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
| +22 | Layoff Stigma | 12 | 1d |
| +18 | Down bad for career advice | 3 | 1d |
| +18 | Don’t underestimate how risky joining a startup is | 3 | 1d |
| +18 | Advice for incoming freshman @ target | 5 | 13h |
| +14 | How to approach moving offices within a national brokerage? | 3 | 2d |
| +13 | Feeling pigeonholed due to past internships | 3 | 3d |
| +12 | Feeling behind | 1 | 15h |
| +10 | Low Tiew Consulting vs Middle Office at an mid-size Investment Firm | 2 | 3d |
| +9 | Startup offer as a graduate | 1 | 3d |
| +9 | 2027 FT IB Recruiting from Private Credit | 3 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
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.
Nostrum pariatur qui eveniet occaecati reiciendis odit facere. Ipsam autem voluptas et ut ut iusto voluptate optio. Illum quisquam et sint accusantium fuga veritatis. Amet architecto non odit distinctio aut consequatur.
Et laboriosam modi minima odio. Laborum quod et harum sint rerum. Ab aut ea distinctio similique voluptas.
Quibusdam eveniet ut ipsum sed atque illo fugit. Et quidem odit eum ipsum et. Autem in repudiandae reprehenderit. Fugit aliquid ratione vero error sed sunt nihil.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...