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The year 2023 is unfolding with unique challenges for commercial real estate companies and investors, but there is a silver lining. As 2023 gets underway, current CRE trends are reshaping the industry and forcing employers to be strategic about their hiring and expansion plans.

In the changing environment, it is critically important to understand where the commercial real estate is heading, what the current risks and challenges are, and how to leverage the challenges for greater benefit. Smart companies understand that changes in commercial real estate can be quite advantageous if these CRE trends are handled properly.

The Challenges Facing CRE

With inflation rates nearing 40-year highs and uncertainties regarding the future of office spaces and retail. Furthermore, there are supply chain issues to deal with and interest rates are increasing, prompting investors to be vigilant. Macro-economic forces, such as national and international geopolitical issues, market volatility, inflation, and interest rate hikes, may also impact commercial real estate.

Geopolitical issues, including the war in Ukraine and sanctions on Russia, have resulted in significant global economic implications that affect US markets. The resulting supply chain issues and sanctions are driving up food, shelter, and energy prices along with the headwinds of record-high inflation.

According to research by Deloitte, rent has gone up by 7.5% from 2021, and the owners’ equivalent rent of residences increased by 6.9% from the previous year, affecting affordable and workforce housing, as well as market-rate housing. Higher interest rates, which may negatively affect commercial real estate owners, may also cause potential homeowners to remain renters for longer, presenting an upside for multifamily owners and investors.

Some experts believe these challenges may lead to a mild to moderate recession this year, which would be more traditional than the pandemic-induced economic impact that mimicked that of a natural disaster on a national scale. Full recovery would take place over years, not months, and impact all asset classes. However, other experts predict a soft landing with only a mild cooldown.

The Opportunities CRE Can Leverage

Despite these challenges, there are some bright spots in the commercial real estate market. Analysis from JP Morgan reveals the unique opportunities each property type affords in the near future. Multifamily properties are currently the highest performing asset class, with multifamily vacancies at a five-year low as of the last half of 2022. While multifamily owners and those CRE companies who specialize in this space are not immune to cost increases, they can adjust rents annually, if not monthly, to account for market changes.

Demand for affordable and workforce housing continues to outstrip supply, so creative solutions to increase affordable housing, such as modular construction, mixed-income properties, and unique capital solutions, are needed.

As e-commerce continues to grow, the need for warehouses and industrial space increases. E-commerce accounts for less than 20% of retail sales, so there is room for growth. This sector is delivering record amounts of new warehouses, and investments in last-mile distribution complexes and drones are on the rise. However, industrial space may be challenged by longer leases, which only account for 2%–3% inflation.

Retail performance largely depends on location and retail category. For instance, neighborhood shopping centers in densely populated residential areas continue to perform well, and B- and C-class malls are being redeveloped into mixed-use properties that include apartments, restaurants, movie theaters, and experiential retail locations. Retail in city centers has been slow to bounce back due to the reduced number of people working in downtown offices.

The future of office buildings remains uncertain. However, none of the regions across the US have seen vacancy rates dip below their pre-pandemic Q4 2019 levels. In some cases, the right location with the right amenities, such as optimizing floor plans for collaboration, offering private outdoor space, and adding onsite services like childcare and catering, may bring employees back to the office.

CRE Hiring Trends Going Forward

Amidst the changing landscape of the workplace, the Commercial Real Estate (CRE) industry has the opportunity to adapt and thrive. While employee expectations have evolved since early 2020, companies should view these CRE trends as an opportunity to attract top talent by embracing the trend of remote or flex work.

In many parts of the world, talent markets remain fiercely competitive, with employees taking advantage of favorable job markets and still-rising wages. Additionally, the pandemic has sparked a shift in population as many people have relocated to areas that accommodate remote working arrangements. CRE companies should recognize the trend towards remote work as a permanent shift in the industry, which could help them attract and retain top talent.

