Been giving some thought to this lately as I'm at a point in my career where I'm starting to think about the next move. I'm still at the analyst level but getting to the point where I ought to start thinking about where I ultimately want to specialize in. My main considerations are what product type will leave me with the most sophisticated skills and open doors going forward. What I'm thinking now is something like this;
1) Commercial Office - Just because the Argus/Excel modeling and leasing/TI work is probably the most complicated/arduous/diverse across transactions so if you can do that you can likely do anything.
2) Multifamily - Mainly premised upon the notion that it's the largest asset class and most "recession-proof", so they say, so it will leave a lot of doors open. Also one of the more diverse product types in of itself as you can do anything from garden-style suburban apartments to more urban, infill mixed use MF buildings. Additionally, it seems to be the easiest product type to start doing your own deals in, on a smaller level.
3) Industrial - Great in the sense that it's a booming market with a long growth runway, not great in the sense that single-tenant, NNN lease properties are probably the easiest to underwrite and I'd imagine big box acquisitions don't transfer as well to other product types. Not an incredible amount of diversity within the product type itself.
4) Retail - Not necessarily because "retail is dying", but rather because it's a pretty small world compared to Office or MF and I understand the underwriting can be a bit different when you start getting into % of sales and etc.
Would love to hear anyone else's take on this.