Layoffs increasing?
Lots of firms letting go, anyone getting affected? Any job opportunities in the market outside of AM?
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Just saw Hudson Pacific layoff some development/acq guys in LA. Not hearing of any AM layoffs, actually getting a good amount of messages from recruiters for AM positions. Acq or dev positions are almost non existent.
We've been hiring for acq roles but at the junior level. You might need to look towards newer shops that don't have a lot of legacy assets and are just now hitting their upswing and are growing with capital to get out
job market overall right now seems slow or in a bit of a freeze. For any roles open to hiring its looking mostly looking to fill AM roles but even those don't look like they're in abundance. in development, still at my current role, interested in making a hop but opportunities seem non-existent right now.
Anyone getting hits on debt opportunities?
Seeing lots of layoffs. Heard through the grapevine Trammel Crow had some layoffs. Market is brutal right now. Seems super competitive as lots of laid off people and barely any openings. Most openings seem to be AM/PM and not even many of those. Not sure if anyone else is having any luck right now. Could easily be in a recession/slowdown for the next 18 months. Wonder if we see sellers start to budge and more transactions by Q4 2023 or at least some more opportunistic shops hire acquisitions in preparation. Seeing a lot of "extend and pretend till 2024" from sellers who are praying the Fed cuts rates soon.
A worst case scenario for everyone (RE, PE, etc. which will then in turn affect everyone else) is rates stay high through all of 2024. There are significant maturity walls in 2025 in the Leveraged Loan space and PE firms (particularly for rated BSL deals) will need to refi before their facilities go current i.e., they need to refi in 2024: https://pitchbook.com/news/articles/near-term-leveraged-loan-maturity-w…
Result? More BKs, more layoffs, more dominos continuing to fall.
Apparently, Brookfield let go of a bunch of people in DC recently (mostly development & construction).
Brookfield let go many if not all of their NY dev team 3-6 months ago
Really? What positions
Distress has arrived. Going to be ugly in the CRE world for a while. I work at a fund that focuses on distressed deals and it’s insane to see how many respected groups are losing money, even in “good” asset classes
I would keep your head down at work, hold off on big purchases like house or car, and wait for things to turn around
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