VFA NEWSLETTER / NOVEMBER 2012
The Port of Seattle’s services and facilities accommodate the transportation of cargo and passengers by air, water and land. The Port is made up of three operating divisions — Aviation, Seaport, and Real Estate. With a total asset replacement value of $8.5 billion, Port of Seattle transportation facilities support nearly 200,000 jobs in the Puget Sound region and generate more than $12 billion in business revenue.
Like many organizations, the Port of Seattle is an owner, builder, operator, maintainer, and lessor for over a thousand buildings and non-building assets. Financial pressures required the facilities team to drive down costs and be more efficient with our existing facilities and assets. With renewal as a larger part of the capital program, the Port started to take a closer look at their facility portfolio as part of an overall effort to operate more strategically. They realized that they did not have the answers to many questions, including which facilities or assets they owned, who holds responsibility for maintaining those facilities or assets, and also key details about those facilities or assets including the age, condition and replacement cost.
The Port of Seattle decided to take a strategic portfolio approach with VFA.facility capital planning and management software and the VFA consulting team.
The Port now has the answers to their key questions — they know what capital assets they own, the worth, age, and condition of those assets, what should be spent in order to maintain and renew the assets, and what impact a lack of funding will have on those assets.
Read the detailed case study.