Facilities management can be defined as the tools and services that support the functionality, safety, and sustainability of buildings, grounds, infrastructure, and real estate. The services of facility management include (but are not limited to) Lease management, including lease administration and accounting, maintenance and operations, occupancy and space management, real estate management, energy management, etc. Based on the type of work, facilities management services can be classified into two categories. The hard services deal with the physical assets (for example, plumbing, maintenances, wiring, heating cooling, etc.), and the soft services focus on tasks performed by people. These include security forces, custodial services, lease accounting, etc.
Facilities management is primarily a service. The costing is directly related to the type of service provided, timespan, the difficulty of service, and other similar factors. Hence, value-based pricing and cost plus pricing are two of the most common pricing schemes prevalent in the industry.
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Demand Outlook
The global facilities management services market is valued at USD 740.1 billion as of 2020 and is expected to grow at a CAGR of 4% till 2025. APAC, EMEA, and the North American facilities management market are more or less of the same size, each occupying approximately 30% of the overall market space.
The global pandemic has resulted in the short-term decline and medium to long-term profitability for the facilities management companies. While the social distancing has resulted in a short-term market decline, the vacant real estate spaces are in dire need of management to stay functional post-pandemic phase. This will result in competitive pricing and better value for the facilities management companies.
Cost Drivers
The requirement of security and maintenance will increase on a medium to long-term basis. This will not only see a rise in personnel deployed for facilities management but also the addition of technology and tools like CCTV and drones for security and remote servicing. All these will help in the growth of the facilities management market.
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