Utilizing asset management strategies appropriate for a municipal portfolio, the Division implements a plan of action designed to maximize the efficient use of existing real estate assets and when appropriate, to lease assets surplus to the City’s use or acquire leasehold interest in property necessary for the City’s operation.
Activities for this Division include:
- Develop workflows for the various processes necessary to manage existing assets by tracking inventory, managing expenses and developing reports designed to monitor the efficient delivery of asset administrative functions.
- Under authority granted by State law and City Charter, implement marketing campaigns that maximize the value achieved by leasing City assets. When appropriate leverage the value of the assets to allow use by organizations that are providing a benefit to the community.
- Manage and negotiate leased space contracts for City departments.
- Enhance the value of real estate assets by identifying revenue sources that will not negatively impact the City’s delivery of constituent services. Such revenue sources include licensing portions of City owned sites that are underutilized.
- Manage the inventory of City real estate holdings (land and improvements).
- Perform real estate forecasts to determine which course of action, lease, sell or purchase of property, best achieves the project goal.