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Facilities Management is One of the Fastest Growing Industries

by James McDonald on January 1, 2019

Companies across the globe are continually shifting their focus to maximize their assets, improve customer relations, and redefine their workspaces to be more pleasing and productive, as well as decreasing their carbon footprint. At its core, the facility management industry is all about maximizing returns on investments. 

These aspirations are lofty, at best. However, organizations have not shied away from investing in the tools they need for continued growth. And it is recognized that those who continually choose to invest in sustained growth are the ones that will survive and come out on top.

It is this knowledge that has resulted in the facilities management industry being one of the most rapidly growing industries, with expected growth to reach $64.5 billion by 2023, according to MarketWatch. So, are you ready to take a closer look at facilities management and what it can do for you?

How the Facility Management Industry Has Evolved

Today's Facility Managers Must Wear Many Hats

Facilities management is the practice of supporting and enhancing the modern day businesses' core practicesFacilities management software industry is growing rapidly. and ROI by focusing on all aspects of the business. Leading facilities managers must wear many hats and wear them all well. Through the efficient management and modernization of an organization's assets and procedures, today's FMs make their company relevant in our ever changing marketplace. A marketplace where every company's survival hangs in the balance and a quality support team can make all the difference.

Today's Facility Managers Must Do More With Less

The facilities management team's charge is to determine how to do more with less and do it better than everyone else. Thoroughly analyzing the use and maintenance of a company's spatial and tangible assets, as well as examining all of the business' daily procedures, are critical to every facilities manager's success. Identifying what procedures need to be abandoned and what policies could be enhanced through tools—such as an integrated workplace management system (IWMS)—are a massive undertaking in and of themselves. And the task of convincing those in the offices upstairs that these investments will yield big returns adds that much more weight to the facility manager's shoulders. It is the FM's job to help make the big picture clear for all to see.

Tracking the right facility management metrics can help. If facility management was a sport, facility management metrics would be your stats.

These metrics—likely occupancy rates, maintenance costs and more—are the stats you use to plan workplace moves, justify hiring more staff and prove to your boss that you’re keeping costs in check by making the best use of your space and assets.

Facility Management Metrics

The Facility Management Career Is Evolving

A big breakthrough for the industry came this year, when the Bureau of Labor Statistics announced they would finally recognize facilities managers with a Standard Occupational Classification code, according to Facility Executive.

Facilities management professionals entering the field now and in the years to come will likely see more formal training opportunities. Some colleges and universities, including Temple University, have a four-year facilities management degree program, while others have certificates available. As the career becomes more clearly defined, employers will come to expect facilities managers to have a more standard set of competencies. IFMA's Global Job Task Analysis lists 11 core competencies all professionals in the facility management industry should have, including operations and maintenance, leadership and strategy and finance and business. 

The FM Industry is Here to Stay

The FM industries growth over the last twenty years has been led by major corporate leaders seeking real-world solutions to every day problems. As a result, they have seen long term financial savings. As the field has grown, so has the facility management software and tools, making it universally beneficial and affordable for organizations of all sizes.

This continued success, and the sharing of these successes in our information-based society, has led to the acceptance of facilities management as a staple in the business community. Statistics regarding the continued growth in the FM field, FM outsourcing and the adoption of FM principals, as well as their organization's growth, are irrefutable evidence that the facilities management industry is a profession that produces results and is here to stay.

Editor's Note: This blog post was originally published in March 2014 and has been updated for accuracy and relevance

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