Growing, Slowing or Status Quo – Corporate Real Estate Portolios in Transition

by David Mills on May 23, 2012

Washington, D.C. (May 22, 2012)
By Michael Cohn, Accounting Today

The Internal Revenue Service plans to shed more than 1 million square feet of office space by closing 43 of its smaller offices and consolidating other offices. The agency, which has seen its budget slashed this year, said the consolidation would save more than $40 million. Coupled with space reductions last year, the initiative will slash total IRS office space by more than one million square feet.

“Given today’s tight budget environment, we have to be willing to make the tough but responsible calls to save taxpayer dollars,” said IRS Commissioner Doug Shulman in a statement. “Cutting and consolidating our real estate is a responsible way we can save money. It’s an important addition to our growing portfolio of cost-saving measures.”

This cost-cutting initiative is projected to save $17.2 million in annual rental costs in fiscal 2012 and $23.5 million in fiscal 2013. These are permanent reductions in space and rent so these savings will be realized in future years as well.

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CREInFocus, a developer of cloud based financial performance management and analytic software, helps companies assess the performance of their corporate real estate investments and operations while providing actionable information for their internal and outsourced managers to reduce costs and fulfill infrastructure needs.

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