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More from GSA and OMB on real estate cuts

By Ed O'Keefe

By The Post's Jonathan O'Connell in our Capital Business Blog:

We reported last week on a new memo from President Barack Obama requiring the federal government to cut $8 billion in real estate costs by the end of fiscal 2012. Most of that -- $5 billion -- is savings Obama would like to see from already planned BRAC changes. Federal agencies, mostly outside of the Department of Defense, will have to find the rest of that savings, and their plans for savings are to be submitted by the second week in September.
For commercial property holders there are still a lot of questions, some of which the head of the General Services Administration, Martha Johnson, and Jeffrey Zients, deputy director of the Office of Management and Budget, addressed in interviews for the article Wednesday.
First, will the government really be selling off thousands of properties? Zients stressed that yes, the government needs to dispose of property, especially to save on maintenance. Any portion of agencies’ portfolios that is not being used, he said, “needs to be disposed of as fast as possible, because it brings in money and it stops the operating expenses against that.”

Continue reading at Capital Business Blog >>>

By Ed O'Keefe  | June 14, 2010; 12:00 PM ET
Categories:  Administration, Agencies and Departments  
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