A structure is listed as under renovation when it undergoes major structure-wide physical changes that require significant reduction in its usage. These changes may apply to the interior, exterior, or both.

The renovation status can be applied to a total gutting and facade replacement which leaves only the framework intact. In this case the resulting structure is simply a renovated version of the previous structure. The status can also be applied to a total or phased renewal of all interior spaces or all common interior spaces.

Routine maintenance such as facade cleaning, tuckpointing, utility upgrades, and so on do not normally count as renovation because these do not interfere with the structure's use. Changes which apply only to a section of a structure, such as a lobby renovation or interior fit-out in a few suites, also do not satisfy the requirements for a change of status.

A structure must have been completed prior to the start of renovation, or else it counts as a continuation of the construction phase.