While the residential real estate sector has slowed, business remains strong in the commercial property sector, and hiring and compensation continue on an upswing. That's good news for students going into real estate or professionals moving up the career ladder - but, if you're an employer, it's a different story. There is a major shortage of qualified employees right now, and it's only going to get worse. That's why industry experts Stan Ross and Anthony J. LoPinto urge real estate companies to get proactive in finding and nurturing good candidates.
"There just isn't enough talent available, whether in numbers of people or in the level of experience and skills required, to fill increasingly sophisticated and demanding positions, especially for seasoned professionals in finance, accounting, and development," says Ross, chairman of the board of the University of Southern California's Lusk Center for Real Estate and author (with James Carberry) of The Inside Track to Careers in Real Estate. "The shortage will continue to affect all areas of commercial real estate-development, finance, asset, property or project management, and leasing.
"If the leaders with the real skin in the game don't take action, who will?" Ross adds, saying, "Now is the time to start seeking and developing the right people to fill critical positions and build a strong bench." LoPinto, CEO at New York City-based Equinox Partners, comments, "Demand for development and acquisition talent will continue unabated." In a hot job market, LoPinto says he expects recruiting activity to remain strong.
A survey by an online job board for the commercial real estate industry found that industry job postings increased 35 percent in the first quarter of 2007, and most employers and senior executives expected hiring and compensation to continue to increase at least through 2007