Building Information Electronic Modeling (BIM) Process As An Instrumental Tool For Real Estate Integrated Economic Evaluations

The initial costs of a building are quite small in comparison to the life-cycle costs, as it is estimated that they represent less than 30% of the total life-cycle cost of a building. Accordingly if we consider integration of the life-cycle cost of a building into the estimation of investment values, then we would have a better and clearer idea of how much our total operation costs is during and after construction process. This integration possibility would positively affect the decisions of private investors about their investment and also assist the public sector to decide on better proposals for civic buildings, where integration of running cost into total investment may provide more efficient decisions. However, traditional forecasting methods are not accurate, and it may not demonstrate the reality. Therefore the main focus of this study is an investigation on a practical and instrumental methodology based on technological possibilities in the AEC industry, where integration of building information electronic modelling (BIM) processes into real estate economic evaluations suggested. Findings of this study demonstrate the opportunities to manage and estimate a reliable and accurate information on a building's life cycle in real time by considering each element and its components into the calculation, which may change the metrics for a real estate economic evaluation in order to achieve sustainable and efficient property investment towards smart city agendas.