But renovation of existing space should be given full consideration before deciding to add new space. Moreover, technology is already transforming the manner in which the business of higher education occurs, as well as how educational services are delivered on and between campuses. Investing in technology is no longer an option for modern universities and colleges. Accordingly, New Mexico must allow and encourage this evolution at existing campuses as well as the development of new models of delivery that take full advantage of the opportunities offered by rapidly emerging technologies. The technologies that are and will be available add both opportunity and complexity to fixed asset decision making.
Technology is also expensive to acquire and to maintain.
While buildings traditionally go for decades before renewal, technology will require renewal every few years in order to remain current. This has a significant and recurring financial implication. The maintenance, renewal, and adaptation of the existing fixed assets of New Mexico's colleges and universities should be the first priority of the state as well as at the institutional level. Renovation of existing space should be given full consideration before deciding to add new space. Existing buildings on campus should be fully utilized before investments are made in new buildings on that campus.