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Diversity vs. Inclusion: There’s a Difference!

Leave a Comment / Ask An Expert, Blog, Employers, Industry Insights
CRE Insight Journal does a great job explaining the difference between diversity and inclusion. They invite Patti Digh, founder of the School of Inclusion + Activism, to talk about this topic and she wants to make one thing clear: diversity and inclusion are not the same things. While the two concepts work hand-in-hand and should both be pursued, there is a clear distinction between the two. In order for companies to both diversify their staff and create a culture of inclusion, they must know what they are trying to achieve. Digh helps explain the differences and gives reasons why both concepts should be on a leader’s radar.

Learn More: http://leader.creinsightjournal.com/the-difference-between-diversity-and-inclusion-patti-digh/

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2020 CRE Outlook and What It Means for Hiring

Leave a Comment / Ask An Expert, Blog, Industry Insights, Job Search

With a new decade upon us, many are concerned about the 2020 CRE outlook and how the new year will play out for hiring. Certainly, numerous factors will influence the commercial real estate market this year – from new local regulations to global trade wars to the national economic cycle. But will things be drastically worse, much better, or more of the same?

The research and reports division of CBRE – a prominent commercial real estate investment and data firm – recently released their outlook for 2020. Overall, the outlook appears positive. But there are a few bumps along the road as well as subtle winds and turns to prepare for. Let’s break down the primary sectors and determine what the 2020 CRE outlook is for the various market sectors and hiring.

The Economy

The US is currently enjoying the longest economic boom in recent memory, but it’s certain not to last forever. However, 2020 will likely not see an outright recession. Though growth will likely slow to near 2%, facing a trade war with China and waning fiscal stimulus, the slowdown will be barely noticeable. The commercial property markets should prove resilient, thanks in part to preventive interest rate cuts and other stimulating policy moves. Property market fundamentals should remain strong.

Capital Markets

The CBRE report predicts commercial real estate investment volume will remain high – on par with that of 2019. The cost of capital will remain low. This, combined with increased foreign investment, domestic investment into CRE, and lower interest rates, will mean most capital markets remain strong.

However, some sectors like multifamily may see some cooling off. And investment overall is expected to decrease at least 5%. This late in the economic cycle, it is understandable to see decreased risk tolerance in investors. Yet the search for yield combined with the significantly low cost of capital will likely bolster investment in some asset types such as alternative use real estate.

Office Space

While office-related hiring growth will slow down, the US is still likely to experience about .3% growth. This means office property completions will slow down, and downtown vacancies will increase. The primary demand for office space should continue to come from the technology sector – especially in markets such as Austin and San Francisco. Flexible office space inventory should grow by about 13% in 2020.

Industrial & Logistics

The 2020 CRE outlook includes a downturn in demand for industrial space. It is possible that supply will outpace demand by approximately 30 billion square feet. Outsourcing and industrial shifts are reducing demand for industrial real estate, yet vacancies should remain very low. Third-party logistics providers will likely fill this vacuum to some extent in the coming decade but not soon enough to impact 2020. Rent growth should remain around 5%

Retail

Consumer spending will remain strong slowing slightly to around 2%. Spending at this level will continue to support job growth and modest investment gains. However, with uncertainty in the world economy – especially in regards to the trade war with China – consumers may be more cautious, and retail demand will probably slow in many areas.

However, this year marks the beginning of a new trend for retail. Generation Z is increasingly turning to shopping malls and retail outlets in search of experience-based consumption. According to a recent study, over 80% of Gen Z prefer in-store shopping, which should drive traffic back to retail centers and malls.

Multifamily

2020 is expected to hold a slight downturn for multifamily properties. Vacancy levels should rise to about 4.5%, and demand should drop about 20%. Developers will still remain active, but the focus is on shifting to the suburbs. Rent regulations are also impacting some areas like California, New York, and elsewhere. San Francisco and Los Angeles both experienced slowing in multifamily after California enacted rent controls in 2018, and this year may see a further slowing for the same reason.

The 2020 CRE Outlook for Hiring

In light of these developments and trends, the 2020 CRE outlook for hiring is shaping up to be much like 2019. Hiring overall will remain high, but the field will require more talented and experienced professionals. As the economy begins to slow down, more unqualified applicants will cloud the talent pool. Now more than ever, an effective and strategic hiring process is vital in the CRE field.