By prioritizing the needs and expectations of employees, CRE leaders can create a more inclusive, diverse, and attractive work environment. Many respondents plan to focus on initiatives such as DE&I, health and wellness benefits, and regular remote work options. However, there is still a gap in prioritizing measures such as workplace redesigns, flexible schedules, and career growth opportunities that could help CRE firms further enhance the talent experience.

Apologies in the workplace have become a real talking point, especially considering how few of us enjoy delivering them. Come to think of it…does anyone?

Apologies certainly have their place. Some people use them as an expression of empathy rather than wrongdoing. And sometimes, colleagues just need to hash things out before they can move on. Still, apologies can be both overused and underused, and even misused, to the detriment of work relationships.

However big or small the problem, there are some helpful factors to think about when it comes to apologies in the workplace. Maybe you don’t know how or when to apologize—or not apologize—at work.

When You Need To Apologize

Some of us may avoid apologizing at all costs, while others say sorry so reflexively that it starts to lose meaning. You may have experienced the passive-aggressive non-apology, or the apology that’s weaponized to make everyone feel worse. Maybe you’ve even found yourself perpetuating some of these behaviors yourself.

Whatever camp you fall into, it’s probably safe to say that no one really likes apologizing. But sometimes it’s the right thing to do, and it can make life easier for everyone. If you’ve genuinely made a mistake or bad decision that has affected your colleagues, there’s no shame in saying you’re sorry. In fact, apologies in the workplace when you’ve messed up shows co-workers that you’re honest and take responsibility for your actions. Executed with some thought and finesse, an apology can increase your team’s confidence in and respect for you, and demonstrate that you learn from your mistakes.

How To Apologize At Work

Keep these tips in mind if you’ve decided an apology is in order:

Be authentic. An insincere apology is rarely effective, and can even make things worse. Approach your apology as an opportunity to set the stage for a better relationship with the recipient. At its core, a true apology should be about humility and empathy, so focus on how you’ve impacted the other person.

Don’t qualify it. The word “if” doesn’t belong in a good apology, nor does the passive voice. You probably (hopefully) know that something like “I’m sorry if my words caused you to feel offended” isn’t a real apology. Don’t deflate your apology with words that protect you rather than acknowledge their concerns. Be willing to accept responsibility, or don’t bother.

Remember that you can only control your end of the apology. It may not be accepted graciously, or at all. It may not even be acknowledged. All you can do is move forward with the insights you’ve learned, and the confidence that you’ve accepted your part in what happened.

When Apologies In The Workplace AREN’T Needed

While apologizing can be the right thing to do, it isn’t always the right thing. You may be tempted to say you’re sorry to avoid conflict, or keep tensions from building. If you’re not at fault, though, beware the false apology.

Read More: https://www.idealist.org/en/careers/apologizing-when-and-how-to-do-itand-not-do-itat-work

So you’ve decided that you’re ready to make your next move and start a graduate degree program—but your days are already packed with work commitments. You may be wondering, “Can I really manage attending grad school with a full-time job?”

The short answer is “Yes.” But as a full-time professional, you have to be prepared for the realities of long days and competing responsibilities. Luckily, there are many options available. In some respects, there are actually some benefits to attending grad school with a full-time job.

Work-School-Life Balance?

Adding “earn a degree” to your to-do list will mean that you need to make some schedule adjustments. Luckily, many grad programs—and, increasingly, jobs—provide flexible scheduling options. Consider what is most realistic for you in terms of time management and cost. For example:

A part-time program. This schedule will allow you to take a class or two per semester and might work better if you’re not in a hurry to complete your degree, or in cases where there are just too many scheduling conflicts with your full-time job. If your job has certain times of year that are busier than others, this might be a good option as you can adjust your course load accordingly.

An online program. Online degree programs often offer the most flexibility. However, you will not have the traditional experience of interacting in person with professors and other students. Make sure the program is accredited and be aware that although most employers now accept online degrees, some may still have a bias toward traditional degree programs.

