In a memorandum to agency heads, President Obama directed them to “accelerate efforts to identify and eliminate excess properties." The goal, according to the memo, is to follow the lead of the private sector to take advantage of "innovative technologies to increase efficiencies" and make more effective use of existing assets. He stated that these efforts should: 1) speed up time needed to identify excess assets and dispose of surplus assets; 2) eliminate lease agreements determined not to be cost effective; 3) pursue opportunities to consolidate common asset types both within and across agencies (the memo cited labs, data centers, and warehouses as examples); 4) increase occupancy in existing facilities by examining new ways to manage space and employ alternative workplace arrangements (such as teleworking); and 5) consider inventory reductions when gaining new space. The president expects agencies to experience cost savings of $3 billion by the end of FY2012 from the sale of excess assets and reduced operating costs. OMB and the General Services Administration (GSA) will issue guidance to agencies within 90 days that will include agency targets to meet the $3 billion goal. OMB and GSA will jointly monitor agencies’ progress toward meeting their goals.