Creates the state real estate asset management office, within the department of natural resources, and requires the office to manage the real estate portfolio for all consolidated state lands.

Requires the state parks and recreation commission and the departments of transportation and fish and wildlife to: (1) Evaluate the level of staffing dedicated to real estate management in light of the transfer of management responsibilities to the state real estate asset management office; and

(2) Implement a process by which the total number of agency employees is reduced to match the reduced real estate management needs that result from the consolidation.