Tuition Options

One of the benefits of attending grad school with a full-time job is that your employer may cover some of the cost. It’s essential that you discuss this in advance with your HR manager to learn about eligibility.

You may need to have worked at the organization for a certain amount of time before you qualify for this benefit. Similarly, you may be required to stay a certain amount of time after getting your tuition reimbursed, or have to pay it back if you switch jobs before that designated date.

Read More: https://www.idealist.org/en/careers/grad-school-full-time-job

New York City’s new pay transparency act had a shaky rollout and met with criticism from many in the business community, but it also touched off a wave of CRE professionals eager to find out how their paychecks stack up and arm themselves for compensation negotiations.

This new access to compensation information is part of a growing movement in the U.S. and reflects a shift away from the old notion that the very subject of pay is taboo, offering a glimpse into how others are paid and potentially contributing to a talent shakeup in CRE and beyond.

“Candidates seem to be on a fact-finding mission to ensure their compensation is in line,” said Building Careers President Carly Glova, who heads a recruiting firm focused on CRE. “They have been reaching out to us in droves, not necessarily with the intent to move positions, but with regards to their market compensation. Many are taking the initiative to have those conversations with their supervisors before getting to the point of a counteroffer.”

With some of the largest markets in the country, including California and Washington, soon to be under such rules, and an effort by advocates to increase pay equity, it’s likely firms nationwide will see this as an evolving part of job posting, recruitment and, especially in early days, retention.

“It’s coming down the pike,” CRE Recruiting founder Allison Weiss said. Her firm has already made all of their positions in New York state compliant to the new standard.

A handful of companies and industry groups with large presences in New York City responded to Bisnow’s inquiries about the pay transparency act: Savills had no comment, REBNY said it wasn’t the best source of information, and CBRE said “we are in compliance with the New York City salary transparency law.” JLL, Rudin Management and Colliers didn’t respond to inquiries by press time.

A review of CBRE postings for jobs in New York City on Nov. 7 found some positions, such as Fund Portfolio Manager, including a salary range of $150K to $170K and an explanation of potential bonus compensation, while others, such as Workplace Experience Coordinator, initially didn’t include any salary or pay information. After being contacted by Bisnow, CBRE has updated its NYC listings.

Read More: https://www.bisnow.com/new-york/news/top-talent/nyc-pay-transparency-laws-rollout-unclear-but-cre-impact-seems-unmistakeable-116273

Typically, the first thing we’re told to do before getting a job or applying to graduate school is find a mentor. But what type of mentor should you look for?

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Popular culture often paints a mentor as a very specific type of figure who takes you under their wing, gives you advice, shows you what to look out for, and introduces you to people you should know. And that’s certainly some of what they do in real life, too. But mentors come in all sorts of varieties, and they can be helpful no matter where you are in your career.

Whether you’re a brand new professional, someone who just changed paths, a seasoned vet with imposter syndrome, or anyone who has or wants a job or career, mentorships can ground you and fuel your passions. Here are seven types of mentors you should consider:

1. Traditional Mentor

A traditional mentor is someone who’s been in your field or industry for more than a few years, like a supervisor from a past job or internship or a professor who helped you navigate your way from school into the workforce. They might’ve had your current job back in the day or perhaps they’re in the role you hope to have in the future. A traditional mentorship is a tried-and-true choice because the mentor has usually navigated the same path you’re on right now.

2. Affinity-Based Mentor

An affinity-based mentorship grows from a place of commonality, often stemming from an underrepresented identity—whether it’s gender, ethnicity, sexuality, religion, or one of a myriad other characteristics. Not only does it benefit you and remind you that you’re not alone, but it can also lead to organizational or even industry-wide changes in policy or perception.

