Building Information Modeling : value for real estate developers and owners

Abstract

The Architecture, Engineering, and Construction industry severely lags behind the manufacturing industry in terms of efficiency and productivity growth. This lag is a result of the fragmented nature of the industry and its resistance to adopting innovative technologies and processes that enable collaboration and efficiency. Building Information Modeling (BIM) is one of these innovations. Since building owners ultimately absorb every cost associated with a building project, they are in the best position to lead the AEC industry into an era of increased productivity through the adoption of collaborative practices and technologies such as BIM. However, owners cannot be expected to venture down this path unless they are aware of the potential value that the proper use of BIM can create for them. Therefore, this paper provides evidence of the value created for owners and developers by the use of BIM, and conveys that evidence in a framework that follows the actual phases and tasks of a real development project. Those phases are as follows: Market Research, Feasibility Analysis, Design, Construction, and Operations. In addition to actual examples of value creation, theoretical examples of future applications are discussed. The value created for owners and developers by implementing BIM on their projects is manifested primarily in the form of improved design quality and savings in time and money.