Want to be part of the continued life science boom? Check out our job board for west coast CRE opportunities in that space.
The Connect article sites the below major takeaways from the CBRE report:
“– Employment in U.S. life sciences has risen by 23.5% since 2001, outpacing the overall job-growth rate of 10.2% – Lab-space vacancy rates are tight in primary life-sciences markets, registering at less than 2% in Chicago, 4% in the Bay Area and less than 5% in Boston -Rent growth is robust, including a 50% increase in Boston’s Cambridge submarket since 2013 – Venture capital investment in the U.S. life-sciences industry now is 53% greater than 10 years ago”
Clearly life science and biotech is a hot market, and we are excited to see the economic benefits of the space needs and research results of theindustry.
It’s 2018. It’s January. It’s the start of new resolutions and a great time to look at where we are in our careers. For many, it might also be time for our annual reviews and bonus and promotion discussions. The insightful 2017 Real Estate Compensation Survey conducted by CEL & Associates, Inc. lists the many real estate industry jobs out there and their associated salaries and bonuses.
I pulled together the below charts to provide a visual representation that highlights select roles and role levels.
Working with folks in these positions daily, I want to share with you some observations that I took from the compensation study:
Roles in the residential arena pay significantly less than office and retail, with retail real estate roles paying the most. It will be interesting to see how those trends develop as our industry continues to evolve.
Roles in leasing tend to have a larger percentage of their compensation rooted in bonus, so while their base salaries may be lower, their bonuses are higher. This isn’t as apparent in residential leasing, however.
As you would expect, the higher the level of position, people tend to receive a larger bonus as a percent of their salary, so not only is the bonus percentage increasing with seniority, but the base number that it is based on increases as well.
As a general proxy, based on a small sample size of numbers I tested compared with average salaries I have seen in the local market, San Diego pays about 10% less than the national median numbers published in this survey.
Stay tuned as we provide some inspirational insights next month regarding how to springboard your career in the direction of those executive roles (and compensation packages!).
*Thank you to CEL & Associates, Inc. for the information.
Please note that the compensation figures presented represent a composite of all companies participating in the 2017 CEL National Survey and are not stratified by
ownership/type of company (public vs. private), company size, product specialization, regional geographic location, or metropolitan area. Further, factors such as tenure,
experience, role and responsibility will impact compensation levels and benchmarks (percentiles) for the evaluation of any comparative situation, as will the financial situation of
a company and its investment and business strategy.
(1) High = 75th percentile, Median = 50th percentile, Low = 25th percentile.
Survey Completed 2Q 2017.
Source: CEL Associates, Inc./CEL Compensation Advisors, LLC (c) 2017 National Real Estate Compensation Survey – All Rights Reserved. Not to be referenced or
reproduced in any form without prior permission in writing: 12121 Wilshire Blvd., Suite 204, Los Angeles, CA 90025 Tel. (310) 571-3113, Fax. (310) 571-3117.
2018 continues to be talked about in a positive light for the real estate industry. There will always be a need for brick and mortar, regardless of how much technology continues to disrupt our society. The way we use those buildings just may require more and more creativity. The below article is a great read whether you own real estate, work in the industry, or are just plain curious.
According to Deloitte, there are four focus areas where commercial real estate companies can focus to help them continue to grow and maximize value. They are:
PRIORITY ONE | UNLOCK THE VALUE OF REITS: ACCELERATE BUSINESS
PRIORITY TWO | FOCUS ON RE FINTECH STARTUPS: AVAIL ALTERNATIVE CAPITAL OPTIONS
It’s the people we share the important moments with that truly impact our lives. They challenge us to be the best we can be and to get better at what we do and how we do it. As I wrap up the year and reflect on what I have experienced and learned over the past twelve months (now an annual tradition), this is what I take with me into 2018…
Gratitude for the exceptional job candidates and companies that put your trust in us and gave Building Careers your business. The relationship between a recruiter and a client isn’t always a slam dunk. But what I can tell you is when the partnership is collaborative and transparent, the investment is well worth it.
This past year, the Building Careers team has enjoyed working with your organizations in positions ranging from real estate asset management executives to vice president-level construction and development managers and everything in between. Many of you challenged us to look at your professional and business needs in new and different ways and to put any assumptions aside. When we did, the recruitment process was more efficient and the end result was more successful.
Family comes first and my daughter, born in April, reminds me of that every day. It has been a whirlwind ever since she came into our world and balancing a family, a business and running a household has taught me a whole new level of patience and gratitude. Ultimately, every night, before my head hits the pillow, my husband and I tuck our beautiful little girl into bed (hopefully in one go!) and I reset my worries and priorities and I smile. I am now a mom thanks to her and she deserves everything I’ve got!
This past year you saw a lot more of the Building Careers team – Julia Turpit and Regan Shouldis – so you know just what they’re made of. Delegation doesn’t come naturally to everyone. Me included! However, this was my year to ‘manage by letting go,’ and I had to step outside of my comfort zone to do it. Julia and Regan pretty much ran the show from April to July and did an outstanding job. The bar has been raised and we are well positioned for a productive and exciting 2018.
