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. Accordingly, each institution should maintain and periodically update an institutional strategic plan linked to the institution's mission statement.