When you find an affinity-based mentor, remember you’re both complex. Just because you speak the same language or have the same speech impediment doesn’t mean you’ll be twins. But what counts is knowing someone out there has at least one thing in common with you, knows what it’s like, can share their experiences, and will listen empathetically to yours. This type of mentor can give you a blast of confidence and belonging that’ll keep you riding high through Friday.

3. Group Mentor

Group mentorship is often set up in cohorts. Think of a summer internship program where the class of interns has a seasoned professional leading a mentorship cohort that meets weekly for Q&As, discussions, and workshops over lunch.

You can learn a lot from the mentor, but you can also learn from your fellow mentees and build relationships with your peers. When someone brings up a problem they’re facing and gets advice, you can look for ways you can apply the same advice to your own headaches. And in some cases, you’ll find that you start turning directly to fellow mentees for suggestions and support.

Read More: https://www.themuse.com/advice/types-of-mentors-mentorship

In a competitive field like commercial real estate, it pays to hire the right talent for your team. But what’s the secret? Your hiring track record isn’t bad, but you want more than that. You want to hire rockstars. So, how do you make better hires?

Let’s check out some surefire ways to up your hiring game and land top talent for your team.

1. Try Out Different Strategies

If you’ve experienced mixed results in the past, change up your strategy. Simply put, a hiring strategy is the thoughtful and creative approach you take to identifying, attracting, and converting job prospects into employees. There are many hiring strategies that can help you land the best people for your role.

• Leverage social media by posting job listings, starting conversations, and showing off your corporate culture with photos.
• Create an employee referral program with incentives such as bonuses or prizes.
• Target industry-related meetups like tradeshows and job fairs to network with the cream of the crop.

2. Switch to Behavioral Interviews

Traditional interviewing is aimed at asking job candidates how they would respond to various situations. After all, you want to know if they are qualified, right? But you can shift this to a more indirect line of questioning to reveal so much more about a candidate.

Behavioral interviewing is a powerful alternative that instead asks candidates how they already have responded or behaved in previous situations. This allows you to observe their past behavior to identify key values, competencies, and traits in past roles. Dig deeper into these stories for an even more vivid picture of this person and how their past might predict their future on your team.

3. Prioritize Personality Over Skill

It may sound counterintuitive, but hiring for skills can lead to less qualified hires. If you want to improve your hiring game and make better hires, focus more on their personality.

Character makes all the difference in business. And character is a function of personality, not training. When you hire for personality, you can always train them for required skills. Some key personality traits every hiring manager should look for are:

• Positivity
• Open-Mindedness
• Flexibility
• Independence
• Collaboration

4. Ask More Creative Interview Questions

So much about interviewing is scripted. It’s like a dead, ritual exchange of information. But if you want to ensure better hires, ask better questions. Flip the script. Instead of talking past each other, open a genuine dialogue with creative interview questions like:

• What adjectives would your co-workers use to describe you?
• Does magic exist, and if so, how would you define it?
• If you were interviewing me, what questions would you ask?

5. Engage a Recruiter

There are many ways to go about hiring, but successful companies know that engaging a recruiter is the proven route to landing a highly qualified team member in a relatively short time period. And the reason for this proven success is in how a recruiter works.

Recruiters don’t start looking for your new hire when you give them the job description. They began way back when they started their business. Years ago, your recruiter began amassing a database of highly qualified professionals, segmented according to a myriad of criteria, and has since nurtured relationships with those people. Engaging that recruiter means simply plugging into a long-standing network and receiving only highly qualified prospects.

Each of these methods have been proven time and again to improve your hiring efforts and land top talent in your field. No need to keep spinning your wheels. Use one or more of these methods to land better hires and build a better team.

Productive, respectful relationships between a boss and their employees is key to any company’s success. While the boss’ top priority is likely to have hardworking employees who fulfill their vision for the company, it’s a safe bet that they’d also like to have more than superficial relationships with the people they work with every day. After all, they probably spend more time with their staff than they do with anyone else.

