Take Small Retail Development Off-cycle Internship or Hold Out for Institutional Internship?
I’m currently only 2 weeks into my new MRED program and ultimately want to work in multifamily acquisitions / investment management at an institutional platform post-grad.
I have an offer for an off-cycle internship during the school year with a small retail development company. The role would include site due diligence, market research, construction costs, development meetings, and some pro forma work. The issue is that I’m not interested in retail or the construction/pre-development side long term.
I also already have prior experience working with a small developer, so I’m questioning how much incremental value another small-shop development role would add. At this point, I’d rather spend my time building stronger skills in underwriting, acquisitions, capital markets, and portfolio management and ideally land an internship with a more institutional platform.
I have upcoming coffees with people at a large brokerage and another large development/PE shop, although obviously neither is an offer yet.
Would you take the retail development internship for one semester just to keep building CRE experience, or hold out and focus aggressively on landing something more directly aligned with institutional acquisitions/investments?
My fear is taking the smaller internship and being pigeon holed into a role I dislike. My other fear is rejecting the offer in hopes I land a better one. Post-grad I'm looking at Hines, Greystar, TCC, etc., so I really just want to wait for a more institutional company for an internship.
Based on the most helpful WSO content, here's how you should approach this decision:
Value of the Retail Development Internship: While the retail development internship offers exposure to site due diligence, market research, and pro forma work, it seems to overlap significantly with your prior experience at a small developer. If the role doesn't provide new, incremental skills or align with your long-term goals in multifamily acquisitions or institutional investment management, its value may be limited.
Risk of Being Pigeonholed: Accepting another small-shop development role could reinforce a narrative that you're more suited for smaller-scale development work, which might not align with your aspirations for institutional platforms like Hines, Greystar, or TCC. This is a valid concern, especially if you're aiming to pivot into acquisitions, underwriting, or capital markets.
Networking and Upcoming Opportunities: Your upcoming coffees with professionals at a large brokerage and a development/PE shop are promising. These connections could lead to internships more aligned with your goals. Use these meetings to express your interest in institutional roles and demonstrate your commitment to building skills in underwriting and acquisitions.
Strategic Decision: If you believe you can secure a more relevant internship by focusing on networking and targeting institutional platforms, it may be worth holding out. However, this approach carries the risk of not landing an offer in the short term. To mitigate this, continue aggressively networking and applying to roles that align with your goals.
Alternative Approach: If you decide to take the retail development internship, frame it as a stepping stone to build transferable skills while continuing to network and apply for institutional roles. This ensures you maintain momentum in your career while keeping your options open.
Ultimately, the decision hinges on your confidence in securing a more aligned opportunity soon. If you're actively networking and see potential leads, holding out for a better fit may be the wiser choice. However, if opportunities seem uncertain, taking the internship could provide continuity and keep your resume active.
Sources: Making The Jump - Construction Manager to Development, Breaking into commercial development, Advice for summer Asset Management interns, Need direction in life, Torn between two job opportunities
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