What is building economics, where has it come from, and where is it going to? Can a stronger theoretical framework be established for understanding the role of buildings in the economic process? In most economies, buildings represent a large part of the capital stock as well as of annual capital expenditures, and the consequences of poor management are highly significant. Decision-makers may have day-to-day operational control of large real property holdings and the economic consequences of sub-optimal behaviour are highly significant. This book suggests that a building should be viewed as a long serving capital asset and evaluated in conjunction with the other capital assets of the owner. Ownership of a building is therefore viewed as a continuous capital management process. Emphasis is given to the appropriate choice of building design in light of the uncertainties of its future use and on the continuous adjustment of the capital base of the owner's total building stock, as well as other capital stock, in light of changing economic conditions. Traditional thinking focuses either on investment decisions or on methods of management of the construction project on site, and often neglects important aspects of decision making in building. The book should be of use as a reference to sophisticated property managers, academics and teaching staff, and as a supplementary text to graduate students. It requires some prior background in basic economics.

What is building economics, where has it come from, and where is it going to? Can a stronger theoretical framework be established for understanding the role of buildings in the economic process? In most economies, buildings represent a large part of the capital stock as well as of annual capital expenditures, and the consequences of poor management are highly significant. Decision-makers may have day-to-day operational control of large real property holdings and the economic consequences of sub-optimal behaviour are highly significant. This book suggests that a building should be viewed as a long serving capital asset and evaluated in conjunction with the other capital assets of the owner. Ownership of a building is therefore viewed as a continuous capital management process. Emphasis is given to the appropriate choice of building design in light of the uncertainties of its future use and on the continuous adjustment of the capital base of the owner's total building stock, as well as other capital stock, in light of changing economic conditions.

Traditional thinking focuses either on investment decisions or on methods of management of the construction project on site, and often neglects important aspects of decision making in building. The book should be of use as a reference to sophisticated property managers, academics and teaching staff, and as a supplementary text to graduate students. It requires some prior background in basic economics.