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Of course, there’s something in it for employees, too: The boss plays a key role in advancement opportunities, so the more they know you, your work, and your work ethic, the more likely you are to be rewarded.

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A healthy, respectful relationship with your manager can improve your morale and productivity, and ultimately, it can boost your career. If you want a relationship that goes beyond “we get along fine,” here are three ways to have a better relationship with your boss.

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How To Have A Better Relationship With Your Boss

1. Take Charge And Set Up Monthly Meetings

When I first started my business, it was easy to meet with each employee almost daily, because I only had five employees. Now, with 19, it is more difficult to check in with every employee every day and keep tabs on all the tasks that each person is working on. So it’s important that my employees take the initiative to set up individual meetings with me throughout the month. This helps me know what’s going on in the business—and shows me that they care about their jobs and are keeping my goals and expectations in mind.

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Your boss may be busy, but as an employee, you can and should take the initiative to meet with your boss one on one at least once a month. Use that time as an opportunity to discuss the status of your current projects, present your ideas for the future, and check in to make sure you’re on track with your boss’ goals and strategies.

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2. Prove You Are Innovation And Can Take Initiative

Every CEO or manager wants a company full of motivated and productive employees. Showing that you’re excited to take on new projects will help both you and your boss be more successful.

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If you work in an office where people are constantly pitching ideas for new products, services, projects, or process improvements, don’t be afraid to raise your hand and volunteer to take the initiative on something. If suggestions aren’t free-flowing, keep a running list of your own ideas and offer them up at your monthly meetings with your boss.

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Being innovative and taking initiative shows your manager that you’re invested in growing with the company, and that is bound to lead to a better relationship between the two of you.

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3. Work Hard To Have Open Communication

How many times have you told your boss that one of their ideas isn’t so great? It’s a scary conversation for any employee, but it’s an important one.

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There have been a number of times that I’ve shared ideas with employees, and they’ve come back and suggested—politely of course—that my idea may not be the best route. The reason I don’t get upset is that, along with the rejection of my idea, they present a suggestion for something else. Or, better still, they consider how they can adapt my idea and make it work more effectively.

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Read More: https://www.themuse.com/advice/5-secrets-to-developing-a-better-relationship-with-your-boss

Whether you are self-employed or employed, you will inevitably have to work with other people at some point. Freelancers have to interact with clients and customers and build relationships with them. Those in employment need to work well with remote coworkers whether they are colleagues, managers, suppliers, and customers.

It is impossible to avoid other people entirely—and few of us would ever want to do so.

However, remote working brings significant challenges to working with others. It is much harder to build rapport when you are not face-to-face. A significant amount of communication is lost without body language, facial expressions, and gestures, and telephone and email are poor substitutes for face-to-face contact.

So here’s how to work well with remote coworkers by maintaining relationships with others!

The Value of Maintaining Relationships With Coworkers Virtually

In the past, remote working was often a choice, and not always available to everyone. Few people worked remotely all the time; one or two days a week was more normal. This type of part-time working from home makes it easy to maintain relationships with your colleagues. After all, even if your colleagues are also working from home part-time, you probably see them at least once a week. Many managers make a point of holding all-team meetings to facilitate relationships.

However, many people have found remote working thrust upon them recently as a result of the pandemic. They and all their colleagues have been moved to working from home. This situation makes it much harder to work well with remote coworkers and maintain good relationships. However, this just makes it even more important that you do so!

How To Work Well With Remote Coworkers

There are a number of things that individuals and managers can do to help maintain good relationships when everyone is working remotely. An example would be to schedule ‘whole team’ video conferences on a regular basis. It is surprising how easy it is to become out of touch with everyone else’s work when you do not half-hear phone calls or spend any time chatting in corridors. This means that the formal arrangements for keeping in touch have to be better when everyone is working remotely.

