Leasing, Capital Markets, and REITs: The Other White MeatRE
Like most people might expect, REPE is getting the majority of the attention. This comes as no surprise since many of the well known shops are highly selective, pay handsomely, and provide employees an opportunity to refine their real estate modeling skillset and knowledge base.
Below I've listed some other areas within RE. Feel free to answer any of the questions or add your own to get some more points of view in this bitch:
1. Capital Markets (Placements / Investment Sales): This fits into RE essentially how IB fits into corporations, so it's gotta have something going for it in terms of RE exit opps, right?
A) How difficult is it to get into this field at a top firm?
B) How is the career progression / earning potential?
C) What are some highlights as far as actual work / skill sharpening?
Top Players: Eastdil Secured, CBRE, JLL, HFF, Cushman & Wakefield
2. Leasing: Although it's not as high profile as a lot of the acquisitions / dispositions that you get in Capital Markets, I guess you could contrive this to be "deal experience" since leasing requires at least a modest amount of underwriting and negotiating. However, leasing can be pretty lucrative if you have the flow.
A) How does it stack up against Capital Markets in each of the 3 questions above?
Top Players: Same as Capital Markets minus Eastdil
3. REITs: From what I understand, in the RE family, these guys are sort of like the mature, older, more conservative siblings while REPE firms are the balls-to-the-wall, all-or-nothing detention-bound hot shots. A lot of the time they get less respect because they generally have lower comp and less demanding work (little or no workouts and distressed situations, less leverage and less overall creativity in the strategy due to the focus on core investments instead of opportunistic) but maybe this is just a myth.
A) Is this just a myth? Are there solid gigs on par with REPE? (No, not C-suite execs, I'm talking analyst through VP)
B) Same as the others: difficulty of entrance to a top firm? career progression / earning potential? highlights of the work?
Top Players: Vornado, GGP, Boston Properties, Simon Property
Like I said, this is hardly an exhaustive list so throw out whatever you want. Just trying to learn a little myself while spreading what little insight I have. Also, I left off developers because I wanted to focus more on the financial side. Plus I think a lot of people have a better understanding of what developers do since they interface more with the community.
*(joking, obviously "worse" depends on one's perspective. but a lot of us do share a similar one.)