On the job applicant side, prospective employees can expect a more stringent review process. Employers will likely be more selective as they brace for the coming slowdown. They will place more emphasis on cultural fit and experience.

The 2020 CRE outlook involves some minor shifts, but overall, it should be a great year. Smart companies and professionals who are paying attention will spot some new opportunities and continue to leverage old ones. Rate of growth will slow, but it will still be a growth year overall.

2020 CRE Outlook and What It Means for Hiring Read More »

How to Ask for a Pay Raise and Totally Get It

Leave a Comment / Ask An Expert, Blog, Set Yourself Up For Success

How should you ask for a raise in such a way that you actually get it? You’ve worked hard, you see your value to the company, now how do you convince your superiors of this and actually get the raise you deserve?

The Industry is Heating Up

The economy is doing well, and the commercial real estate sector is thriving right now. Whether you are an executive assistant, analyst, project manager, or some other position within the CRE space, chances are you’ve seen the industry consistently growing and wondered if you will see a piece of it.

According to PayScale, wages for the commercial real estate sector have grown 2.4% in the last year and 14.4% since 2006. More businesses are opening and expanding, and they need commercial space. The American consumer is spending more, which translates into higher demand for CRE professionals and their services.

This means there are more opportunities for growth and expansion for current operations. And a study by Deloitte shows CRE investors are planning in increasing capital investment in US markets 13% in the coming year and a half. This begs the question:

Have you experienced this kind of growth in your personal paycheck?

The First Step to Asking for a Pay Raise

Perhaps you’ve considered asking for a raise for a few months but just don’t know how. You might think that if you ask for a pay raise, you might be seen as money motivated or even put your job at risk. But getting paid what your worth is a fundamental part of being a professional. If you’re making your company money, you are entitled to a portion of that pay.

So what’s the trick? How do you ask for a pay raise and successfully get it?

First, ask yourself a few questions. Timing is everything. Is your company profitable? Or are they a startup? We’ve already seen that the CRE industry is growing, and investors are increasing their capital outlays. But what about your firm?

If so, then ask yourself if you truly deserve this raise. Whether you need it or not is irrelevant to your manager. What matters is that you have truly excelled in your job. Have you met all your responsibilities and then some?

Then ask yourself what other professionals in your profession and at your level are making. Before you ask for a pay raise, check Glassdoor.com to get a feel for what you should be paid for the value you provide. CEL Associates also produced a 2018 survey regarding compensation ranges in the industry. Building Careers summarized this data as well.

Lastly, ask yourself if you’re truly happy at this job. Perhaps you would rather explore new options. But maybe you do enjoy working here and simply want to feel compensated for what you bring to the table.

The Ask

So you’ve asked these crucial questions and determined now is the time to ask. You have your number in mind, and the meeting has been scheduled. Before you step into your superior’s office, here’s what managers and the experts say is the best way to execute the ask.

  1. Practice Before the meeting, practice your key points, and anticipate questions or counterpoints. Be confident and know what you want to say.
  2. Explain Your Goals Your manager understands you have an existence outside the company. Sure, you’re here to do your job, but you also want to grow in your career. Explain your goals frankly to your supervisor and how your job fits into those long-term plans. Then ask for feedback.
  3. Provide Numbers Explain the value you have contributed to the company. Use specific numbers to prove you are making a difference and truly profiting the business. Numbers are very convincing.

4. Prove Achievements and Successes

Examine your current responsibilities versus what you were hired for. Are you taking on

additional responsibilities or going above and beyond on your current ones? Be able to demonstrate

and articulate this. Referencing your original job description is a good starting point.

5. Discuss Your Future Value

Show loyalty to the company and interest in achieving more for the team. In doing so, you are

reminding your manager that it is a candidate’s market, and you are choosing to stay with this

company. You don’t have to be here. 6. Ask Specifically Use a specific number when you ask for a pay raise. You’re not just whining about getting paid too

little. You have a specific amount you believe you are worth and that the company can afford to pay

you. Ask for it. And if you receive any pushback, don’t hesitate to ask for more responsibilities by

name. Specificity shows this is a very real value proposition, and not just a theoretical.

