Impact of economic crisis on sustainability of performances in high-rise residential buildings in Colombo urban area

Abstract

Economic crisis is one of the most important concepts in considering economic growth and development. It affects all sectors including housing in a country. With accelerating urbanization, high-rise residential buildings have become the solution for the increasing housing demand in urban areas. Consequently, number of such buildings have emerged around the world during the past decade. As many people inhabited these residential buildings, providing required facilities continuously is vital. Thus, the performances of these properties are required to be maintained at a standard level. However, it can be challenging to do during an economic crisis. Despite the large amount of research devoted to examining the impact of economic crisis on housing sector, the insights on its impact on sustainable performance pertaining to high-rise residential buildings are rare. Therefore, this study aimed at examining the impact of economic crisis on the sustainability of performances in high-rise residential buildings in Colombo urban area. Using inductive approach and qualitative method, primary data were collected from representatives of management corporations of seven high-rise residential properties located in Colombo. Collected data were analysed using descriptive analysis, content analysis methods and Operating Model Canvas developed as the theoretical basis. Study findings revealed that all the selected buildings were equipped with all the required services for expected performances. Moreover, air conditioning, intercom, waste water disposal, cleaning service and garbage collection are the leading performances that have been negatively affected by consequences of economic crisis mainly due to fuel shortage and power failure.