In the digital transformation era in the Architecture, Engineering, and Construction (AEC) industry, Cognitive Digital Twins (CDT) are introduced as part of the next level of process automation and control towards Construction 4.0. CDT incorporates cognitive abilities to detect complex and unpredictable actions and reason about dynamic process optimization strategies to support decision-making in building lifecycle management (BLM). Nevertheless, there is a lack of understanding of the real impact of CDT integration, Machine Learning (ML), Cyber-Physical Systems (CPS), Big Data, Artificial Intelligence (AI), and Internet of Things (IoT), all connected to self-learning hybrid models with proactive cognitive capabilities for different phases of the building asset lifecycle. This study investigates the applicability, interoperability, and integrability of an adapted model of CDT for BLM to identify and close this gap. Surveys of industry experts were performed focusing on life cycle-centric applicability, interoperability, and the CDT model’s integration in practice besides decision support capabilities and AEC industry insights. The evaluation of the adapted model of CDT model support approaching the development of CDT for process optimization and decision-making purposes, as well as integrability enablers confirms progression towards Construction 4.0.