The department's BRAC recommendations, if adopted, would close 33 major bases and realign 29 more, and, Rumsfeld noted during a news conference at the Pentagon yesterday, save the military an estimated net sum of $48 billion over the next two decades. When combined with the anticipated savings from overseas basing realignments around the world, the projected net savings increases to $64.2 billion. Those on the list include Fort Monroe, VA; a naval station in Pascagoula, MS; Fort Monmouth, NJ; and Cannon Air Force Base in New Mexico. "Our current arrangements, designed for the Cold War, must give way to the new demands of the war against extremism and other evolving 21st Century challenges," Rumsfeld said today.

Next week, GlobeSt.com will follow-up with articles on local market industry reaction to the closings and realignments.

For many communities, particularly those that are centered on military bases, the consequences of closures will extend beyond job loss. A shuttered base will also affect the local real estate market by adding to office space vacancy rates; increasing multifamily property vacancies with the disappearance of civilian and military employees; adding to the stable of unused property; and potentially discouraging new commercial construction and leases. While the Defense Department previously offered no hints as to which installations were vulnerable, many local economic development leaders began mulling over potential redevelopment plans in advance, just in case.