As a professional in the CRE industry, understand your place in the business and just what you contribute. Expect to receive value for the value you contribute. And communicate this expectation clearly at the right time and in the right context. You can ask for a pay raise in such a way that giving it to you is simply good business.

Sources:

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CEOs Share Their Most Helpful (and Unconventional) Career Advice

Leave a Comment / Ask An Expert, Blog, Job Search, Set Yourself Up For Success

Congratulations Class of 2019! You graduated and are ready to make your mark on the world. While your career path will vary greatly from your classmates’, This article provides more instinctual advice to landing and making the most of your first job out of school. Here are a few advice highlights from successful CEOs:

  • Choose a boss that you like and respect and who will motivate you and advocate for you
  • Accept a role with a supervisor who will be a good work role model
  • Make the most out of the position you are in and own it
  • Ask questions and don’t be afraid to ask for what you want
  • Find way to keep learning and challenge yourself
  • Be empathetic to others’ perspectives
  • Take risks; your network and support system won’t let you fall as far as you think
  • Be open to different paths, then commit to and go all-in on the one you choose
  • Assess the risks and follow your intuition

Read the full article here: CEOs Share Their Most Helpful (and Unconventional) Career Advice

Compiled by Chip Cutter and Vanessa Fuhrmans in the Wall Street Journal on May 10, 2019.

CEOs Share Their Most Helpful (and Unconventional) Career Advice Read More »

Is Your Company a Good Place to Land? Why We Love Evangelizing What You Do

Leave a Comment / Ask An Expert, Blog, Employers

2019 looks strong for companies wanting to hire this year. There are many qualified candidates in the market eager to find amazing organizations to join. Just think. It could be yours… and they might just not know it yet! That’s where your recruiter comes in. And I don’t make the point because it’s what we do here at Building Careers, I say it because each and every day I witness what a recruiter can do in finding the right people for organizations and the success that comes from a great match.

We love talking about your company and have the exciting task of working for companies that we truly believe in and whose values we share. And when your company has a great, healthy, communicative culture representative of your vision and you share it with us through our process, even better! We are excited and motivated to work with and help your company which, in turn, allows us to uncover outstanding candidates to perpetuate that powerful culture and passion for the industry. I recently had a conversation with a hiring manager who mentioned that he is always looking for ways to lift the team up and give them compliments and pats on the back (even his boss)! These are the types of companies we are lucky enough to represent and we strive to generate this same level of enthusiasm for your open positions.

Here are 4 tips for working with your recruiter this year.

Think of it as a Partnership

The kind of relationship you have with your recruiter will set the foundation for success. Know what you want from your recruiter. More importantly, do you connect with them and do they share the same core values and appreciation for the kind of company culture that you do? We can be in it for the long-run if you are, because it’s more time and cost efficient and when haven’t you had a hiring need in your company? It’s the business environment we live in.

Establish Mutual Respect and Collaboration Trust us, communicate with us and quite frankly be kind to us (and to yourselves for that matter!) as we work through the process of setting the foundation to go out and find the best professionals to complete your teams. It can be tedious at times. I get it. Thinking it through upfront goes a long way in finding team members that will be successful in their role and have the desire to stick around long-term. The more we know and understand you, the more effective we will be in matching you with job candidates. And if this is the way you treat us, we can’t wait to see how appreciated our candidates feel when they join your ranks.

Optimize Recruiter Resources

Use everything we’ve got! We offer you the expertise and support to help you determine just what it is you are looking for in a job candidate. Then we are a direct line to an eclectic network of job candidates. Even if it takes a week or more, we’re working around the clock to find one for you and utilizing every recruiter tool and resource out there on your behalf.

Appreciate the Relationship As in every aspect of life, what you put into the relationship will be what you get out of it. At the end of the day, we’re trying to increase the value of your team and as such we become an extension of it. The right recruiter will show and tell you how they appreciate your business and they will love to hear that you feel the same. Feedback only helps us get better at what we do for you and mutual respect will create a business relationship that only produces positive outcomes.

