; and (2) manage and execute, in consultation with the component heads, mission support services within the National Capital Region for real property, facilities, and other common headquarters and field activities for the Department. 711. Long term real property strategies (a) In general (1) First strategy Not later than 180 days after the date of the enactment of this section, the Under Secretary for Management shall develop an initial 5-year regional real property strategy for the Department that covers the five fiscal years immediately following such date of enactment. Such strategy shall be geographically organized, as designated by the Under Secretary for Management. (2) Second strategy Not later than the first day of the fourth fiscal year covered by the first strategy under paragraph (1), the Under Secretary for Management shall develop a second 5-year real property strategy for the Department that covers the five fiscal years immediately following the conclusion of such first strategy. (b) Requirements The real property strategies developed in accordance with subsection (a) shall— (1) identify opportunities to consolidate real property, optimize the usage of Federal assets, and decrease the demand for and number of commercial leases and square footage within the Department’s real property portfolio; (2) provide alternate housing and consolidation plans to increase efficiency through joint use of Department spaces while decreasing the reliance on and cost of leased space; (3) concentrate on geographical areas with a significant Department presence, as identified by the Under Secretary for Management; (4) examine the establishment of central Department locations in each such geographical region and the co-location of Department components based on the mission sets and responsibilities of such components