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Master Leasing Report Gunter Building Gunter Building Hurston DEPARTMENT OF MANAGEMENT SERVICES | DIVISION OF REAL ESTATE DEVELOPMENT AND MANAGEMENT Master Leasing Report Gunter building Gunter building Hurston Rick Scott, Governor, State of Florida | John P. Miles, Secretary, Department of Management Services Table of Contents Executive Summary ____________________________________________________ 3 I. State of Florida Leased Properties Overview ___________________________ 4 II. Statutory Requirements ___________________________________________ 9 A. Leases Expiring within 24 Months (by agency and geographic market) ________________ 9 B. Amendments, Supplements, and Waivers to Lease Terms and Conditions _____________ 9 C. Impacts to Pool Rental Rates _________________________________________________ 9 D. Changes in Occupancy Rate and Maintenance and Efficiency Costs __________________ 11 E. Analysis of Portfolio’s Supply and Demand _____________________________________ 11 1. Tallahassee Market Area __________________________________________________________________ 14 2. Pensacola Market Area ___________________________________________________________________ 14 3. Jacksonville Market Area __________________________________________________________________ 15 4. Orlando Market Area _____________________________________________________________________ 15 5. Tampa Bay Market Area __________________________________________________________________ 16 6. Ft. Lauderdale Market Area ________________________________________________________________ 16 7. Greater Miami Market Area _______________________________________________________________ 17 8. West Palm Beach Market Area _____________________________________________________________ 18 9. Gainesville Market Area __________________________________________________________________ 18 F. Cost‐benefit Analyses of Acquisition, Build and Consolidation Opportunities __________ 19 1. Acquire/Build verse Lease ___________________________________________________________________ 19 2. Lease Consolidation Methodology _____________________________________________________________ 19 3. Disposition Decisions Making _________________________________________________________________ 20 G. Five‐year Plan for Utilizing State‐owned Space versus Private Sector leases ___________ 20 III. Next Steps/Closing ______________________________________________ 22 Appendices I. Summary Comparison to Current Market Rates, and Per Occupant Costs & Square Footage for Private Office Space Leases expiring by 6/30/2013 sorted by County/Market and Agency II. Overview of Revenue Producing Florida Facilities Pool Buildings III. State of Florida Major Metropolitan Market Overviews – Summer 2011 IV. Listing of Public Leases, sorted by Agency, County/Market, and Lease ID V. Listing of Private leases, sorted by Agency, County/Market, and Lease ID VI. Listing of Other Government Leases, sorted by Agency, County/Market, and Lease ID VII. Listing of Private Leases Expiring by June 30, 2013, sorted by Agency, County/Market, Submarket, and Lease ID VIII. Listing of Private Leases Expiring by June 30, 2013, sorted by County/Market & Submarket, Agency, and Lease ID IX. DMS 2011 Supervision Trust Fund Accrual Analysis X. DMS 2011 Strategic Leasing Plan 2 | Page Executive Summary This report provides an overview of the leases within the State of Florida’s real estate portfolio. It includes data and analysis information on real estate marketplace trends and conditions, agency leases within their markets, and the relationship between these elements. The information in this report is based on Fiscal Year 2010‐11 leasing data. The Department of Management Services (DMS) uses the data submitted and validated by agencies during the statutorily mandated annual leasing data collection and their Legislative Budget Requests for forecasted space needs for next Fiscal Year (2011‐12) to develop best estimate forecasts. Section 255.249(3)(c), Florida Statutes, requires DMS to annually submit a Master Leasing Report that provides a comprehensive assessment of the state’s leasing portfolio. The report is structured to address the legislative requirements and the topics parallel the layout of the excerpt of the statute provided below. Section 255.249(3)(c), Florida Statutes “The department shall annually publish a master leasing report. The department shall furnish the master leasing report to the Executive Office of the Governor and the Legislature by September 15 of each year which provides the following information: 1. A list, by agency and by geographic market, of all leases that are due to expire within 24 months. 2. Details of each lease, including location, size, cost per leased square foot, lease‐expiration date, and a determination of whether sufficient state‐owned office space will be available at the expiration of the lease to accommodate affected employees. 