What should I be shooting for?

To set yourself up for a strong career trajectory in CRE with the flexibility to pivot between development and REPE, here’s what you should aim for:

1. Analyst Roles at Reputable Firms:

   • Target analyst positions at well-known development firms or REPE shops. These roles will give you exposure to underwriting, financial modeling, and deal structuring, which are critical skills for both development and REPE.
   • Examples of firms to consider include large developers like Related, Hines, or Greystar, as well as REPE shops with >$1B AUM.

2. Brokerage or Investment Sales Teams:

   • Starting on a strong brokerage team (e.g., CBRE, JLL, Eastdil) in investment sales or capital markets can provide excellent deal exposure and networking opportunities. Many professionals use this as a stepping stone to lateral into REPE or development.

3. REIB (Real Estate Investment Banking):

   • If you’re open to a more finance-heavy role, REIB at firms like Goldman Sachs or Morgan Stanley can be a great launchpad. It’s a common path to megafunds or top-tier REPE shops.

4. CRE Lending or Debt Funds:

   • Working as an analyst at a debt fund or in CRE lending (e.g., Walker & Dunlop, Berkadia) can also position you well for a transition into REPE or development. These roles provide a strong understanding of capital structures and financing, which are valuable in both fields.

5. Development Analyst Roles:

   • If you’re leaning more toward development, aim for analyst roles at mid-to-large-sized development firms. These roles will give you hands-on experience with project management, underwriting, and market analysis.

Key Considerations:

• Wide Exit Opportunities: Roles in investment sales, REIB, or REPE tend to offer broader exit options compared to niche development roles. If you’re unsure about your long-term goals, these might be safer bets.
• Networking: Start building relationships with professionals in your target firms and roles. Networking is critical in CRE, especially for competitive positions at top firms.
• Skill Development: Focus on mastering financial modeling, market analysis, and underwriting. Consider certifications like an Excel for CRE Modeling course to stand out.

By targeting these roles, you’ll gain the foundational skills and experience needed to transition into either development or REPE, keeping your options open for the future.

Sources: Career Advice: Family Office (RE Developer) --> MBA --> REPE, Dream Jobs in CRE, CRE Development Analyst, Career Path Starting as Credit Analyst, CRE Lending Exit Opps?