So nobody's really hiring for acquisitions or development now, right?
Dumb question I know, but I just want confirmation or to hear how other job searches are doing.
I was recently let go from my development job at a Hospitality fund for obvious reasons. I'm obviously bummed about it, but I'm getting so much from unemployment thankfully which cushions the blow
Thanks guys
Speaking from the multifamily side, there's really nothing that has hit the market yet. There's not much distress in the space, yet. If you're not distressed, you'd be crazy to sell something right now without seeing where pricing has shaken out.
I would think in 2 months from now you will start to see some groups restaffing acquisitions teams.
I appreciate the feedback/encouragement!
Yeah I've seen a few shops bringing in AM guys but acquisitions/development is pretty dead. No deals on the go right now, just building the pipeline and portfolio management.
I was in the hiring process with three different firms before all of this started. All are "on pause" for the time being either until they have a better idea of how things will shake out economically or until they have the ability to meet in person. One head of development told me that he can't make a decision like that without meeting the person in person and seeing how they get along with the team, which is pretty legitimate.
As of right now nothing is really happening acquisition wise, mortgage market is crazy. Once lenders start back up in earnest we'll see more acquisitions. I suspect sellers are still expecting top dollar pricing, buyers want a discount especially with how expensive debt is currently.
When will things settle? I cant say, but sitting in NYC things seem more bleak than the jabroni's out at bars in Wisconsin. Really I don't see how a lot of this opens up without people (buyers and lenders) able to fly freely and safely. Even then buyers will have to give up on things like unit inspections during DD for MF, none of those tenants want people in and out of their unit right now. I think lenders will want to see how their current portfolio looks in a couple months before really chasing new business. Most seem to be internally focused right now.
Think about all the asset classes on hold for the next year, hotels will be lucky if they are at 50% by the end of the year, retail is fucked, urban office will look completely different. the only thing not greatly affected is industrial and data centers. How can a buyer underwrite an office building when its tenants (or potential tenants) still don't know what they need to address this new normal.
Outside of industrial its going to be a while.
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