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Level: Intermediate
TCM Section(s):
3.2. Asset Planning
3.3. Investment Decision Making
Venue: 2021 AACE International Conference & Expo
Abstract: The construction industry is a historically competitive market driven by multiple players, including building owners, designers, and builders motivated primarily by financial return. Representing more than 8 percent of the global GDP, the construction industry has continued to grow as skyscrapers and large complexes emerge in even more suburban and rural areas. The industry, however, has not been immune to the COVID-19 pandemic, as the white-collar workforce has shifted to a remote working environment while also giving up their high-rise apartments for more affordable homes in less populated areas. As a result, many workspaces are left unused as occupancy rates plummet.
To combat the decrease in demand for the physical workspace, construction and real estate players may need to adjust their business models to incentivize consumers to reoccupy spaces. The realigned focus on improving and protecting the well-being of occupants requires a shift by all members of the construction value chain to focus on social returns on investments (SROI). This paper will evaluate perspectives on the benefits of achieving SROI and the types of investments that each key player of the construction industry—owners, designers, and builders—needs to make to disrupt the value chain.
Level: Intermediate
TCM Section(s):
3.2. Asset Planning
3.3. Investment Decision Making
Venue: 2021 AACE International Conference & Expo
Abstract: The construction industry is a historically competitive market driven by multiple players, including building owners, designers, and builders motivated primarily by financial return. Representing more than 8 percent of the global GDP, the construction industry has continued to grow as skyscrapers and large complexes emerge in even more suburban and rural areas. The industry, however, has not been immune to the COVID-19 pandemic, as the white-collar workforce has shifted to a remote working environment while also giving up their high-rise apartments for more affordable homes in less populated areas. As a result, many workspaces are left unused as occupancy rates plummet.
To combat the decrease in demand for the physical workspace, construction and real estate players may need to adjust their business models to incentivize consumers to reoccupy spaces. The realigned focus on improving and protecting the well-being of occupants requires a shift by all members of the construction value chain to focus on social returns on investments (SROI). This paper will evaluate perspectives on the benefits of achieving SROI and the types of investments that each key player of the construction industry—owners, designers, and builders—needs to make to disrupt the value chain.