Effective January 1, 2018. California employers will no longer be able to ask your previous or current salary. Applicants are free to volunteer this prior compensation information, and companies may then consider than information in their offer packages. Companies will also now be required to provide applicants a salary range for open positions.
The goal of this legislation is to narrow the gender pay gap. “In 2016, California women who were full-time wage and salary workers had median weekly earnings of $814 or 88 percent of the $925 earnings of their male counterparts, the U.S. Bureau of Labor Statistics reported last month. That’s down from 90.2 percent in 2005.”
The NAIOP CRE Sentiment Index for September 2017 indicates that commercial real estate fundamentals are generally positive, but there is still some uncertainty. An index number greater than zero, like the current 0.49 number, indicates that respondents believe that general market conditions over the next 12 months will continue to be favorable for the commercial real estate industry, and overall conditions will be better in 12 months than they are today. This survey reflects an expectation that the commercial real estate market will be moving ahead at a more cautious pace than what was expected six months ago, and at about the same pace as measured one year ago.
NAIOP’s CRE.Converge 2017, held in Chicago October 10-12 brought together over 1,500 professionals from across North America for networking, deal-making and lively discussion.
Above is a link to NAIOP’s conference recap, including industry thoughts on geopolitical trends, disruptive technologies, global economic investments, and strategic development approaches. Especially interesting to me was the discussion on the fourth wave of wealth and prosperity. Want to get ahead of the wealth curve? Find out what keynote speaker Dr. Michio Kaku shared surrounding his big-picture predictions for The Fourth Wave of Wealth and Prosperity its implications for commercial real estate.
The real estate industry tends to slow down in the summer. Understandably, this can be unsettling if you are eagerly looking for a new job or trying to fill a much-needed open position in your company. However, I believe this period can be a good thing for some companies/teams and here’s why.
During this time, we take that well-deserved vacation, which opens us up to new experiences and therefore new ideas and ways of thinking. We spend long summer evenings BBQ’ing with family and friends and these shared moments remind us of what’s important and help us keep healthy perspective. Being tourists in our own towns reconnects us with our communities and the importance of home. In turn, we bring these insights to work where, combined with the slower pace, we can more effectively catch up on email, prioritize projects, nurture office relationships and set goals for the remainder of the year.
As many of you know, I took some time off when my husband and I welcomed our first child – a sweet baby girl – into the world in April. Since then, our lives have been turned upside down in the best way possible, and I know many of you can relate!
Becoming a mom has been an extraordinary experience for me, and I will forever be grateful for these last few weeks I have spent focused on my family. I, too, have had moments when I would think (worry) about work and how my clients and job candidates – many of you! – were doing. I’d call in and my two rockstar teammates, Julia and Regan, would kindly fill me in, let me know they (of course) had everything under control and send me back to where I was supposed to be.
One look at my daughter and I returned to the present and the precious time I was having getting to know her and motherhood. I told myself that before I knew it I would be back at work and required to hit the ground running. And that day has now come! This week, I return to work a little sleep deprived but with a renewed sense of purpose and inspired like never before.
I truly hope you have the opportunity to take time out to spend these warm summer days doing what you love and finding inspiration in all that you do. In the fall, the real estate industry tends to kick into high gear once again. Since 2009, the end of each year has historically seen the highest sales volume of $2.5M+ real estate assets*. So far, this year seems to be on par with the trend, so I have no doubt it will be an exciting and productive end to the year. I look forward to catching up with many of you in the weeks ahead in preparation.
“Our decade-long research into CRE employment activity has revealed a clear connection between employers’ mindsets, the span of their expectations in new hires, and the nature of jobs they post based on where we are in the cycle,” said Funk. Toward the top of the cycle employers tend to hire for niche job functions in specific sectors, such as a multifamily acquisitions specialist, whereas at the retrenchment and recovery stages hires are expected to fulfill multiple job functions across more than one sector.
“The pace of hiring and the nature of the job postings that we are seeing predominate now argues that we are at the Cautious Optimism stage in the CRE Employment Cycle,” said Funk, noting that current activity could indicate slow growth and stability rather than a transition into retrenchment.
“The post-election financial and federal tax and regulatory environments pose both positive and negative consequences for commercial real estate, according to CBRE Americas head of research Spencer Levy. “
The full recap article of the presentation covers topics including:
“If the U.S. economy heats up to the degree our industry-wide survey predicts, real estate’s need for more qualified talent could be a driving force in increasing compensation even higher in 2017.”
The 2017 hiring outlook is very positive for job seekers. Companies are still bullish on the market and growth and are willing to pay for quality talent. More and more companies are seeking external resources, such as recruiters, to identify this quality talent and satisfy the employee motivations. 2017 is already turning out to be an exciting year and we look forward to what is ahead!
This excerpt was Posted On January 20, 2017 By Susan M. Phillips on NAIOP.org. Read the full exerpt with a link to the complete hiring study here:
“All of my mentors to this point have played an essential role in creating and growing my business. Through these relationships I have gained introductions to their companies’ hiring processes, which has generated business for me. This was never the result of a direct ask but rather from the relationship that was established between us. I have also become more skilled at high-level networking through these relationships.”
-Carly Glova
Proud to be a member of CREW San Diego, whose members who were essential in creating this year’s Crew Network Industry Research Committee white paper. This year’s white paper even includes an interview and quote from our own Carly Glova. Read more here about CREW’s research into Closing the Gap.
Hiring activity in 2015 and 2016 is approaching the record levels of spring 2007.
Here is what companies are looking for and where the most jobs and best odds are:
California continues as the state with the most commercial real estate job opportunities
There is a surge in companies seeking technology and software skillsets across all job functions
In 2016, acquisitions emerged as the most competitive job field, attracting an average of 188 applications for each position, while accounting and controller with 37 applications provided the best odds
Acquisitions constitutes five percent of all job postings yet receives over 10 percent of all applications
Property management is the inverse of acquisitions in that 12 percent of all jobs are in property management but that job field only receives seven percent of all applications
Read the full NAIOP blog post here: Where are the Real Estate Jobs?
Originally posted on NAIOP.org on November 21, 2016 by Susan M. Phillips
San Diego has had a lot of success lately attracting Bay Area companies to set up shop in our town. The availability of talent, lower wages, and real estate affordability make San Diego an attractive market relative to San Francisco.
The larger life science and tech companies that have made the move seem to be setting up shop in San Diego’s suburbs. These types of companies prefer a campus environment that provides large floor plates and areas for collaboration and innovation.
Read more about what is attracting companies to San Diego in the article below:
