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Article

Facilitating Building Projects’ Short-Term and Long-Term Value Creation

1
Department of Property and Law, Norwegian University of Life Sciences (NMBU), 1433 Ås, Norway
2
Department of Civil Engineering and Energy Technology, Oslo Metropolitan University, 0130 Oslo, Norway
3
Department of Civil and Environmental Engineering, Norwegian University of Science and Technology (NTNU), 7491 Trondheim, Norway
*
Author to whom correspondence should be addressed.
Academic Editor: Per Anker Jensen
Buildings 2021, 11(8), 332; https://doi.org/10.3390/buildings11080332
Received: 19 June 2021 / Revised: 21 July 2021 / Accepted: 22 July 2021 / Published: 30 July 2021
(This article belongs to the Special Issue Facilities Management Models, Methods and Tools)
Real estate and buildings are some of facility managers’ most costly resources. Thus, knowledge about how to get the most out of building or renovation projects both in the short term and in the long term are of great importance for facility managers. This paper investigates which factors are most important for building and renovation projects’ output or short-term value creation, and outcome or long-term value creation, i.e., the completed building’s effect for owners and users. Thus, the focus is not primarily financial and the buildings’ asset value. The study is based on a national questionnaire survey in Norway (550 respondents). Multivariate statistics (Principal Component Analysis and Linear Multiple Regressions validated with bootstrapping) were used to test the hypotheses. Short-term project management priorities, such as early involvement of technical contractors and FM providers, contract strategy and involvement of owners and users largely decide the qualities of the building, and thus the potential for long-term value creation. The most important factors for long-term value creation, i.e., buildings that facilitate the demand organisation’s value creation are the qualities of the completed building, project governance and involvement of owners and users during early phase planning. View Full-Text
Keywords: facility management; Corporate Real Estate Management; real estate development; building projects; Norway; project governance; project management; early involvement; valuation; value creation; survey; multivariate statistics; bootstrapping facility management; Corporate Real Estate Management; real estate development; building projects; Norway; project governance; project management; early involvement; valuation; value creation; survey; multivariate statistics; bootstrapping
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MDPI and ACS Style

Boge, K.; Haddadi, A.; Klakegg, O.J.; Salaj, A.T. Facilitating Building Projects’ Short-Term and Long-Term Value Creation. Buildings 2021, 11, 332. https://doi.org/10.3390/buildings11080332

AMA Style

Boge K, Haddadi A, Klakegg OJ, Salaj AT. Facilitating Building Projects’ Short-Term and Long-Term Value Creation. Buildings. 2021; 11(8):332. https://doi.org/10.3390/buildings11080332

Chicago/Turabian Style

Boge, Knut, Amin Haddadi, Ole J. Klakegg, and Alenka T. Salaj 2021. "Facilitating Building Projects’ Short-Term and Long-Term Value Creation" Buildings 11, no. 8: 332. https://doi.org/10.3390/buildings11080332

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