Agencies face ‘once-in-a-lifetime opportunity’ to sell real estate they don’t need. Will it happen?

Summary: A six-year experiment meant to help the federal government quickly sell or dispose of its underutilized real estate is running out of time. Congress created the Public Buildings Reform Board as a small, independent agency under the 2016 Federal Assets Sale and Transfer Act (FASTA), to help the federal government’s landlord, the General Services Administration, identify federal buildings and properties that agencies no longer need, and to sell or repurpose them. In fiscal 2022, the 24 largest federal agencies owned nearly a quarter million buildings, covering more than 2.4 billion square feet, according to the latest GSA data. That portfolio of owned buildings accounts for more than $16 billion in annual costs. Learn more about your ad choices. Visit megaphone.fm/adchoices