CREDIT: Construction and Real Estate - Developing Indicators for Transparency

The last decade has seen much work done to establish key performance indicators for the performance of both buildings and companies within the construction and real estate cluster. Despite these initiatives, a number of challenges remain to be addressed.

• First, reflecting on the institutional settings in which benchmarking schemes operate.
• Second, linking functional performance to perceived performance, linking cost to value and linking the performance of a building to the core activities of that building.
• Third, designing the actual benchmarking schemes to allow for sectoral, national or international comparisons.

Facing these challenges, CREDIT aims at improving transparency on value creation in real estate and construction. The objective of CREDIT is to develop methods and tools that support the identification and understanding of user needs and the interpretation of these needs as requirements for building performance. The project focuses on buildings as places to work, live and learn. Consequently, CREDIT intends to:

• Examine a number of existing tools, approaches, databases and benchmarking schemes to capture and measure end-user needs as well as client's and public requirements on performance and value creation.
• Develop a strategic management tool to guide the continued development of benchmarking methods and building performance indicators.
• Develop a comprehensive performance assessment and management tool with associated key performance indicators and to continuously measure and verify the compliance of performance throughout the lifecycle of an actual building project.
• Recommendations as to how sectoral, national and international benchmarking of construction and real estate may be carried out.
• Disseminate lessons learned and tools developed.