In this edition of The Hiring Squad, Kent Elliott, principal at RETS Associates, a leading national CRE recruiting firm, partners with Chuck Schilke, a director at The Edward St. John Real Estate Program at Johns Hopkins Carey Business School, to reveal new data that suggests the majority of financial analysts nationwide are actively pursuing new job opportunities.
RETS recently surveyed 269 professionals working in the U.S. commercial real estate industry in the 6th annual financial analyst survey and has identified several employment trends. The below insider information focuses on which sectors these future leaders want to grow into and provides insights into why they would make a career move – either now or in the near future.
Industrial Warehousing Grows in Popularity
Each year, RETS surveys financial analysts to uncover which CRE sector respondents are most interested in pursuing as they grow in their careers. For the past two years, analysts were leaning toward a career in multifamily or a mixed portfolio, with a little bit of interest in industrial. This year, for the first time since the recession, respondents expressed their top preference for the office sector, with secondary enthusiasm for the industrial space – which aligns with current demands for warehousing space.
According to Schilke, the normalization of the desire for office careers suggests that we are at a high point in the national real estate cycle, and that companies seeking real estate financial analyst talent will have to stretch their offerings to secure top talent.
More Than Half of Survey Respondents Want More
This year’s survey revealed that 61% of respondents nationwide have actively pursued a new job or position in the last year. For the first time since 2012, the survey asked respondents why they are looking to leave their current position. As expected, the top reason pros are looking to leave is because of dissatisfaction with their compensation package. Another notable reason financial analysts are searching for a new role is because of dissatisfaction with growth potential within a current role, followed by the nature of the work and office culture.
In the current state of the commercial real estate cycle, analysts can often command top dollar, but it is important for companies seeking real estate talent to recognize the non‑compensation factors motivating analysts that can both produce happy and productive employees while helping to keep a lid on costs.
Stay tuned for more news on the findings from the 6th annual financial analyst survey, including how compensation packages have changed nationwide.
