The federal government is one gigantic office tenant. And a new General Accounting Office report says that, in a survey, most agencies are planning significant cutbacks in the amount of space they use.
The General Services Administration, or GSA, is the federal government's property manager. "GSA leases space for agencies from other federal agencies, public entities, and private-sector lessors in commercially owned buildings," the report stated. "As of March 2022, GSA managed 7,760 leases, totaling nearly 180 million square feet. Rent costs for these leases are about $5.7 billion annually."
In addition, "There are more than 19,500 federally owned buildings, including approximately 511 million square feet that are considered office space."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
