Government real estate advisors are real estate specialists who provide strategic advice to local governments on issues such as the acquisition and disposition of real property. They also advise on the location of new facilities and workplaces, as well as how best to redevelop existing space. They must be familiar with the unique requirements of the public sector. These requirements include security, accessibility, and environmental sustainability. They must understand the impact of government policies and procedures on investment decisions and strategies. They must also be able to synthesize all of the factors that influence strategy and market risk, including larger macroeconomic trends and greater market volatility than other assets.
The City of New York’s Department of Citywide Administrative Services (DCAS) Real Estate Services line of service is responsible for the acquisition, disposal and reallocation of over 22 million square feet of private commercial rental space occupied by the City. In addition, RES facilitates the purchase and leasing of City-owned properties and provides project management expertise for construction, renovation and relocation efforts on all agency sites. RES’s leased portfolio includes over 1.4 million square feet of space occupied by the U.S. federal government. Also read https://www.texascashhousebuyer.com/
While the Federal government owns and manages a significant portion of its workspace, it also leases a great deal of office space. The General Services Administration (GSA) is the federal agency responsible for managing GSA’s leased portfolio. Leases signed by GSA are backed by the full faith and credit of the United States Government just like Treasury bonds. They typically feature a firm term that expires after the initial set number of years. Leases can then either be relet to the same tenant or converted to a soft term that extends the lease for an additional period of time.
Local governments are increasingly purchasing their own property at record rates. They are using these purchases as bargaining tools in public/private partnerships, workforce development projects and quality of place improvements. These properties can also be sold to the private marketplace for investment or reuse, such as housing initiatives. These changes present unique opportunities for real estate professionals to engage with their local community.