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

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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.

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