Current (hiring) State of NYC RE Market Q3 2022
Hey gents-
I remember awhile back reading on a post on here that "firms are having a tough time finding quality analysts" in NYC… maybe in March of this year. Is this still the case in the current market..? I would assume yes.. I guess my question is - if your firm is active in NYC has your firm lulled any hiring since recent Fed action?
Any input on what to say for baseline comp expectations at a NYC shop right now would be appreciated as well (whether it be brokerage, dev, etc.) — I don't have prior CRE experience though..semi-important if you wanna share advice here as REPE Equity or Dev is my long-term goal
All insight is greatly appreciated. Thanks for replies in advance and hope you're all doing well
so far this summer I've had 2 near job offers pulled at the finish line ("decided not to fill role due to market conditions") after going through the entire interview process and being told I was the top choice....
Heartbreaking man - keep going
Market has pulled back quite a bit. I have heard of some firms just going “pencils down” and not doing deals for a while given the turmoil
Was looking before enrolling in grad school, there were a lot of analyst roles on Select Leaders or Linkedin that I went through the interview process/started and later saw the role pulled/no one taking the role per website/their Linkedin. These were mostly for acquisitions roles so it makes sense if firms are pulling back, these were with owner/developers and on the lending side. There were also firms that did make hires and/or brought on a interns instead but to give you an idea months ago there were 7-8 pages of jobs on Select Leaders in New York and today there are 2 pages. There are also many of the same openings continually being posted (posted and taken down 3-4x) so those are not real.
Recruiters are looking for candidates (top owners/developers), but why are you taking a Dev Analyst/Assoc role rn when we could be heading into a recession and developers have no problem cutting people to save their business. You'll end up with a big name but less than a year of experience in the middle of a recession which fucks you.
1. I also have noticed the decrease on Select Leaders, exactly what you speak of. Quite telling. What are you referring to when you say openings being not real? HuH? On Select Leaders there's fake job postings? If so, how do I know what's fake/isn't?!
2. I just said Equity/Dev is my long term goal. But yes I know with current trends that an Acq/Dev role really isn't ideal as a new analyst... Do you think that I should aim for brokerage/AM roles as these would be safer to aim for to break in with current macro state?
As in roles that are posted more on Linkedin then reposted. A role that is up on Linkedin for a few weeks, you apply and then you see it another day that it's a new job posting. If there were 300 people who applied the first time you saw it a few weeks ago, they really couldn't find a candidate from that to hire? This reposting has happened 3-4x on roles over months on Linkedin, doesn't seem like a real role because they 100% should've been able to find a candidate and are most likely just posting to get resumes but not really serious about it.
Right now when things slow down firms focus on dealing with their existing portfolio so it would make sense to maybe see an Acq/AM role but the focus will be mostly on asset management. Brokerage is great, but as debt has become more expensive people are slowing down on buying/only refinancing if they have to. So everything tends to slow down, brokerage there are always opportunities for owners looking to buy/sell or refinance but as the market slows down so do those opportunities. Funds have to put out money but you can see a drop off in sales activity. You need to go to a top team to really see deal flow regardless of market conditions and even then that could be slower than usual. Everything goes in cycles.
Echoing the first poster. I have had two roles pulled in early June, one after receiving the offer (firm was not buying for a bit) and another right before receiving an offer (debt fund which is pivoting to workouts due to the market. Their model was not sustainable either way, but they worked on some interesting assets). I also got an offer which i declined at the end of July. I think around June was when I noticed that lots of firms had stopped hiring. I am sure that will change once the market picks back up. That said prior to June I was getting interviews left and right, possible fill positions due to people leaving after bonus season.
My firm has not stopped hiring in general, but in NY we are full on the investment side. Still hiring research people, and some investment people (not in nyc for the investment people though).
Are these research roles worth looking into? I haven't done so. How much underwriting do those people do/see? Is the work worth it/transferable to an analyst role do you think?
No underwriting, it’s more like data science than anything.
Non NY data point: I recently accepted an offer as an Associate doing acquisitions at a large REPE shop based in BOS/DC/LA. Prior banking and acquisitions experience. 3-4 YOE 225k all in.
Sounds like Bain.
Bain pays more than this. Sounds like Carlyle.
Congrats on your new role! I'm sure you'll kill it.
Anecdotal but FT Offer rate for BB CRE interns has materially plummeted YoY
How much you think? I have a buddy at a BB who was making $84k, 10-15% bonus a year ago. Non T1 market
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