The Valuation of Life Cycle Cost in Real Estate Management

Silvano Curcio and Virginia Bernardini

ERES from European Real Estate Society (ERES)

Abstract: Facility Management is the integrated managerial running of all the ìno core businessî services (referred to real estate, spaces and persons) relative to the management and organisation of real estate patrimony. ìGlobal Serviceî is an integrated system of FM services with the provider taking full responsibility for the results in terms of the reaching of the levels of performance pre-established by the grantor (by means of particular types of contracts based on results). As such the two instruments seem to be strategic with regard to the decisional processes linked to the creation, management and valorisation of Asset Management. The attractiveness of real estate on the market is directly and strongly conditioned by the maintenance - increase of its technical-functional performance and/or its formal and architectonic characteristics which have defined or can raise its corresponding economic value. The correct and specific adoption of policies and processes of ìintegratedî technical management and ìplanned maintenanceî (the key functions of Facility Management and Global Service) can bring definite contributions and support from the decisional, planning and technical-operative point of view. For these reasons, the technical-running activity involved in Facility Management and Global Service must necessarily be brought back to the broader economic-financial vision of the ìLife Cycle Costî of each single building or real estate patrimony by those involved in the development of the relative decisions.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2004-06-01
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