If you’ve been keeping up with news in the construction industry, then you’ve probably seen the term “BIM” pop up a lot. Building Information Modelling programs have allowed foremen to see a project coming along in real time, and jump on potential problems as soon as they arise. Now that more and more construction firms are starting to use this tech, property investors are starting to become interested too. Here’s what this tech could mean for your portfolio.
One of the most head-turning benefits of BIM is that it can reduce capital cost in the construction and property sectors. Ever since it was first launched in 2011, BIM has been reducing both the capital cost and the environmental burden tied to the construction industry. Naturally, with the growing emphasis on eco-friendly business, this tech could have a huge impact on investors who have commercial property in their portfolios. Those who are already using BIM tech insist that it can reduce waste, make projects more cost-efficient, and make construction documentation more coordinated and organised.
As BIM tech becomes more widely used, we’re expected to see a rise in pro-active management of property. Let’s say you had a choice of two projects to invest in. One has undergone measured building surveys using 3D modelling, and has an open source of data related to every little facet of the building. The other was built long before the introduction of BIM, and therefore the data is severely limited. Once this kind of tech becomes a given in construction and investment, the latter kind of building will be a closed book. You’ll have far less information relating to the efficiency, initial construction, and how the building could be deconstructed in the future. When you’re looking for the next project to invest your capital into, it’s a huge advantage to know how well this or that facility will perform once it’s finished. BIM tech allows you to measure this process down to the smallest detail, and get as more accurate forecast of the future of the building. With the Energy Act just around the corner, this benefit is only going to become more and more significant.
Project delivery is another big factor which will be impacted by the rise of BIM technology. Many local authorities in the UK are already citing BIM as an important deliverable in tender documents. Aside from that, private developers are starting to see the potential savings, and are pushing for the use of 3D modelling in their future projects. However, the usefulness of this tech isn’t limited just to new-build projects. Even private investors who are looking to refurbish or modify an existing property are starting to use BIM to find retrofit solutions. From here on, we’re going to see this tech used more and more in large, urban developments. Wherever a government decides to spend, 3D modelling will be a key tool in every step of the process. After a project is completed, interested investors will have an open source of data right there at their fingertips.