engineering input. As such, this proposed scope for seismic risk assessments of multiproperty Portfolios will generally resemble the scope used for the single building standard (ASTM E2026), however with materially different multiproperty components within the same framework.

Stakeholders: Whole Buildings and Facilities industries

This is a new project identified in ANSI’s Project Initiation Notification System and does not yet have a draft open for public review; only a notification to assure and hasten harmonization among accredited standards developers (Link to ANSI Standards Action | PDF Page 15).

The ASTM Subcommittee E06.25 on Whole Buildings and Facilities — founded in 1946 — will meet again Sunday October 21 through Wednesday October 24 at the Washington, Hilton; Washington DC.  The event will coincide with a symposium on Building Science and the Physics of Building Enclosure Performance.   You may communicate directly with the ASTM Staff Contact for Committee E06 in order to participate.

The entire ASTM suite is on the standing agenda of our weekly Open Door Teleconferences — every Wednesday, 11 AM Eastern Time — which are open to the public.  (Click here for login credentials)

Issue: [18-189]

Category: Risk Management

Colleagues: Mike Anthony, Jack Janveja, Richard Robben

 

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