The General Services Administration plans to help federal agencies leverage trends in the real estate market with the goal of reducing costs, Federal News Radio reported Wednesday.
Norman Dong, commissioner of GSA’s Public Buildings Service, told the station that GSA will work with agencies to negotiate current leases three years before they expire.
Stephanie Wasko writes 100 million square feet of government leases are set to expire over the next five years.
The House Transportation and Infrastructure Committee said in a memo the expiring leases create an opportunity “for GSA to reduce costs through improving utilization rates, negotiating longer-term leases to lock in lower rental rates and negotiating other concessions that benefit the taxpayer,” according to the report.
“We recognize there is a sense of urgency here to be able to really leverage this market opportunity and to not let this pass by,” Dong told Federal News Radio.