Gründerzeit with future - subproject 4: Development of a real estate portfolio management tool for real estate trustees and owners
This project is a sub project of the flagship project "Gründerzeit with future: Innovative Modernisation of Wilhelminian style "Gründerzeit" Buildings"
Starting point / motivation
The aim of this project is the development of a real estate portfolio management tool, which assists in the decision-finding process involved in the renovation of period buildings (constructed during the period of rapid industrial expansion from 1850-1914). The proposed tool is comprised of a database containing technical and socio-economical data for a portfolio of buildings as well as a decision support tool which assists in making investment decisions by calculating index figures which refer to the amortization rates of investments and possible funding through government subsidized renovation schemes. This tool aids in the documentation of economic and technical building data and provides a means to estimate a buildings future economic potential when considering renovation. The main aim is to develop a tool that enables a quick comparison of the economic potential of possible renovation measures, in order to expedite the decision making process.
Contents / Goals
The project fulfils an important bypass role between the demonstration projects implemented within the lead project “Innovative Modernisation of Period Buildings“ and the broad application of reconstruction technologies in period buildings in accordance with the programme targets of the House of the Future Programme.
Relevant findings of the demonstration projects, e.g. investment costs and energy performance after implementation of innovative technical measures, build basis of the portfolio management tool and are available to real estate owners and mangers as support tool for planning and decision-making process regarding the rehabilitation measures.
The initial phase of the project is concerned with the selection of criteria that are relevant for the investment decision process as well as the development of mathematical models to calculate index figures that represent a building’s economic potential. These mathematical models are then incorporated into a software prototype, consisting of an SQL-based database application as well as a decision support application which performs calculations using the existing database. To aid the transfer of existing building data into the database, the projects also aims to develop interfaces for the most widely used types of property management software. Another important aspect of the software to be developed is a dynamic nature that allows for alterations and adaptations in the relevant criteria (e.g. due to changes in the requirements for governmental subsidization schemes).
In the final project stages, the developed prototype is applied by using real data from a portfolio of reference buildings. By comparing the software’s predictions to actual results from completed renovation cases, the mathematical models can be verified and adapted where required. The desired end product is a fully functional demo version of the portfolio management tool including user reference manual.
BLUEWATERS Environmental Consultants, Mag. Doris Wirth