NEWPORT BEACH, CA – December 12, 2012 – RETS Associates, a premier commercial real estate recruitment and staffing firm in the western U.S., has seen a sharp rise in executive search assignments for development professionals in 2012 and expects this trend to increase in 2013. Improving market fundamentals in primary markets throughout the Western States are the driving force behind employment demand in the development sector, and according to RETS the challenge now is to find enough qualified development professionals.
According to RETS, the increase in development employment is tied to strengthening regional markets where inventories of commercial space are on the decline. RETS sees the most activity for development jobs in markets such as San Francisco, the Inland Empire and Portland, OR.
“Our clients have initiated more than 15 separate executive searches in development in just the last six months, and we expect this activity to more than double in 2013,” said Kent Elliott, principal of RETS Associates.
The spike in employment searches for development is encouraging news for commercial property markets. Strong investor interest and improving market fundamentals have raised real estate values to the point where development is again feasible.
“The demand for acquisitions professionals is now being matched by the need for experienced development talent,” said Elliott. “The hiring pattern and movement from acquisition to development executive positions reflects recovery in select commercial property markets and signals economic improvement in the West Coast.”