It depends on what elements you take into account.
Demolishing a building and re-building it in terms of total energy (and/or emissions) is not free of costs, maybe you don't pay them directly, unlike heating or air conditioning, but they do exist.
Right now 100 years old houses (the brick or stone ones, not the wooden ones, nor the reinforced concrete ones that are usually more recent) already exist and can be restored/upgraded (though of course with some limitations) with a minimal amount of work (in terms of energy and emissions).
More or less the "if ain't broken don't fix it approach".
Now, if we had some building material lasting only 100 years that could be manufactured with little expense of energy and low or no emissions, that would be another thing.
If we imagine that (hypothetical) there is a form of (say) square section bamboo that we can grow at little or no cost and that we can assemble with (still say) some vegetal cement or similar, so that the results of the periodical demolitions can be reused or recycled or that is however biodegradable, then a short lived building would make much more sense.