People talk a lot about how real estate development is an extremely localized business. It requires not only knowing your local market and its intangibles, but all the relationships that help business grow--whether it be with local officials, architects, contractors, subconsultants, permit reviewers, etc. I've lived/worked in my major market for my whole life, have a great job, etc. but want to switch it up and try something new before it is too late. I am grappling with the relative stupidity or short-sightedness of giving up all the progress I have made to date by relocating...anyone else have experience with this? Did you find any issues remaining competitive in a newer/unfamiliar market? I am talking about a pretty major switch---major east coast market to major west coast market.
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sorry for the self-bump, just want to see if anyone in development that has moved markets has thoughts on this. appreciate any insight.
I don't know anyone personally, but I think it depends. To me, if you're at the top of your market and your name's on the door and that kind of thing, may be more difficult, or that may make it easier depending on your niche. If you're a junior analyst type or something, I would think would be super easy(assuming you know people already) since you're more of a plug and play worker based on fit and personality.
That said, look at somebody like Gatlin. They started I believe in SoCal, then moved everyone to Miami, and are now in Jacksonville. All over a period of like 40 years, but significantly different markets all around. And yeah, they aren't "super prestigious" or whatever, but the guy started from nothing and sold his California portfolio a couple of years ago for like $200M. Hard to turn your nose up there.
So it's definitely possible, and like anything you pick up the new area's little quirks as you go but the development process is still the development process.
It really comes down to why you're doing it. If you live in NYC and desperately want to be in SF for whatever reason, then go ahead. I think location is far more important in terms of brokerage than it is development - tons of developers develop outside of their HQ city. Will it hold you back some? Eh, probably, but that cost/benefit to the change is for you to analyze. We can't tell you what you value most in life, you know?
If this is just a "quarter life crisis" thing though, I would recommend taking a vacation first. Hate to move somewhere random because you just "need a change" and then regret it.
Great advice.
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