Owners Can Unlock the Full Potential of Their Building Investment With BIM

By Franco Faraudo

Building Information Modeling (BIM) has revolutionized the construction industry, and forward-thinking commercial building project owners are reaping the benefits. This technology has changed the way buildings are designed and built, encouraging collaboration between architects, engineers, and construction teams. But sometimes, the full power of BIM gets untapped due to clunky software and teams working in isolation.

When siloed teams end up doing the same work over and over through the design, build, and operation phases, it wastes everyone’s time and money. Building owners are in a unique position to fix this. Since they’re involved throughout the entire building process, owners can set the standard for how everyone on the project works together.

One of the biggest advantages of BIM is how it can help prevent expensive construction rework, keeping projects on budget. With features like 4D scheduling and 5D cost estimation, BIM lets you plan ahead with greater accuracy, making the most of your investment. Plus, the shared information hub that BIM provides makes communication between teams easier, improving quality control and giving owners a clear picture of what’s happening.

BIM isn’t just about construction – it’s a powerful tool for managing buildings and promoting sustainability over the long haul. By giving you insights into things like your building’s mechanical systems and energy use, BIM helps you make smart decisions that save you money and help the environment. BIM doesn’t just support good design choices, it’s crucial for quantifying a building’s long-term environmental impact. Owners receive data-driven tools to balance initial construction costs with a structure’s operational efficiency across decades.

Project owners need to minimize risk, and BIM helps enable this. With detailed 3D models and shop drawings, teams can easily spot potential problems before they happen, reducing mistakes, cutting down on wasted material, and keeping the project on schedule. That kind of foresight is critical for owners – it protects your investment and helps ensure everything goes smoothly with regulations. Clash detection and detailed BIM models become like an insurance policy for the owner. Issues are resolved virtually, not on the job site where delays are at their most expensive.

Renovating, expanding, or integrating smart technology into an existing structure becomes significantly more straightforward with BIM. Property and facilities management teams gain access to a centralized repository of essential details, encompassing building materials, structural designs, and comprehensive maintenance history. This consolidated approach enhances operational efficiency and facilitates better planning and decision-making for maintenance and upgrades. Throughout the building’s entire lifecycle, the BIM model acts as a constantly evolving knowledge base. This reduces the need to ‘rediscover’ building components and systems, and makes future renovations less disruptive and expensive.

BIM isn’t just about constructing a building; it’s about creating a valuable asset that you can manage intelligently for the long term. As an owner, taking the lead with BIM gives you access to a wealth of data that lets you make better decisions about maintenance and future updates. The choices you make during the planning stages will impact your building’s success for years to come. Investing in strong BIM practices is investing in the future of your property.

Capital Project Management

Once Considered Niche Financing, C-PACE Is Being Embraced by the Mainstream

C-PACE (Commercial Property Assessed Clean Energy) is a rapidly growing financing solution for commercial real estate projects. This innovative mechanism allows owners and developers to fund energy efficiency, water conservation, and resiliency upgrades with low-cost, long-term, and flexible financing. C-PACE is available in 38 states and Washington D.C. Due to its cost-effectiveness, alignment with sustainability mandates, and the ability to be used at various project stages, the demand for C-PACE financing is surging within the commercial real estate industry.

How Technology Can Help Fast Track Green Financing

Green financing, fueled by government incentives and stricter emissions laws, has seen explosive growth. Programs like C-PACE are driving funding for energy-efficient upgrades and renewable energy projects in buildings. While navigating the changing landscape of green financing can be difficult, new tech tools are emerging to simplify the process, from finding financing to ongoing reporting and compliance. The surge in government funding, combined with increased focus on sustainability from property owners and tenants, positions green financing and related technologies for significant future growth.

Technology Is Helping Manage Commercial Construction Costs in Real-Time

Inflation poses a unique challenge to the construction industry, where project costs are vulnerable to fluctuating material and labor prices over extended timelines. This has intensified in the wake of pandemic-related disruptions. In response, building owners and developers are abandoning outdated cost estimation methods in favor of technology solutions. These solutions offer real-time price tracking and data analysis, empowering owners to make better projections and mitigate cost overruns.  Beyond cost control, this technology-driven approach also benefits project safety, investor communication, and insurance premiums.

Bytes

☀️ Bright idea: Researchers at the University of Notre Dame have developed a groundbreaking window coating that not only lets in natural light but also blocks unwanted heat. They claim the technology could potentially slash air-conditioning costs in hot climates, all while maintaining clarity regardless of the sun’s position.

🥊 CRE grit: Bob Knakal, a prominent real estate broker in New York City who departed from JLL in February, has established his own investment sales company. His new website says the firm plans to utilize artificial intelligence to enhance property sales in the nation’s biggest commercial real estate market.

Thank you for reading the Propmodo Technology Newsletter! I’d love your feedback, ideas and tips: franco@propmodo.com.

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