It’s a changing CRE landscape — and that extends well beyond the assets up for sale and lease. This change penetrates into the hiring and service-providing aspects of our industry.
Business was brisk for commercial real estate recruiting in the Western region during 2019. Given our strong economic fundamentals, many companies are in hiring mode, fueling competition for top talent throughout the nation. As this competitive environment proceeds, many commercial real estate firms are finding a limited supply of talent and, in turn, are increasingly partnering with outside recruiting firms that can deliver existing candidate relationships.
Beyond that outreach, many CRE firms are working with recruiting partners to shape their offerings and better entice talent that will deliver long-term productivity and profitability. With U.S. employment levels at 50-year highs, we are seeing real estate companies increase compensation and benefits packages, embrace flexible work schedules, and invest in innovative and desirable office amenities to better compete in the current “war for talent.” We expect this momentum to continue in 2020 as leading CRE firms aim to gain market share in the New Year.
Companies that can successfully form partnerships and nurture relationships while going above and beyond to serve customers and clients are best poised to succeed.
It’s a Candidate’s Market
While many experts predicted a national recession in 2019, CRE fundamentals have bucked that trend. We will continue in the current “candidate’s market” as long as the unemployment rate stays low and real estate markets proceed on their paths toward growth. The Western region has demonstrated a particularly robust performance and is poised to remain on this positive track through the New Year.
Certain sectors of the market are performing especially well and have a bright outlook. These include industrial and multifamily. Industrial is being driven by continued expansion in e-commerce, while multifamily investments are benefiting from well-amenitized, well-located and
attractive properties that are drawing many people to apartment living.
Market fundamentals within these asset classes remain solid and steady. They also point to continued stability and growth, which, in turn, requires a larger team and a deeper level of recruiting support for many CRE companies.
Service Will be the Differentiator
In the age of technology, where property information is readily available to all, CRE firms are increasingly set apart by service. Companies that can successfully form partnerships and nurture relationships while going above and beyond to serve customers and clients are best poised to succeed. This success begins with hiring the right people to deliver that elevated service.
Coinciding with that trend, recruiting firms are becoming more than just transactional
businesses aiming to fill a single position. Instead, experienced recruiters that serve as both a partner and resource for today’s real estate firms are helping employers identify and hire top talent that will shape the trajectories of these companies for years to come. Recruiting firms that are up to date on current hiring motivators, compensation trends, diversity and gender trends, relocation
trends, and generation-specific workforce demographics and insights will continue to help CRE employers navigate the economic and employment climate that will best position their team — and, ultimately, their company — for future success.
For more information on Western Real Estate Business Magazine visit rebusinessonline.com & for more information on RETS Associates visit retsusa.com, or Jana Turner, RETS’ Principal visit https://retsusa.com/team/