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Today, many cities and counties across the U.S. find themselves struggling to provide key services with ever decreasing budgets. Forced to do more with less, state and local governments are considering every conceivable way to modify operations to reduce costs while preserving programs. An often-overlooked area for potential savings is a municipality?s real estate portfolio. Government entities often have portfolios worth hundreds of millions of dollars, which typically are their third highest operating expense behind personnel and programs. When systematically evaluated through a strategic portfolio management plan, real estate can provide an opportunity for cost savings and revenue generation and also serve as a mechanism for economic development and community enhancement.
Keywords: JLL, Economic Developer, Americas, Portfolio
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