Building Economics and Obsolescence: Predicting the Economic Life of a Building


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Past studies of building obsolescence have shown that uncertainty in forecasting the financial impact of obsolescence has resulted in many commercial office buildings to prematurely end their economic life. This situation can be avoided if financial impact caused by attributes of obsolescence are estimated, analysed and forecasted during design and cost planning stage. Attributes of obsolescence consist of group, subgroup and individual variables of obsolescence which can cause severe financial impacts that eventually shorten the economic life of a building. This book focuses on using hedonic price models, which are driven by consumerism and econometric models, as tools to forecast and estimate each attribute of obsolescence on the economic life of a building. The robustness of hedonic price models was successfully tested and validated as reliable tools to measure and analyse financial impacts.

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