RECODA - PROCESS INNOVATION IN REAL ESTATE DEVELOPMENT
||RECODA - PROCESS INNOVATION IN REAL ESTATE DEVELOPMENT
||Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
||RECODA is an interdisciplinary research project currently set up from Fraunhofer Institut, Technical University Berlin and Bauhaus University Weimar. The aim is to redesign the process of real estate development projects by including Benchmarking, geographic information systems (GIS) and virtual reality. So it should be possible to learn from finished projects via Benchmarking and simulate the planning results in architectural, economic and legal terms. The feasibility study has to be understood as a kind of balanced scorecard, where the basic decisions of a project are made. If one can get more and better information into this early stage of the process, it will be possible to get better investment decisions and risk control. On the other hand the project costs are comparable low to later adjustments. There are innovative tools developed and available in GIS or Benchmarking that are currently not linked to each other or with the development process. In o ther industries like the automotive industry this method of reorganizing the development process is called frontloading
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