The Division of Real Estate Services (DRES) was created to meet the objectives of the 2004 Executive Order 75, enacted to establish a centralized and integrated property management system for the Commonwealth’s real estate holdings. DRES is a unified and collaborative platform designed to align real estate initiatives for greater efficiency, consistency in transaction quality, and cost savings.
A strategic function of DRES is to liaison with the agencies and institutions of the Executive Department, and a private real estate brokerage contractor to promote informed and transparent real estate business transactions.
Detailed DRES services and responsibilities include:
- Managing the Commonwealth’s real estate portfolio
- Providing strategic planning to agencies and institutions of the Executive Department
- Comprehensive transactional support for negotiating, leasing, acquisition, disposal and easements (right-of-way)
- Transactional documentation guidance
- Occupancy monitoring and the efficient utilization of leased and owned property
- Real Estate information database maintenance and enhancement
- Marketing and sale of surplus property
- Statewide contract administration for outsourced real estate services
In addition to the state-owned real estate portfolio of land and buildings, DRES oversees the management of over 400,000 acres of land, 11,000 buildings and 117 million square feet of space. Furthermore, Virginia leases about 13 million square feet of rental space in over 1,500 locations.