Responding To The Challenge

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Property is often considered to have greater significance as an overhead to the business than as a productive asset.  However, this view is changing as many organisations look for ways to manage their accommodation which will extend beyond cutting costs to adding value to the enterprise.  These organisations will be interested to learn how such an approach has already been applied to other types of infrastructure assets over several decades.  Members of the Institute of Asset Management (IAM) have pioneered much of this work.

In 2004, IAM launched BSI PAS 55, the world’s first standard for implementing an asset management system.  It describes physical asset management as ‘the optimum way of managing assets to achieve a desired and sustainable outcome.’ [3] PAS 55 is a generic standard that applies to all physical assets.  In response to demand for a specification that will apply the principles of PAS 55 exclusively to property, IAM is now working with BIFM, RIBA, OGC, COPROP and other industry leaders to prepare a ‘de  facto’ or industry standard for managing property assets.

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