MD HB1557

Establishes a Real Estate Advisory Committee within the Department of General Services to advise on commercial real estate industry trends, best practices for asset management, and the State's long-term real estate plans and goals

Committee membership includes the Secretary of General Services (or designee), four members appointed by the Secretary, one appointed by the Senate President, one appointed by the House Speaker, plus two ex officio nonvoting legislators

Requires the Board of Public Works to receive detailed justifications before approving real property acquisitions valued at $500,000+ or leases requiring annual payments of $500,000+, including cost-benefit analyses, renovation cost analyses, and landlord payment documentation

Mandates justification for lease terms exceeding standard state contracts, rent escalation rates above market rates, construction costs, and removal of standard provisions like lease termination rights

Committee must meet at least three times annually, review the State's long-term real estate plans yearly, and submit an annual report to the Governor, Board of Public Works, Department, and General Assembly by October 1 beginning in 2026