The objective of this paper is to present the methodology that enables cost reduction in construction with the structured application of the value engineering tool, considering all phases of the building lifecycle. It was adopted in the study of twenty commercial properties that have undergone remodeling to meet a specific use. The steps which composed their lifecycle were identified, examining all functions, whether primary or secondary, of each stage, such as design, construction, use, maintenance and disposal, analyzing the cost for performing these functions and classifying them according to their importance. By applying this method, cost reduction opportunities were revealed through the elimination, reduction or replacement of unnecessary activities.