A literature review suggested that conservation refurbishment work was perceived by design professionals to be inherently more risky than new‐build projects. The objective assessment of risk items helps ameliorate its impact. The results of a large questionnaire‐based survey evaluating specialist design consultants’ risk identification and management approaches are presented. The risk management approaches of specialist design consultants are divergent, reflecting their professional philosophies, educational programmes and experience. Further differences emerge according to practice size and contract value. Particular attention is paid to the responses considering contingency pricing, project budget forecasts and extensions of time. Results suggest that client education via briefing and consultants’ wider use of confidence limits can help improve the management of risk.
The lifecycle of a building is supported by a number of distinct processes that attempt to address physical deterioration. Many of the processes – maintenance, repair, replacement and refurbishment – are commonly discussed in ways that suggest that they are indistinguishable from each other. The comparative lack of precision in using a range of terms further blurs the boundaries between the tasks. “Refurbishment” may seem to be a simple term, yet its complexity has led to continuing confusion by policy‐makers and professionals. Many of the attempts to provide an inclusive and concise definition of “refurbishment” have significant flaws, compounding the problem in practice.
PurposeIn the increasingly hostile operating environment, corporate real estate (CRE) executives are beginning to recognise the importance of sustainability within their freehold property portfolios. To assist in decision‐making, external valuations are regularly commissioned. The purpose of this paper is to examine the practical difficulties associated with incorporating sustainability criteria in the valuation methodology as valuation outcomes inform CRE decision‐making at strategic and tactical levels.Design/methodology/approachThis paper takes the form of a detailed and critical literature review.FindingsIt is widely acknowledged that sustainability has become a key driver of many business decisions. Corporate entities can achieve a considerable range of tangible and intangible benefits from sustainable real estate in their freehold portfolios. While substantial progress has been made toward understanding the dynamics of the sustainable real estate market, the valuation of such assets is rather hampered by the comparative difficulties in achieving consensus regarding the sustainable criteria and how they should be objectively assessed.Originality/valueThe paper contributes to the broader appreciation of the theoretical and practical difficulties associated with identifying and assessing appropriate sustainable criteria. Importantly, the paper highlights the need for greater understanding of the criteria in the evolving valuation methodology framework.
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