As we’ve been telling you, President Obama wants to tighten fiscal spending.

Last week, he issued a memo directing federal agencies to identify and eliminate at least $3 billion in excess real estate by the end of fiscal 2012.

Agencies are expected to begin selling off property. Additional savings could come from what DoD is expected to save when BRAC is complete.

Sarah Krouse is a reporter for the Washington Business Journal and explains why the space reduction initiative came as such a big surprise.

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