General Services Administration Improvement Act of 1997

General Services Administration Improvement Act of 1997 - Amends the Public Buildings Act of 1959 to require that the prospectus for the design or construction of a U.S. courthouse include: (1) information concerning courtroom utilization in the existing and proposed courthouse and anticipated facilities sharing in the proposed courthouse; and (2) an analysis of whether the project conforms to the United States Court Design Guide.

Directs the Administrator of General Services to transmit the Guide to the Congress annually, with a report on the effects of any Guide revisions on courthouse construction costs and other appropriate information.

Defines "exchange" for purposes of provisions concerning the acquisition of public buildings and sites as an exchange for future rights or benefits, including rights or benefits relating to real property development.

Provides for the deposit into the Federal Buildings Fund of all proceeds received from the sale of interests in real property controlled by the Administrator and from the leasing to private entities of space in public buildings located on such real property.

Makes moneys deposited into such fund available only for expenditure for repair and alteration activities and construction and acquisition of facilities activities in such amounts as are specified in annual appropriations Acts without regard to fiscal year limitations.