Budget Lets GSA Invest Rent in Portfolio

WASHINGTON, DC—Tucked away in President Obama’s $3.9 trillion budget proposal is an item of interest to the commercial real estate industry: the restoration of the General Services Administration’s authority to fully use incoming rent funds to reinvest in its real estate portfolio. This could lead to more than $1 billion in maintenance for federal buildings, many of which have been needing renovations and even basic repairs.

Other elements of the budget also give a nod to real estate. It identified $745 million in nine construction projects across the country, ranging from land ports of entry to office buildings and courthouses.