3. A list of amendments and supplements to and waivers of terms and conditions in lease agreements that have been approved pursuant to s. 255.25(2)(a) during the previous12 months and an associated comprehensive analysis, including financial implications, showing that any amendment, supplement, or waiver is in the state’s long‐term best interest. 4. Financial impacts to the pool rental rate due to the sale, removal, acquisition, or construction of pool facilities. 5. Changes in occupancy rate, maintenance costs, and efficiency costs of leases in the state portfolio. Changes to occupancy costs in leased space by market and changes to space consumption by agency and by market. 6. An analysis of portfolio supply and demand. 7. Cost‐benefit analyses of acquisition, build, and consolidation opportunities, recommendations for strategic consolidation, and strategic recommendations for disposition, acquisition, and building. 8. The updated plan required by s. 255.25(4)(c).” 3 | Page I. State of Florida Leased Properties Overview DMS has statutory responsibility for the management, operation, and maintenance of the Florida Facilities Pool (FFP) and oversight of the state’s process for leasing space. Leased space includes the offices and facilities in the FFP buildings, the private sector buildings, as well as spaces of other governmental (federal and local) entities. In this role, DMS has primary fiduciary responsibility to provide facilities that meet the business and operational needs of the state agencies at optimal pricing, based on availability. A key element in DMS’ leasing strategy is to deliver best value for taxpayer dollars, which is best achieved by maintaining high occupancy levels in FFP buildings whenever possible. The state has contracts with three real estate brokerage companies (CB Richard Ellis, Inc., Cushman and Wakefield of Florida, LLC, and Vertical Integration, Inc.) who assist DMS in making more efficient and economical use of private sector lease agreements, provide planning and support services to DMS’ leasing program, and support the agencies’ in their leasing actions. The state tenant broker contracts allow agencies to use these selected companies to: • Act as the agency’s tenant broker to competitively negotiate and develop private sector lease agreements, • Provide space management services using DMS recommended space utilization standards, • Provide tenant representation services for the agency during the term of a lease, • Help identify strategic opportunities for reducing occupancy costs through the consolidation, relocation, reconfiguration, capital investment, and the building or acquisition of state‐owned space, • Outline any additional services or concepts for adding value to the agency’s and DMS’ processes. Services of the state tenant brokers can also include an evaluation of possible energy efficiency solutions and savings. DMS manages 109 of the 17,999 state‐owned buildings. The 109 buildings include five (5) State Purchasing/Federal Surplus Property buildings, and 35 special purpose, non‐revenue generating, FFP buildings. These special purpose buildings include parking structures, monuments, and the Historic Capitol. The remaining 69 are FFP buildings that produce revenue necessary for lease management operations. As of July 1, 2011, there are 203 leases with state agencies in the 69 revenue‐producing FFP buildings. In addition, agencies have entered into 971 leases with private landlords or the federal and local governmental entities. The state leasing portfolio includes three types of leases. As Figure 1 below indicates, the scope of this report addresses the 1,174 leases within the private sector, other governmental properties, and FFP buildings lease agreement types. Those three lease types represent the majority of leased property within Florida’s larger real estate portfolio. Agencies that might sublet space from other state agencies are not identified in current data. 4 | Page Figure 1: Perspective of Leasing Management within the state’s larger portfolio of real estate Lease Type Summaries DMS defines these three types of leases as follows: • Public Leases – DMS leases with state agencies for space in any of the 69 revenue‐ producing FFP buildings. Appendix IV provides a full list of these leases. Example: Lease between DMS and the Department of Children and Families for space in the Rohde Building in Miami. • Private Leases – Leases for space in privately‐owned buildings by the state agencies subject to DMS leasing oversight. State agencies and organizations not under DMS lease management purview include the state’s Community Colleges, the Board of Governors’ University System, and Water Management Districts.
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