By Awais Bhatti
The consumption patterns of urban centers shed light on the fact that the urban population is exhausting resources like never before.
Inducing new urban thinking at this juncture of time is not impossible; since technology is disrupting every aspect of the economy, advancements in construction and architecture are increasing efficiency, and renewable energy sources and waste management techniques have started to replace the preceding methods.
Graana.com through this blog highlights the importance of a Circular Economy and how the concept can push the sector towards more efficiency without compromising the overall objectives.
What is a Circular Economy?
Circular Economy corresponds to increasing the lifespan of a product by harnessing innovative methods and reusing the products more than once. CE is not a linear process rather it is about inducing efficiency, durability, and increasing the life cycle of a product.
The concept initially may sound close to recycling; although recycling is one of the aspects of a circular economy, the phenomenon as a whole encompasses a wide range of applications.
In real estate the concept of circular economy can be linked to lowering the use of raw materials during construction, increasing the adaptability of the buildings with time, and efficiently utilizing the building spaces.
Following are the different ways in which a circular economy can transform the real estate sector across the world.
Flexible Spaces
Flexible spaces are a new concept in real estate that promotes the utilization of under-utilized spaces in the buildings.
This concept can prove useful for the buildings that cater to the needs of offices and have under-utilized spaces which do not serve any purpose. A report published by British Council for offices stated that spaces in offices are under-utilized 50-60pc throughout the whole day.
Adaptable Buildings
Most of the buildings are turned to rubble when they complete their life span. The demolition of the building results in the wastage of resources and the amount that had been spent on the construction. This technique involves making changes to the interior of the buildings while keeping the foundations, envelope, and skin of the building intact.
The changes can be made to the floor plans by adding or moving the walls depending on the usage. Thus, buildings instead of being demolished can be reused for different purposes by only making amendments to the interior of the buildings.
Modular Buildings and Vacant Land
Another aspect of CE in real estate is developing modular buildings for increasing the value of vacant lands. The model is about constructing buildings off-site then transporting them to vacant spaces for earning dividends on the vacant lands.
The advantage of modular buildings is that they are built using high-quality materials, and are designed such that a facility can be assembled and reassembled. Such a model ensures land utilization to optimum and introduces efficiency in real estate practices.
Reusing Construction and Demolition Waste
It is estimated that the Construction and Demolition Waste (CDW) contributes 30pc of the solid waste produced across the world. This fact highlights that once a building constructed using numerous finances becomes a part of ruble once its lifespan is over.
Moreover, the cost of input that will be incurred on re-construction will not only put pressure on natural resources but also demand new finances in the form of input and labor costs. However, there are few components among CDW that can be reused and recycled thus becoming a part of the Circular Economy.
Components of CDW that can be recycled include structural steel, wood components, and architectural salvage including wooden door frames.
Awais Bhatti is a content specialist at Graana.com.
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