Read More: https://www.skillsyouneed.com/ips/remote-relationships.html

Sometimes dealing with feelings of inadequacy can lead to a lack of confidence on the job. The truth is feeling insecure at work is a constant struggle for some people. But, it’s also a major obstacle to achieving our professional dreams and realizing our full potential. So, let’s boost your confidence at work!

Yes, it is possible to boost your confidence at work. If you need a confidence boost in your day-to-day routine, check out these tried-and-true tips. You’ll bolster your sense of assurance, come off more poised, and kick some butt in the workplace, too.

Partner With Supportive Allies

Seek out positive co-workers and mentors who support you, who boost you up when you’re feeling down, and who can help you succeed in your job and within the company. There are always naysayers and jealous types who want to see you fail, but if you reach out to enough people, you’re sure to find a critical mass who have your back.

Dress The Part

Turns out, there’s some truth to the old adage, “fake it until you make it.” Dressing well, having good posture, being friendly, and making eye contact with people will all give the impression that you’re confident and in control. And when the rest of the world thinks you’re self-assured, you’ll start believing it, too. So smile, stand up straight, and yeah, go ahead and treat yourself to that new blazer to boost your confidence at work!

Go With That Gut Feeling

If you feel that you work isn’t getting you where you want to go, it’s sure to impact your frame of mind and sense of confidence. So be really honest with yourself about your personal goals and expectations, and make sure that you’re being true to them. If you find that you’re not able to use your talents to their fullest or your job isn’t putting you on the right track for your career, think about how to change your situation—whether it’s having a discussion with your boss or looking for a new gig.

Rejoice In Your Accomplishments

If you’ve received an amazing performance review or nailed the client meeting you’ve been stressing over, celebrate—you deserve it! Acknowledging those successes and rewarding yourself will remind you how great you really are—and there’s no greater confidence boost than a job well done.

Read More: https://www.themuse.com/advice/9-ways-to-boost-your-confidence-at-work

Let’s face it, it can be hard to give or receive criticism no matter how it is delivered. But getting comfortable with offering and receiving practical, constructive criticism is fundamental to our professional development.

When presented correctly, it can be a helpful tool for leaders and peers to help each other deliver better results, find motivation, and strengthen relationships.

So how can you learn to take criticism well and get better at delivering it to others?

In this article, we’ll discuss the art of constructive criticism. We’ll break down what it is, how it compares to destructive criticism, practical strategies to give and receive it well, and what to avoid in both cases.

Define Constructive Criticism

Constructive criticism is a feedback method that offers specific, actionable recommendations. Good constructive feedback facilitates positive outcomes and creates a positive working environment. It also provides a safe space where a person feels secure enough to ask questions, seek help, and share ideas.

The Difference Between Constructive Criticism Vs. Destructive Criticism

The big difference between constructive and destructive criticism lies in how the comments are delivered.

While constructive criticism focuses on building up the other person, destructive criticism focuses on the negative. The feedback can be vague and often lacks guidance or support.

Constructive Criticism

Constructive criticism is clear, direct, honest, and easy to implement. It provides specific examples and actionable suggestions for positive change. This type of feedback also highlights ways the recipient can make positive improvements in their behavior to minimize future problems.

Deconstructive Criticism

Destructive criticism, on the other hand, focuses solely on the problem. This kind of feedback offers no encouragement, help, or support for improvement. Despite the deliverer’s intentions, it often lowers morale and reduces confidence.

Pros Of Constructive Criticism

Unlike deconstructive or negative criticism, constructive criticism builds trust and provides an opportunity for both parties to grow. Two key elements of constructive criticism’s success are context and actionable advice.

This kind of feedback gives the recipient context around their areas of improvement, which is crucial for understanding why the feedback is being offered.

Supporting the additional context with actionable steps and suggestions for how to improve build trust between both parties. This combination also opens the door to conversation, collaboration, and professional development.

Read More: https://www.betterup.com/blog/how-to-give-and-receive-constructive-criticism-at-work