According to \citep*{article}, in the private sector, real estate asset management or corporate real estate management is:
“[..] the decision making process about acquiring, holding, and disposing of real property, which may be held for a company’s use or as an investment. Asset (or portfolio) management is among the core business activity, supported by rapidly developing methodologies and advanced financial techniques. Its goal is to maximize corporate value (or profits)”. In contrast, when managing a public real estate portfolio is necessary to consider the interests of various stakeholders. Unlike private sector, a public real estate management does not focus primarily on the financial interests but on to support the primary processes of the organization. Consequently, public real estate management can be defined as follows:
“[…] Public real estate management is the management of a government’s real estate portfolio by aligning the portfolio and service to the need of the users, the financial policy set the Treasury and the political goals that government wants to achieve […]” \citep{phdthesis}.
The literature review shows that there is a long and experienced body of references about enhancement strategies such as disposal, maintenance, need to adequate information, tools to support decision making process, actions to improve conditions of the properties, need to transition from short-term to long-term investments and the development of performance monitoring of state-owned property.
As discussed above, tools and strategies for public real estate are numerous, some of these used from the beginning of the discipline such as disposal, reuse or securitizations etc. and other are contemporary for example facility management and asset rationalization activities.
If the discussion about facility management discipline is deepened both in PREM and in CREM, with a substantial amount of researches, reports and documents, that's not true of managing of the rationalization of space used for institutional functions.
Currently, the discussion of rationalization of public administration spaces is limited to legislation or programs to reduce public expenditure (i.e. Italian Decree Law No. 95 of 2012 “Spending Review”) or a few documents or reports - drafted by private agencies (i.e. Deloitte or British Council of office) show rare examples of municipality that are implementing project of reduction occupied space.
In Italy