Aging Gracefully: Planning Long-Term Capital Improvements

Aging Gracefully: Planning Long-Term Capital Improvements


March 2007

When we hear about the aging of America, our thoughts often turn to baby boomers and the Social Security system. But alongside this demographic trend is a parallel trend in commercial real estate. Today more than half of commercial floorspace in the U.S. is in buildings constructed more than 25 years ago, according to Department of Energy statistics, while half of that total is in buildings more than 45 years old. Many of these commercial buildings still have a long life ahead of them, but many of their major systems - HVAC, electrical and mechanical -do not. The building intermittent and scheduled care is termed as lifecycle costs.

Keywords: lifecycle, life cycle, capital investment, portfolio, value, energy cost, improvement cost, leasehold obligation, facilities management

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