Conceptual Framework to Maximise Building Stock ‘Utility Life’ and ‘Whole Life Value’

Abstract

Appropriating maximum ‘utility life’ and ‘value’ from aging infrastructure including existing building stock is of critical importance for developed countries; while adopting a whole life costing approach is gaining momentum in delivering infrastructure and buildings in developing countries. This is due to resource constraints and the increasing emphasis on sustainability objectives both at project delivery and operation and maintenance management (O&M) stages. Research in the asset management domain has generally focused on delivering whole life value for assets by means of whole life cycle value analysis at design stage and/or preventive maintenance management at O&M stage. However, the above asset management strategies generally focus on non-building infrastructure assets and fail to address the concerns of delivering and managing building stock. This can be explained as due to buildings being fragmented in ownership and not being part of infrastructure networks as in roads and hence being less critical in terms of interdependence or overall performance. However, there is significant value to be gained for the industry and society if building stock is appropriately delivered and managed. This paper brings out the need for a holistic framework for extracting maximum ‘utility life’ and ‘whole life value’ from building stock. Further, relevant literature is reviewed to identify relevant core issues and best practices that can be harnessed and refined for development and implementation of such a framework. A conceptual framework derived from whole life costing and asset management principles and practices to satisfy the above need is introduced along with a research roadmap for refining the framework and developing implementation guidelines.