Home / Civilian / OMB Says Govt Will Meet $8B Real Estate Cut Goal

OMB Says Govt Will Meet $8B Real Estate Cut Goal

EmptyOfficeFEMAThe Office of Management and Budget expects to meet its goal of $8.6 billion in real estate cost savings for fiscal year 2012 as the Civilian Property Realignment Act nears congressional approval, the Washington Post reported Monday.

D.J. O’Brien writes OMB is working with federal agencies to cut real estate spending in line with campaigns launched by the General Services Administration and White House in 2010 and 2011, respectively.

Agencies are preparing to cut their budgets by at least 10 percent for the next fiscal year, the Post reports.

GSA currently rents out more than 50 million square feet of office space nationwide, O’Brien reports.

Leases set to expire by 2015 represent for 3.7 percent of occupied office lease space in the Washington region, according to the Post.

Check Also

SEC to Address Financial Technology Concerns, Innovations via New Hub

The Securities and Exchange Commission has opened a hub where it can coordinate with public and private sector entities to address concerns and initiate developments in financial technology.

Leave a Reply

Your email address will not be published. Required fields are marked *