Is Your Company a Good Place to Land? Why We Love Evangelizing What You Do Read More »

What Motivates You? An Interview with Building Careers’ Founder Carly Glova

Leave a Comment / Ask An Expert, Blog, Building Careers, Job Search

Building Careers is sitting down with the movers and shakers of the commercial real estate scene here in San Diego to find out how they got to where they are and what they want to see in people on their team.

Kicking off our blog series, I wanted to give you a sneak peak of the Q&A you can expect with some of my own thoughts.

Carly Glova | President | Building Careers | Real Estate Professional

Describe your background and how you got into the industry.

Architecture and home design always interested in me, but learning that I could apply intangible finance underwriting to commercial buildings that everyone could see, touch, and have an opinion on opened up a whole new world of possibilities for me. This light bulb went off when I stumbled upon a commercial real estate finance course while I was an undergrad at Penn State. From there, I worked in the industry in a finance consulting capacity, on the private equity side, and in-house for an investor, developer and operator.

I came upon a career crossroads. After conversation after conversation with many of you fantastic mentors and role models in the San Diego commercial real estate world, I realized that I wanted to have those types of conversations on a daily basis. I wanted to be that sounding board and advisor to anyone at any stage in their career to ensure that their role aligned with their life goals and motivations. What better place to do that than in the commercial real estate industry that I know and love? Since founding my executive search and recruiting firm, Building Careers, I am motivated every day by inspiring people to succeed.

What exciting projects are you working on?

My team and I are currently working on finding the right fit for an acquisitions analyst, development director, senior design manager, controller, lease administrator, corporate finance director, project and construction managers, and acquisitions, leasing, and asset management senior associates, among others. We are consistently recruiting for exciting opportunities with growing companies, so if you want to stay up to date on open commercial real estate career opportunities, visit the job page of our website or email me. I look forward to hearing from you!

What are you seeing in terms of hiring?

It is a candidate’s market right now. Quality talent that aligns with each company’s specific culture and way of working is very difficult to find. When companies identify someone that aligns with what they want on their team, I would recommend that they be ready to make a strong offer and on-board that person quickly. Offers that allow candidates to feel valued by the company and communicate to them that the company is invested in their long-term career growth are extremely effective in the current market. Knowing and living your company culture everyday will make an efficient hiring process more seamless.

What can candidates do to stand out?

Candidates who know themselves and what they bring to the table set themselves apart from the rest of the pack. Those who can clearly communicate their value through concise examples put themselves in a position that aligns with their strong suits. Operating this way is paramount in achieving long-term success for not only the employee, but for the employer as well. As a resume is most often a candidate’s first impression, stay tuned next month for additional suggestions on putting your best foot forward through your resume.

What is your one piece of advice for folks trying to make it in the commercial real estate industry?

Make meaningful connections with those that you cross paths with in your professional network. Having advocates and sponsors as resources is essential to career growth and learning, especially in the commercial real estate industry.

Interested in hearing more from some of the industry’s leading faces? Be on the lookout for future interviews!

What Motivates You? An Interview with Building Careers’ Founder Carly Glova Read More »

Five Tips to Springboard Your Career

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When is the last time you took a good hard look at your career path? How far you’ve come and where you want to go. It’s never too late, or too early, to set yourself up in your current job to get that promotion, be selected for a new position or find yourself recruited by another organization altogether. Here are five tips to help you prepare for and execute on your next big move.

Let your advocates know

Tell your trusted network about your job aspirations. These friends and colleagues can offer the

advice, insights and introductions that will help you advance in your career – one of them may

even advocate to bring you along with them! And, of course, it’s always a good idea to have a

recruiter as part of your support team. Recruiters are well-networked and when we’re made

aware of what you’re looking for, we will find you matching job opportunities.

Share your progress and success

It’s hard to boast about yourself. And there’s a time and place for it and proper way to do

it. But unless the decision makers in your company (or at the company where you

want to transition to) know about your contributions and the value you bring, they won’t have the

information they need to confidently offer you more responsibility or a new role. Day to day,

keep your head down and get the job done. It’s a great work ethic! But when the time comes –

during a review or a casual walk to grab coffee – be prepared with examples of your

accomplishments to let the right people know what you have been up to.

