I am working in CRE market research and analysis. The job has provided good training and exposure to the broader CRE industry. The company owns a business that specializes in investment strategy consulting and economic analysis, however I've realized that it will take quite some time and luck before I could try and move into the division. (I've reached out to an analyst, and senior economist on the local team; the analyst never responded and the senior didn't seem like she wanted to be bothered with an informational interview. I've also heard from a few insiders and HR people that this division is haughty and typically only takes analysts from certain schools).
I now have the opportunity for a job with a small (5 people) development consulting firm. The role is basically supporting the CEO and other seniors. They focus on redevelopment of affordable multi-family, and mixed use development projects. They have been involved in some pretty interesting projects in DC and Chicago. However, this specific job will require me to take a 25% pay cut for 2-3 months while the execs test me out (I guess), before pay is increased back to what I'm making now.
I am extremely interested in mixed-use development/urban infill; projects that revitalize communities and bring in jobs/opportunities/money etc. I am also very interested in the strategy behind development and investment.
For all experienced RE pros out there, what is your insight into this situation. Should I jump ship and take the development position as a learning experience, and find a way to make the pay cut work? Does it sound like an opportunity you would take in my shoes? Should I stick with my company now, where I feel as though I am close to plateauing in terms of learning, and continue networking to try and get into a similar branch at a larger firm? I'm new to the industry (about 1 year), and have held junior project coordinating roles before. I have a background in business and econ too. Any advice is appreciated, PM's especially.
It depends on your goals. I would try and stay atleast a year and then make the jump out of research as soon as possible
Yea, that is the dilemma I'm having: jump ship now, or stay for a year to build the resume/network/learn a bit more. If I stay put, I think more opportunities will present themselves as time goes on, that will not require a pay cut. At the same time, the development role now seems like it could be some really great experience working closely with the projects because the firm is so small.
if development is your thing, why not jump ship now? i would much rather build my resume working for a development company. you don't want to pigeonhole yourself as a RE research guy. i say leave now.
As someone in CRE research who is getting out of CRE research, please get out of CRE research ASAP
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