State of the NYC Commercial Real Estate Job Market and CRE Headhunters
Hello all - I have seen a few posts (and expect there to be more in the coming months) about layoffs and the current job market given the current environment we are in. I am interested in hearing what CRE professionals are seeing in the NYC job market specifically. I will share my experience below to start the conversation and would love for others to chime in whether they are currently employed or actively searching to get both perspectives.
I was laid off in July after 4 years as an Associate at an IB in the CRE Finance division originating/ underwriting CMBS and Balance sheet loans at the asset level in a front office role. I took some time to travel/ recalibrate and started my search after Labor Day so have been in the market for about 3 months with an emphasis on REPE/private credit roles.
Unsurprisingly, I am finding that demand far outweighs the supply of jobs in CRE. Most recruiters I talk to only have one or two roles and am finding that some of the calls I take are for the same role but with different recruiting firms. Occasionally they tell me about a role I have already networked my way into speaking to someone directly at the firm and have inside knowledge the position was filled. I didn't really work with recruiters much while I was working so I am trying to gauge if this is common practice or relevant only in todays market.
Any advice or point in the right direction to other posts on here related to CRE recruiters would be very helpful.
Aside from recruiters the only way into roles is through your network. Online applications are a black hole (which has basically always been the case). I am having success going through my network and have had several interviews but the market definitely seems thin. Often times I am interviewing for a role that doesn't exist but the firm is always "looking for talent" which I am fine with but can understand if others aren't.
REPE roles in particular seem very thin which is expected given current market conditions and decrease in transaction volume. The only positive trend I see is an increase in roles relating to distressed credit as firms prepare to take advantage of further market dislocation.
That is my 30 second overview of the current NYC job market. Very curious to get others insight into what they are seeing from anyone and everyone located in NYC. My PMs are open if anyone would like to discuss perosnally over the phone and make a new connection as well.
I'm definitely hearing about more and more layoffs/people trying to jump ship from firms that were crushed/people deciding to go out on their own lately.
Recruiters at the junior level are much harder to work with as usually those roles have tons of candidates already. I didn't see major recruiting action until I was a senior associate and then now that I'm in a senior role, the last 2 jobs I was recruited + I get reach outs all the time.
Some of it is a money thing (recruiters get a % of your pay, so they focus on higher paying jobs), some of it is that the market is tough right now.
Over the last few months know people who left well known shops that are having cash flow issues, others that seemed to be let go from roles a year ago that they're now hiring for, others going off on their own seems like everyone is doing that which I guess is good for juniors as it pushes people up as they move out.
What types of well known shops? Seems to me that (aside from brokerage) most well known/ big firms would not be having material enough cash flow issues to cause junior level people leave but I could be wrong. Interesting that roles that were deemed irrelevant are already becoming relevant again given that the market has not improved.
Any further context you can provide would be awesome.
Groups back by funds that need to put out money for fees.
This is helpful - especially about recruiters. That makes sense given the comp incentives and competition for those junior level roles. Thank you for the color. Curious if you have any color on where you are hearing about layoffs (banks, principal side, etc.) - definitely feels like they are industry wide but not happening in sweeps, rather in small numbers and quietly.
I've mostly been hearing about smaller layoffs here and there. Could of banks, couple of funds, couple of brokerages.
People clamor for "a piece of the pie" but aren't really prepared for the downside. This is the downside hopefully some of them saved something...
Eveniet ipsa dignissimos cupiditate in delectus exercitationem in. Autem exercitationem quia ut ut hic earum. Odit rerum et voluptatibus.
Qui omnis esse soluta voluptatem. Nihil ut fugiat enim asperiores ea qui. Autem dicta ut rerum facere laudantium. Voluptas ut est rerum porro. Ipsa deleniti est impedit beatae totam laborum corporis. Incidunt est soluta voluptatibus nihil magni corrupti quidem adipisci.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...