Laid off, and looking for an opportunity
Just got laid off by one of CBRE, JLL and Newmark.
Looking to stay in industrial real estate. Location- United States.
Appreciate any help.
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You're welcome.
What did you do there? Can you give us more detail on what you did and what you're looking for.
Start networking, call your contacts. Catch up and say hello and let them know you’re looking for your next role. People like to help other people and many roles in real estate are found via your network - they won’t be advertised.
IS analysts are being heavily laid off. I know Newmark has an office in India for analysts. One of the analysts I used to send financials to got laid off. Now I send our updated numbers to this guy in India. Apparently its becoming a common trend. Berkadia started it and Newmark is planning to shut down their analysts jobs in the US. I know the heavy hitter groups may keep one or so, but one our brokers said only 10% of analysts will remain by 2023. Are you looking to stay in Industrial IS?
Newmark is really cutting down their analysts to that low of a level? That's crazy, I knew the guys in India did a lot of work, but not that much...
I work at Berkadia and we still have our regular analyst team (5+) with the help of our India counterparts, but maybe your comment is strictly IS related?
Yea only related to IS. Cant speak for other divisions. I am just going off what the brokers for these firms are telling me. My understanding is that Newmark saw the Berkadia model and followed suit.
$10 bucks says once the economy becomes coming back they bring the analyst jobs back. Although many people use analysts in a different country, it’s very hard to do. Different time zones. You may not get the quality or be able to provide the feedback you want as the person isn’t in the office with you. So it’s harder to teach and increase quality. It’s a short term fix.
This is actually wrong. All the analysts that work in these countries are still working the same as US time zones. They're matching their schedules to the US. I cant speak to quality, but the analyst I deal with in India is super sharp and understands all aspects of UW. I'm pretty sure you dont need to be in America to be well versed in waterfall structures. Yes, there may be some dropoff in quality due to communication maybe. However, many of these firms are publicly traded and only care about the bottom line. The reality is an analyst will cost around $90k here whereas in India I assume they are around $35k tops (which is great pay over there due to cheaper COL). So a firm will save $55k per analyst per year.
10 bucks! Big spenda fella.
I have actually worked with some of these folks overseas. If you train them well (and that might require a trip or two to set up the operations) over time you can have the process down to a science. It's not rocket science especially if it's stabilized assets and they are mainly doing some prelim sizing. You train them to use a robust template and it's literally plug and chug. Also, while I do not see analysts ever going extinct, I definitely see a world where there can be fewer analysts needed. It also depends on the shop too, for the GSE's it's easier and for development shops it is harder.
Ready Capital does something similar as well. I dont think CRE is immune to outsourcing at the junior levels.
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