Architecture, Engineering, Construction and Operation (AECO) industry is facing several challenges hindering practitioners from taking advantage of an integrated information requirement management process. Lack of researches concerning the practical point of view of classification systems supporting the asset lifecycle is recognized as a research gap which can enable practitioners to have better understanding over why they should utilize classification systems throughout the asset lifecycle. In this study, it has been tried to shed light on the fluctuations typically happen for different data values among the different project phases and address them by taking advantage of CoClass as the unifying means of building information throughout the lifecycle. For this purpose, the industry viewpoint towards the current status of asset information management and the existing obstacles, the new standard ISO 19650-1 principles as well as the experts’ ideas regarding CoClass capabilities and applicability were captured and analyzed. In this study, an element (a heating panel) in a meeting room belonging to the building of a company located in Stockholm was considered. The study revealed that CoClass is a rather new system and to fully support the whole asset lifecycle needs to be integrated into the AECO industry through practical use cases to reveal the capabilities, potentials and probable deficiencies.