Every field in today’s world is becoming separate, and professionals are developing standards solely. The business field has its own standards, as well as construction, medical, tourism, and real estate sectors. The list is getting bigger and bigger. But if we look closely, we find a common, central system that combines and correlates all of the above in a much more achievable and easy way. BIM is the most beneficial for all when it comes to the design stage, followed by construction until later stages of operations and facility management. Some of the benefits of the use of BIM in Real Estate are cost and time saving, and improvement of the quality of the buildings.
Displacing the “Location, location, location”
In the real estate industry, BIM plays a big role in achieving the most profitable income as an end result during all phases of a construction project, from planning, designing, construction testing and commissioning, to the final stage of handing over to facility management.
The question that we should ask is how the real estate industry can benefit from BIM. We have probably heard of the phrase “Location, location, location”, but is it all that matters? Certainly not. In the early stages of design, BIM can help with the study of building orientation, visualization of surrounding buildings, energy, solar and site analysis, and sustainability evaluation.
As a BIM specialist who works in the real estate Industry, I can say that BIM has helped improve sensitive and strict points every owner and shareholder fights to achieve: profit. When we say profit, it is clear that at this stage we are talking about saving money, and saving money comes along with saving time. Through the use of BIM, real estate developers are generating a positive ROI. A report produced by MCGraw Hill Construction claims that BIM helps contractors improve productivity, efficiency, quality, and safety in their projects. Some other benefits of BIM for the real estate industry are:
- Common Data Environment, where stakeholders are involved from day one.
- BIM overview, which is offered via a fully coordinated 3D model.
- Building cost estimation, or what is also known as 5D BIM.
- 4D BIM, scheduling information to model construction sequence.
- Dynamic cost evaluation.
- Proper site management.
The customer, the great beneficiary
No doubt that contractors with very high BIM engagement report returns in excess of 25% on their investment, which represents an important cost-saving for contractors. And cost-saving has a direct impact on the shareholders of any real estate developer by enabling them to improve the income from an early stage of the project which meets the cost estimate and time schedule. The most up to date model provides an accurate estimation of costs by using data exchange formats, estimating risks as well as growth and depreciation rates in real estate. In addition, it provides accurate, graphical and understandable economic information to the owner.
As a conclusion, valuation methods in the real estate industry are still based on classical tools, whereas today this sector could certainly be taking advantage of BIM achievements and advances. However, it would require a shift of paradigm, which involves having a strategic vision, a tactical road map, and an operative establishment using standards and methods from the client. Implementing the SWOT analysis is a small thing that could help with the fulfillment of these needs. Be as it may, this is a good occasion to reflect on the pros and cons of implementing BIM within the organization.
|Omar Nasrallah, Architect, graphic designer, photographer graduated in Lebanon.