Hiring Market Pickup - Fall ‘24
Know this has been discussed recently, but is anyone seeing more opportunities posted, inbounds from recruiters, etc now we’re in September? Thought the job market would start heating up for fall, but still seems quiet.. is anyone else seeing the same thing?
Kinda worried, noticing the same thing. Was hoping to see an influx of new opportunities post Labor Day but yet to see things pick up…rough out here
Sadly seems even more dead than a couple months ago...
I've personally seen a bunch of analyst/associate postings on LinkedIn the past couple months. Both from recruiters and direct. Nothing crazy like the peak, but for sure a big pick up compared to 6-12 months ago
Mostly for AM jobs though, no?
Mostly AM, but I've seen acquisitions. Acq roles have mostly been from middle-market operators in high growth sunbelt markets. Almost all guys that just started their own shop and need an associate. Which is risky but high upside.
Del
Hi where could I find these roles? I'm interested in associate+ roles in AM, preferably at a more established shop
Since the person you’re responding to said they were on LinkedIn, I’m going to bet you can find them on LinkedIn
Way too many analyst/associate level acq roles out there compared to sr associate/avp/ad roles. Plenty of need for $75-100k underwriting excel jockies, but don’t see a need for mid level talent too much. Still bifurcated between having a legit bob and being valuable to top line, or being this younger crowd.
Where ahaha, they certainly aren’t on the west coast
Literally all over the west coast my guy
Unless you’re a bigger shop it’s harder and harder to justify the middle/upper middle roles IMO.
We aren’t tiny but deal team runs very lean. If I stayed at my company for 20 years my title would change and I’d source more but my duties really wouldn’t. They would be promoting me/paying me vs. cycling me out for a cheaper analyst because one day they’d want me to take things over and I know how we look at things- not because they actually need the skillset of a senior associate/VP.
Let me know if there are any in Chicago. I cant find zilch
Bump
Seeing slightly more activity. Certainly more than 23-late 24. Nothing like the 2015-2022 run but trending upward.
Are you talking coastal or Sun Belt markets here? Or both
Yeah, I’m worried that there isn’t much hiring on the mid-senior level. Mostly junior level talent…additionally it feels like the AM roles people are hiring for involve a lot of operating experience (ie really getting into the weeds). They need to basically double up on the property management given underperformance and potential switching of on-site management teams.
Been applying/interviewing since June, accepted an offer a couple weeks ago and since then I have seen a lot more analyst roles popping up on LinkedIn. On west coast for reference.
Lots of analyst/sr analyst roles floating around in LA/SF; the hiring market for Associates/VPs is still brutal
Agreed - it seems like there are some great opportunities for analysts and associates and I know several analysts and associates who were laid off and quickly found jobs. Anyone VP and above has taken MUCH longer. And for some reason I keep seeing better opportunities for VPs on the west coast than east coast. Also there seem to be a lot of opps in capital raising at a more senior level
What have these roles been for? Dev, Acq, AM?
What have recruiters been saying that you spoke to? Curious if we’re getting consistent feedback. The ones I’ve spoken to are saying they hope it picks up in Sept, and that this year has been very stop and go with many roles cancelled and companies unsure of their hiring needs. And then more roles in debt/capital raising
I doubt there are going to be any mid-level and higher jobs opening until the cycle starts anew. Companies and their employees are holding tight waiting for the market to turn. Some trimming non-essential positions. When the industry feels the cycle is about to reset then you should start to see more opportunities, but nearly everyone (outside the big players) is still on the sidelines waiting to see how the rate cuts impact the market, election, jobs data, etc. NMHC in Vegas this year will be interesting as to where deal flow will be in Q1 2025.
We are a large private REIT that has been trying to hire an Analyst and Senior Analyst for about 8 months now. Entry level to 2 YOE, very few candidates have applied and those that have are low quality, failing to answer what a cap rate is.
Cap rate is the yield that a property can generate in 1 year. Formula for cap rate is net operating income divided by total value of property.
Can I get an offer now?
What is the comp range? Likely too low to attract any quality candidates.
Curious what AM folks are seeing around the Associate level? Both my current and my former teams are hiring and last I caught up with them sounded like candidates were really missing the mark.
Definitely hoped when we first posted we’d see better quality of candidates but perhaps we’re just the outlier
Are associates considered "mid-level" or nah?