The real estate industry will continue to evolve in 2018 with a sharper focus on emerging technologies, the need for faster and more accurate data access to allow for improved tenant service, rapidly changing tenant dynamics, customer demographic shifts, talent nurturing and company culture. We are ready and continue to develop expert solutions by working from the viewpoint of the client community we are so fortunate to represent.
Thank you. Happy holidays to you and your loved ones. See you next year!
According to the article “Try These 7 Hacks to Crush Your First Leadership Role“, only 4% of millennials had an interest in managing others. Nearly half of that generation, however, are already managing people. Admittedly, most companies do not have a great process in place to train and nurture these leaders. The seven suggestions below are ways millennial leaders can prepare for their future management responsibilities:
Exercise your emotional intelligence and admit when you don’t know something
Ask intelligent and thoughtful questions
Associate with your own cheering section of mentors and sponsors
Be authentic and vulnerable in all of your interactions
Work hard and put in the extra time
Take note of and work to address others concerns
Appreciate and enjoy the opportunity
Published by Dan Negroni on LinkedIn on December 1, 2017.
From major mergers and capital constraints on apartments to the co-working revolution and the Fed finally making its move on interest rates, 2016 was not without its major commercial real estate stories. But, of course, the biggest one of all won the American presidency. See below for the major commercial real estate news highlights on 2016.
Enter Donald Trump
Marriott International Grows With Starwood Merger
Creation of ColonyNorthStar
China Becomes Major US Real Estate Investor
Banks Pull Back On Apartment Construction Lending
Merger Mania In Dixie
Hines REIT Liquidation
Fed Makes Its Move. Finally.
The VTS/Hightower $300M Merger
Co-Working Takes The US By Storm
Originally published by Jarred Schenke for Bisnow on Dec 23, 2016. See additional details on these commercial real estate 2016 highlights in the full article here: The Biggest Commercial Real Estate Stories Of 2016
With Amazon’s September announcement that is will be building another Seattle-sized headquarters, cities put their best and most creative brainpower into telling Amazon why they should choose their city.
What’s in it for the chosen finalist? A campus the size of it’s current Seattle headquarters, $5 billion in construction spend, and 50,000 plus high-paying jobs.
Numerous cities have been named as stand out candidates including New York City, Denver, Austin, Boston, Chicago and Washington, D.C., Detroit, Pittsburgh, Minneapolis, and Baltimore. The site of the new headquarters will undoubtedly need to have quality higher education, functional infrastructure, and significant government backing.
Finalists are announced in December with the winning location to be announced in 2018. We are all excited to see which city gets economic boost from the Amazon powerhouse.
Read more about thoughts on the expansion by some of NAIOP’s Distinguished Fellows:
How Interviewing for Jobs is Like Playing The Dating Game
Searching for a new job, whether currently employed or not, can be a frustrating and tedious process. I often work with candidates who are struggling to find “the right” position and company. Some are exasperated because it’s taking too long and others are discouraged because they are seeing a lot of opportunities in the market but none quite right for them.
In order to help candidates have more patience and understand the process, here’s what I tell them: Job hunting is a whole lot like dating. Finding the right partner doesn’t happen overnight and in the meantime there’s a lot of trial and error that must take place.
The same is true with job hunting. The saying, “you have to kiss a lot of frogs,” is similar to my sentiments when it comes to interviews. While interviews can be hard to get, nerve-wracking once they’re scheduled, and sometimes not lead to a match, they are a crucial part of finding the right fit. Going on interviews, like going on dates, is how you determine your likes and dislikes and your must-haves and can-live-withouts. Interviewing is how you get an overall sense of a company and the open position and whether or not you will be fulfilled – professionally and personally – and where your contributions will be needed and recognized.
What I also share with candidates is: When in doubt, submit your resume and go on the interview. Submitting a resume through a recruiter who has a close partnership with the company you’re interested in gives you a much stronger chance of making sure your resume is seen by the hiring managers. It’s an initial stamp of approval similar to being introduced by mutual friends in the dating world. If the company is interested in meeting with you but you’re hesitant that it’s not the right fit, go anyway. You may be pleasantly surprised and realize it’s your dream job (trust me, it happens all the time) and if it falls short, then you walk away with added industry knowledge and a solid hour of interview practice.
I personally have faced the frustration and ups and downs of the job search process. Having jumped in headfirst to a few positions then realizing they weren’t right for me, I had to start again. I took this time to really do my industry research, connect with my network and go on plenty of interviews. It took me three wrong positions to figure out what the right one was, but I had faith in the process and now couldn’t have asked for a better professional match.
When all else fails, keep trying. Eventually most people realize it’s better to keep “dating,” seeing what positions and companies are out there, and making sure there’s a mutual fit before jumping to the next job. Remember, it’s just a process and in the end, it works out as it should.
By: Julia Turpit, Director | Recruiting Consultant
