In the not-so-distant future, the biopharmaceutical industry is likely to completely eclipse the current-day pharmaceutical industry in terms of numbers of products and dollar value.
This speaks to the need for a more flexible facility, one that can adapt as market conditions change, as technology continues to alter manufacturing processes, and as the everflowing
pipeline of scientific discovery yields new medicines.
Take note, commercial real estate industry! Today’s approach—building a single-purpose, inflexible plant with permanently installed
equipment, taking maximum depreciation
early, and moving on when the book value
zeros out—just isn’t going to work tomorrow.
When it comes to FASB and IASB, the lease accounting landscape is about to change, and the time to act is now. IAMC has undertaken the work of providing a preparedness and preparation guideline for addressing recent FASB and IASB updates to lease accounting methods.
Our research reveals that compliance will require more preparation than most companies anticipate. Further, compliance will require new software systems, additional data and, for many companies, the need to re-abstract all existing leases. This report should be used as a general guideline to identify issues to resolve and directions to take.
An outgrowth of IAMC and SIOR’s previous white paper titled Designing Flexibility into the Industrial Workplace
, this paper documents creative and practical suggestions on how to extend the lifecycle of future food processing facilities so they can be repurposed quickly, efficiently, and cost-effectively as needs and users change.
Recipe for Change: The Flexible Food Processing Plant of the Future unveils a conceptual rendering highlighting six areas of innovation – structure, process, utilities and environment, design, location, data and analytics – and suggests directions for future research and exploration as well as smart technologies.
In January 2013, the Industrial Asset Management Council (IAMC) and the Society of Industrial and Office Realtors (SIOR) commissioned a survey of corporate users of industrial space to learn more about flexibility and adaptive re-use of industrial buildings. This white paper lays out the findings to help those in the corporate real estate industry understand the current state of industrial facilities portfolios and how they are being positioned toward a future that may well include a change of uses. (Published in 2014)
The purpose of this report is to share benchmarking data on full-time-equivalent staffing, both company employees and outsourced contractors, for eight key corporate real estate (CRE) task areas. Data contained in this report were gathered through a benchmark survey of IAMC Active members conducted in the fall of 2009. (Published in 2011)
This paper identifies and explores some of the many issues currently faced by pharmaceutical and biotech companies with surpluses of industrial assets, provides some historical perspective on the emergence of these issues, and explores strategies that we as Real Estate (RE) professionals may employ in the disposition of these assets. We further examine how the RE professional may be able to influence the discussion of the future acquisition and/or construction of assets. (Published in 2010)