3-5 yrs of exp, I personally still think that’s a junior
Nah
Another thing I’ll note about mid level roles for AM - many are not in NYC. They want you to be close to where the investments. In multi at least, many recent investments are in the southeast/southwest - that’s where all the capital was flowing, so I’ve seen numerous jobs where they wanted someone in Atlanta, Florida or TX…and to be fair capital is migrating north but smaller PE shops/many value shops were focused on the sunbelt.
Talked with a hiring manager a couple weeks ago for an acquisition role with 1-3 years of experience. Said over 500 people applied in just a couple of weeks. Keep in mind, this was for a company with sub $3B in AUM. Other than that, I’ve had two super days in the last 2 months and came in at runner up on both “supposedly”. I do feel like there are a fair number of job postings, but I also feel like the number of people looking has never been higher. So many colleges are offering real estate as a major now, which is creating huge competition at the lower levels imo.
Wow that’s crazy, but to be fair I think with the ease of applications these days a lot more apply than they used to.
Having been on the receiving end of applications for an analyst we were trying to hire, I’d say 70% or more had subpar experience to no relevant experience, and that’s after HR sifted through the pile. So safe to say that % was much higher if you take into account all apps.
hopefully that gives you hope that you’d likely be at the top of the pile for future roles if you made it that far with several companies
Appreciate that insight. I’m just happy I have a solid RE job at the moment. Just not exactly the kind of work I want to be doing.
Been getting a few more mid-level (senior associate, VP, director/principal) inbounds for debt origination and equity/debt AM. Market seems to be thawing a bit compared to Q1, Q2 and beginning of Q3, but not by much.
... Not to be a dick... but the job market is getting worse. you really think just bc its September things are magically going to get better? Each month is getting progressively worse.
Fed cuts aren't going to do anything. The reality is, we're very late cycle and things won't get better before they get worse.
I don't think it can get any worse than what it has been for the past year+.
Speaking to recruiters, its actually a fallacy that jobs open in September. In fact, nobody wants to hire because most hired new grads in the summer. I think some jobs open up around Feb-March once people leave after bonuses.
I think people simply just dont understand that the overall CRE market really peaked in 2021. Im talking valuations, transactions, etc. Interest rates brought everything down. The industry has contracted and there will be less jobs than there were before. Eventually the market will come back, but we're talking about a long long time. This truly is the end of a very nice bull market we saw.
I share the sentiment that we're still in early/middle innings on the 'comeback.' The bull run was ~13 years so the downcycle hangover will be similarly prolonged/excessive. From my vantage, prices haven't truly 'corrected' yet with so few forced to transact at a market-clearing price.
That’s true for junior level roles, but for more senior roles the roles will come up once there’s a need - they’re not tied to undergrad or MBA hiring. But typically Q1/Q2 is the busier hiring season given bonuses
Found the perma bear credit guy...fed cuts doing nothing to an industry that is very clearly almost entirely dependent on interest rates is an absolutely hilarious take. I've started getting flooded with calls from LP equity post labor day after two years of complete fucking silence now that rate cuts are here, but tell me more about how rate cuts will do nothing to CRE.
Found the "we are really starting to see some momentum" guy. Interest rates went from 2% to 0%: prices reacted quickly, equity and debt capital flooded in, everyone was happy and rich. Interest rates went from 0% to 5% - prices did not adjust, only true distressed sales happening, dearth of equity and debt capital, real estate CEOs going on CNBC and crying for rate declines. Interest rates going from 5% to 4.75% will help, yes, but people are delusional if they think volumes and prices are going back to 2020 or even 2016 / 2017 levels anytime soon.
You are mixing apples in oranges
Prices reacted quickly when interest rates went from 2% to 0% because noone was expecting COVID and the subsequent change in monetary policy.
Rate cuts alone won't help, we need some sort of economic "shock", whether in the pace of rate cuts, a reduction in the expected "neutral rate" other otherwise positive economic news. If the fed cuts along the current forward curve and the economy grows at expectation, that does't do much as its what people expect ie thats already priced in
Also think about the period of 2010 - 2020, the forward curve consistently overestimated future interest rates
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Some good discussion above. Irrespective of where we think we are in the real estate cycle...simply trying to answer OP's question, I have received more inbounds from recruiters during the last three months than I have during the past two years.
Chin up, guys.
For junior roles, meaning below VP?
Sorry for the late reply, no, this is more for mid-senior level. But junior hiring market tends to be a little more liquid as a general rule of thumb, so I suspect positive shifts for junior roles too.
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