Public sector asset managers central to better efficiency in government property assets

Public sector asset managers are well positioned to influence public policy as governments need better ways to manage their assets more responsibly.

This emerged from a new RICS research report, launched at the first RICS World Built Environment Forum in Washington DC this week. The Public Sector Asset Management: Roundtable Report sheds new light on the challenges and expectations of professionals who manage public sector assets on behalf of their governments.

The report draws on the observations, insights and experiences of professionals in the public and private sector who work with governments managing their property portfolios. Discussion were held in the form of “roundtable meetings” in 8 countries including Australia, Canada, Japan, Mexico, The Netherlands, the United Arab Emirates, the United Kingdom and the United States.

Globally the public sector faces tighter budgets, aging infrastructure and growing populations. Governments are looking to balance these challenges with ensuring that assets are available, safe, reliable, and performing to design standards. Public sector asset managers play a key role in supporting government’s efforts.

The new RICS report is authored by The Building People (TBP) based in the United States. It highlights sentiments among professionals such as:

• How to better use and incorporate data into “actionable intelligence” adding strategic value to managing public assets.
• A need to invest in sustainability, environmental and economic, as the new norm for doing business. This approach could reduce operational expenses and save public sector funds.
• There are proposals for adopting asset management standards that would bring a clear and definitive global approach to implementing best practices that are specifically designed to maximise the Return on Investment (ROI) and operating efficiencies in the public sector.

“This research is the first of its kind on a global scale and although the results, for some people, may not come as a surprise it is important to see that issues in public sector asset management are not local but global. This research is also a good starting point for both the industry and RICS to do more in-depth research in specific directions as well as for the development of applied training and education.” Maarten Vermeulen FRICS, RICS Managing Director for Europe, Russia & CIS

The report aims to give civil servants and private sector professionals, employed in or working with the public sector, a global perspective on the practicalities of their sector. It is also aimed at better informing industry approaches and giving a broader understanding of Public Sector Asset Management around the world.

RICS