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Career Resources
Oh I like this -
What's your day to day look like?
When you started in research, did you think you would be there 15 years later?
What's the worst prediction you've made or biggest miss in your career?
Is more of your work market surveys for developers when they're trying to get a deal up and running or do you do more wider trend research?
What type of research? Just want to be clear between someone like Green Street or Concord Group. I'm guessing the latter.
What publications do you read/follow? What non-economic data do you follow or think about the most? What do your clients most often misunderstand/underappreciate about the industry and your work?
Thanks for your time.
More like Concord.
I like the Insights at Goldman Sachs emails as well as their podcast. I also like the MS and JPM podcasts. I read a lot of the broker reports for their takes on the market. I also like the Calculated Risk blog. For indicators, I like VIX as well as business investment, and small business sentiment. I also follow demographic and general popular trends and try to think of them with respect to CRE economics (for instance, the rise of the rental economy as a shift from retail tenancy to logistics tenancy). On the flip side, it’s important not to be too locked in to an economist mindset. In the early 2010s, economists were SO sure that long term interest rates couldn’t stay low for much longer, but it was more political than a historical review of data indicated.
Maybe I have been unusually lucky, but I have found clients generally understand and respect my point of view. Of course no one likes to hear that there is no magic bullet investment though!
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When was your last no wipe dump?
How do you distinguish yourself as a researcher? As in how are you assessed, what is the basis for being promoted, etc...
Thanks!
Again, this depends on the employer, but I would say you distinguish yourself by being able to clearly and actionably communicate CRE/economic trends and outlooks as they are relevant to different clients, and also to acquisitions/PM if you are in an institutional setting. So in other words, if you can clearly communicate your point of view on a market or property type and why you arrived at that point of view, you should do well. Clean, clear prose as well as graphics are also very helpful.
How do you maintain independence in your research and publications when your clientele likely wants to hear the positives? How do you get around bearing bad news to an acquisitions or asset manager client?
Thanks.
I see you went to Stanford for undergrad and NYU for your masters. What made you decide to go back to school and was the incremental career advancement worth the opportunity cost?
Thanks for doing this, btw. I'm not in real estate, but I find specializations such as yours to be quite fascinating. It's a refreshing break from the general HYP -> 2 + 2 + 2 or imminent death discussions on WSO.
obtaining a postgraduate degree in Economics was a personal goal - that was my motivation. I definitely think it's been helpful when applying to jobs (especially at the time I graduated, which was at the bottom of the job market), but I probably would have done it anyway. For awhile after college I thought about getting a PhD but ultimately decided against it.
What are the biggest changes you see coming in the area of real estate/real assets research?
What does the day to day of a researcher look like today, what will it look like in 5 yrs, 10 yrs?
What changes in data availability has had the largest impact on the usefulness and accuracy of your research from the investor perspective?
How deep do you get into markets? Neighborhood to neighborhood can offer vastly different investment opportunities, how do you analyze and assess on this micro level, if at all?
When working on the institutional level how involved were you in IC/final investment decisions?
Do you see MPT having a larger role in CRE portfolio construction, how applicable is it in reality?
(sorry for the many questions, just very curious about how this area will impact real estate as a whole in the future. With more and more data being collected and becoming more accessible seems this will become significantly more important to large investors going forward with ability to identify good markets/deals/asset allocations/portfolio structuring/etc...)
I agree that good research and the ability to intuit trends and forecasts will be more and more important. I also think the ability to see economic change in the context of CRE is crucial (e.g., looking at the rise of the rental economy as a shift from retail to logistics absorption).
I answered the day to day above.
The depth of the research depends on the client and the setting. For institutional, owner-occupied clients, you can go to the property level if needed. Many third-party research providers (CoStar, REIS, to name a few) offer micro level data.
Research has been a significant part of IC in my experience, mainly in giving rent growth ranges for the first year of the life of the investment (which is what acquisitions is responsible for - after that PM is responsible).
Does anyone know how much the head of research at say JLL/CB makes?
I've always kind of wondered how much the salaried positions in brokerage firms pay.
I interned at CBRE in Philly a few years ago the research guys couldn't have made more than 45k tops tops
I worked in research for an institutional REPE firm for a few short years out of college. I've since moved to Acquisitions and Development. When I would ask my managers where the growth was in research, I was always pushed toward coding, machine learning, automation, etc... Would you say that the role is moving in this direction? Have you needed to add this skills to your quiver to stay ahead of the curve?
I would say my SAS skills, which I had at the beginning of my career and have increased with my work experience, have always been very valuable. While I would agree that quantitative acuity is and will increasingly be sought-after, I still think it depends on the shop and role. Some researchers work under marketing, some more under acquisitions/PM - marketing obviously will be more dependent on being able to form a cogent, persuasive pitch.
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