By Corina Vanek Reporter, Phoenix Business Journal
Candidates for senior-level commercial real estate positions in Phoenix may have their pick of positions as Phoenix continues to be a “candidate-driven” market for real estate talent.
“It peaked at the beginning of this year,” Jana Turner, principal at California-based Real Estate Talent Solutions (RETS Associates), said of the tight Phoenix market. “I’m feeling things are not going to change.”
Phoenix is a very active market for real estate, but has a very tight labor pool, she said. Some of the most in-demand areas of real estate are in the Valley are in development and construction, as the region continues to see growth in commercial and residential construction projects.
Turner said the company also is “constantly” trying to fill property and asset management roles in Phoenix.
“The challenge is the labor pool,” she said. “There is still such a low unemployment rate that companies are having to search from those who are already gainfully employed.”
Changing jobs, especially for those in senior positions, lately has less to do with money and more to do with a good culture fit, according to Andrew Reising, a director at RETS Associates who lives in Scottsdale. He said a firm now often sees one or two qualified people for a job compared with times with higher unemployment when four to five people might be qualified for and interested in a specific job.
Looking ahead, Turner said, there will likely be more demand for senior and upper-level jobs as baby boomers retire and heads of companies look to establish succession plans. Companies looking to hire likely will have to offer more money and benefits than they might have in the past, she said.
“We have more positions we are searching for than last year,” Turner said. “in 2020, at least the first half, is going to be robust, companies are challenged to find talent. It’s both an art and a science.”