Keep learning

Continuing your education and professional development is important and can be fun at

any stage of career. When you have decided what your next move is going to be,

go back to the classroom to take a related course or shadow someone in your company.

It will strengthen your marketability and bring you that much closer to the job you seek.

Mentor others

Being a manager comes with great responsibility and the opportunity to truly mentor. Imparting your knowledge and experience will help your team members grow in their careers and allows you to continue to grow in your own.

RSVP Yes

Accept the work and outside-of-work invitations even when you’re buried in emails or so

tired all you want is your couch. You’ll meet someone new, learn something new and inevitably

hear about a new job opportunity. And when that great opportunity presents itself, even if it’s

intimidating, take it!

“If someone offers you an amazing opportunity and you’re not sure you can do it,

say yes – then learn how to do it later.”

– Richard Branson, Founder of Virgin Group

– Carly Glova with Building Careers

Five Tips to Springboard Your Career Read More »

Tips for companies looking to hire quality employees in 2017

Leave a Comment / Ask An Expert, Blog, Employers

In last month’s blog post, my colleagues Brett Wayne, Managing Director at Cypress HCM, Jeff Prekker, CEO at BioPhase Solutions, Kat Zorko, Director of Business Development at Sayva Solutions and Nicole Sutton, Founder at Nexus Search Group provided Insights and Tips For Job Seekers in 2017.

Here they offer their expertise on what companies can do to remain competitive and attract the best talent in 2017. And, as Brett articulates so perfectly, there’s a “war on talent”.

How does it look for companies wanting to hire in 2017?

Brett: We are in a “war for talent” and companies will face a lot of competition as they try to hire skilled employees. Building out an employer brand and having a great reputation is paramount.

Jeff: Challenging to find the exact ‘fit’ technically and culturally. A good all-round match is what potential co-workers deserve and want more than ever.

Kat: In terms of accounting and finance talent, the outlook is strong. Over the past couple years, job seekers have gained more confidence in the market and are more likely to make a move. San Diego remains a highly desired place to live which also attracts talent from other cities. In certain, more specialized fields, it can be hard to find local talent just given the limited number of large employers and the local industry focus.

Nicole: Competitive! Finding candidates with solid skills and experience will continue to be a challenge, particularly in bio-tech, real estate and the legal field.

What would your advice be to companies looking to build out

teams and fill open positions given the job seeker pool of 2017?

Brett: It starts with creating a culture where people want to work and treating your current employees right. With sites like Glassdoor becoming more prevalent, candidates are doing more research than ever before when applying/interviewing with prospective employers. It is very important to have an efficient hiring process. Candidates are in high demand and the longer, more tedious the hiring process, the less chance you have to land candidates. The longer the process draws out, the higher the chance for competing offers from other companies becomes a possibility. Also, if it takes more than one minute for somebody to apply to a job on your website that is a problem and you will lose prospective applicants.

Jeff: Use a focused contingent-based recruiter. Whether you use that recruiter for all candidates or to work alongside your current/internal searches, you will lessen the chances of missing the perfect match that way.

Kat: Be cognizant of your interview/hiring process. Top talent goes fast so the longer you take to make a decision and the more you put candidates through the ringer, the more likely it is you will lose them. Be engaged with job seekers and sell your brand. Job seekers are interested in not only the specifics of the job, but they are looking at the culture benefits, and overall experience as they evaluate a career move.

Nicole: Don’t hire on skill level alone. Get creative and hire candidates more based upon cultural fit and attitude. Skills can be taught but drive and willingness to learn cannot.

Thank you again to our interview contributors. See below for their contact information should you have additional questions or requirements.

Brett Wayne | Cypress

Office: (858) 429-4098

Cell: (805) 501-6521

bwayne@cypresshcm.com

Jeff Prekker | Biophase

Cell: 619-316-1457

jeff@biophaseinc.com

Kat Zorko | Sayva Financial

Office: (858) 242-5676

Cell: (858) 500-2635

kat@sayvasolutions.com

Nicole Sutton| Nexus Search Group

Office: (619) 354-2530 Ext. 702

Cell: (858) 336-7609

nicole@nexus-searchgroup.com

Tips for companies looking to hire quality employees in 2017 Read More »

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