Life cycle costing for commercial building Essay Example
- Category:Engineering and Construction
- Document type:Assignment
SUSTAINABLE OFFICE BUILDING
4.1 Increased rental rate: A study done on costar group back in 2008 revealed that in most cases buildings considered green outclassed their non-green rivals in terms of potential sale price, rental rates and lastly tenancy expected by considerably wide margin. According to the figures by then, the rent premium for green buildings was approximately $11.33 per square foot more than non-green building and still attracted 4.1 percent more occupancy (Oduyemi, 2016). Other studies showed the same result and further pointed out that green building were much easier to improve and add value on.
4.2 Filling aesthetic integrity: Design expert able to come up with ideologies or design concept that are sustainable normally appear to attract more client and get even more recognition in the modern architecture (Oduyemi, 2016). Interestingly the rivalry to deliver sustainable designs goes past the building services and receive increasing demand in engineering.
4.3 Cost effectiveness: In the construction industry and the users of the construction mostly focus on the immediate returns without much appreciation of the long term investment prospects hence higher construction cost and cost premium have been great a hindrance in achieving sustainable. Fortunately this construction cost are greatly reduced in green building approach since the use of renewable materials , natural resources and sustainable products makes them record low operating cost (Oduyemi, 2016). They further enjoy lower energy cost and subsequent drop in water consumption. Though further earlier research done showed that green building involved two percent more expenditure during construction that extra expenditure is compensated for since green building record twenty percent life cycle saving in respect to the building construction cost. Therefore cost –benefit analysis shows a win situation for green buildings which only record more initial investment due to the extra coast involved in the architectural and engineering designs.
4.4 Reduced liability: Fortunately due to the past experiences, the construction industry is ready to welcome deliberations especially from the environmental organizations in line with the possible introduction and subsequent application of legislation that can minimize the past poor environmental practices.
4.5 Ease of leasing: leasing records shows green buildings are more readily leased as compared non-green counterparts. This is because of the increased number of building users who understand the advantage of having an environmentally friendly building especially due to cool designs and features (Oduyemi, 2016). Therefore more people preference diverting from traditional building to much advantageous green building. However, further research shows that green building has higher chance of enhancing property liquidity and in other cases prevent investor losses.
Oduyemi, O. (2016). Life cycle costing methodology for sustainable commercial office buildings.University of derby, [online] 3(4), pp.52-56. Available at: http://hdl.handle.net/10545/581569 [Accessed 30 Sep. 2016].
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