In 2018, commercial real estate generated $325.9B in salaries and wages and supported a total of 8.3M new and existing jobs.
Also, California was in the Top 5 states for development value in the office, industrial, and retail commercial real estate sectors.
Take a look at this video, which summarizes NAIOP’s findings in their “Economic Impacts of Commercial Real Estate, 2019 Edition”.
2019 Economic Impacts of Commercial Real Estate Read More »
Welcome to NAIOP 2019! We hope everyone is off to a great start! We are excited to welcome a number of new faces to the Developing Leaders Council and DL program this upcoming year. We have been hard at work setting up an all-star schedule for 2019. As everyone knows, the Mentorship Program is the backbone of the DL platform. We highly encourage all DLs to take advantage of this program. Each DL will be placed in a group of 10-15 peers with an accomplished real estate professional who will host happy hours, job site walk throughs, intellectual panel discussions, Q&A and one-on-one visits. Our mentorship program is designed to bolster technical acumen and develop long-term relationships by connecting young, motivated professionals within San Diego. In addition to the Mentorship Program, we will be hosting a number of fun events – happy hours, lunch & learns, charitable events, and NAIOPalooza. We’d also like to mention that NAIOP DL has a large charitable arm and has made significant donations in both time and money to San Diego nonprofits. NAIOP also has a legislative team whose goal is to educate its membership and promote policies which benefit our city and industry. If you’re looking to get involved, both the Charity and Legislative committees are great groups to consider! We want to thank all returning DLs, their corresponding companies and our Diamond Sponsors who continue to support our Developing Leaders platform. We appreciate your dedication to NAIOP and the commercial real estate industry! We look forward to seeing you all at our Mentorship kickoff event on February 28th. Thank you! Carly Glova & Preston Cavignac
View the entire newsletter including upcoming events here: DL Download: February 2019
NAIOP San Diego Developing Leaders Download: Q1 2019 Read More »
Nike’s new commercial, which debuted at the Oscars this year, was incredibly moving and motivating and encouraged viewers to ‘dream crazier.’ To the crazier ones!
Congrats to Carly’s alma mater, Penn State, for raising $10.6M+ for THON to enhance the lives of children and families impacted by childhood cancer!
Watch finale highlights here: https://www.youtube.com/watch?v=hPpKLdLyJOI
Penn State’s Dance Marathon (THON) Raises $10.6M Read More »
Career trends in commercial real estate are shifting in 2019. And as the winds of change blow in, professionals in the CRE market must take note of developing patterns and new opportunities in order to stay competitive. New data indicates movement in the US economy and in hiring practices for real estate firms. Here’s what will be different and how to stay ahead of the curve.
CRE Career Trends: Cautious But Optimistic
Last month, Select Leaders, one of the country’s premier networking associations within the real estate industry, released their 2018 year-end survey results. The organization polled scores of real estate professionals – from HR executives to top management to average employees – to identify developing CRE career trends for the new year.
Simultaneously, the National Multifamily Housing Council (NMHC) in partnership with Willis Towers Watson prepared their own “2018 National Multifamily Industry Compensation Survey Report.” This report compiled responses from thousands of real estate professionals from 91 organizations across the US to identify compensation and employment trends for 2019.
The responses and data reported by both groups point to a cautious attitude about the real estate market. While most respondents believe 2019 will be a good year overall, there are several challenges on the horizon to be aware of. The market is changing. But with this change comes a mixed bag of potential hazards as well as significant opportunities.
The State of the Market, 2019
1. Opportunity Zones Investment
The recent Trump tax reform bill created an Opportunity Zones program. The program identifies low-income areas in need of investment and incentivizes investors who re-invest capital gains into building up these areas. These zones pose a substantial opportunity for real estate investment, and US Treasury Secretary Mnuchin predicted $100 billion will be funneled into these properties before long.
2. Abundance of Capital
Many survey respondents voiced concern with an abundance of capital in the CRE market. In 2019, this may likely have the effect of shrinking margins and increasing high-risk investments, weeding out inexperienced CRE professionals and rewarding more stable behavior.
3. Stable but Slowing Growth
The responses indicated increasing concerns that the pace of growth will slow in the real estate market. Prices and demand remain high, but some believe rising interest rates and geopolitical happenings may slow down the bull market. However, optimism remains high as compensation continues to climb moderately. Last year, approximately 65% of respondents reported an increase in compensation. About two thirds reported receiving a bonus. On average, real estate executives saw a 3.5% increase in pay, and companies are budgeting another 3.5% increase for 2019.
4. Shortage in Skilled Talent
A consistent CRE career trend for 2019 is opportunities for qualified talent. 58% of the Select Leaders survey respondents reported difficulty finding qualified professionals. 65% reported not taking their full vacation last year, and a possible explanation is the increased burden on current CRE professionals. Some report having to do the work of two due to the talent shortage. This affords both new and established talent opportunity to find exciting new positions.
5. Data Science Climbing
Data science is the next big CRE career trend. Leveraging data and predictive technology is changing the way CRE companies build, plan, and market. And this new wave is sure to be definitive for the 2019 market. This relatively unexplored niche poses a unique opportunity for those entering the new and changing world of commercial real estate in the next year.
The Outlook
Overall, the outlook seems positive for developing CRE career trends this year. Compensation is up, new areas of specialization are arising, and truly gifted RE professionals have room to grow. However, this optimism should be tempered by the knowledge that market increases will likely slow down in the next year or two. Now is not the time for overly risky investments, but for steady and sensible growth.
Learn more about Opportunity Zones at NAIOP San Diego’s April Educational Breakfast
Top 5 CRE Career Trends for 2019 Read More »
San Diegans are known for their laid back attitudes, but not necessarily their cuisine. With some new big-name chefs opening restaurants, that is beginning to change. For those folks who call this under-the-radar economy home, these dinner hot spots are a welcome addition.
March of the Michelin men: San Diego attracts chefs with major star power
San Diego attracts chefs with major star power Read More »
What is the CRE Industry saying about hiring this year? Check out this comprehensive report from SelectLeaders regarding 2018 reports and 2019 sentiment from a wide range of commercial real estate professionals.
2019 SelectLeaders Network Hiring Trends Survey Results
Also be on the look for our next blog post on how the year will play out!
2019 CRE Hiring Trends Survey Results Read More »
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 »
A quote a day for 2019. Stay inspired!
Compiled by Bill Murphy Jr. on Inc.com
Best Inspirational and Motivational Quotes for 2019 Read More »
A tight labor market combined with a hiring sentiment projected to be the highest it has been since the Great Depression is makes for a very favorable job market.
According to Manpower’s Economic Outlook Survey, net employment is 20%, a 1% increase from both the first and final quarters of 2018.
Specific to real estate and construction, nationwide, the seasonally adjusted net employment outlook in the construction sector is 23%.
95 of the 100 metro areas surveyed have a strengthening outlook, which is good news for job seekers looking for the next steps in their careers. Bring on 2019!
Read the full summary and find the survey here: Where The Jobs Will Be In 2019
Published on Forbes.com by Vicky Valet on December 19, 2018
2019 Job Outlook and Where The Jobs Will Be Read More »