Computer Aided Life Cycle Cost Analysis as a new approach for real estate investment decisions on public contracts

Mohsen Shojaee Far, Ioanna Alsasua Pastrana and Carlos Marmolejo Duarte

ERES from European Real Estate Society (ERES)

Abstract: The Building Information Model, represents a comprehensive and integrated 3D digital data base which contains the data of the architectural and structural elements of a building in addition to its furniture and facility equipments. Understanding of BIM is not limited the BIM as product (Database), but also for Building Information Modeling as process of data collection and data aggregation into a single digital 3D model. Having such enhanced and smart database opens up the opportunity for the 3rd understanding of BIM as Building Information Management, which is a key in main and most efficient advantage of BIM technology. The process of three level of understanding of BIM technology, enables the vast usage of such database for variety of simulations such as energy consumption, cost estimation, building operation management, and both facility maintenance and preventive maintenance approaches (BIM based CAFM). This study explores the possibilities that can orient the usage of the BIM to a new a approach of Computer Aided Life Cycle Cost Analysis (CA-LCCA) of a building both for new projects and renovation jobs. This approach integrates the technical and financial data bases, which can enable investors to have a feasible tool in their hands to take better decisions by comparing not only the initial cost, but also considering the whole operational cost of the facility during its life cycle. Correspondingly, the main focus of this study is an analysis on empirical example were BIM was used as Building Information Management, to demonstrate the possibilities of CA-LCCA trough BIM technology as a practical tool for Real State economical evaluation for new constructions. This study suggests integration of such approach for EU level standards and policies for public contracts align with the existing EU Directives 2014/24/EU and 2014/25/EU. The main example study offered in this paper is the Hungarian National Mineral Oil and Gas Industry Trust using BIM tools (ArchiFM+ArchiCAD) for managing their entire building portfolio (space management, asset management, move management plus complete breakdown/planned maintenance management) as an evidence to this discussion.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2016-01-01
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