Development straight out of undergrad?
What's up guys - I've been lurking for months and would love to hear your thoughts on getting into real estate development after undergrad.
I'm a sophomore studying construction management at a top public university in California. Last summer I worked in industrial real estate development and this summer I'll be working with a construction company on a very notable skyscraper project in Los Angeles. I'm minoring in Real Property Development and supplementing my CM coursework with classes in real estate finance, real estate investment, urban planning, etc. I'm very involved with the university's real estate club and have had the privilege of meeting with companies such as Boston Properties, PREI, and Prologis.
Is this type of educational/experiential background suitable to make the jump into an entry-level real estate development position after I graduate? I'd love to get in with a company like Hines, Tishman Speyer, Boston Properties, etc. and am planning on pursuing another real estate development internship during the summer after this one. What kind of compensation can be expected? I'd be making $70-75k with a construction company, but I feel like much more can be achieved on the development side based on the numbers I've seen thrown around here.
In addition, what are your thoughts on "VP Design & Construction" type jobs with developers? A decent amount of alumni from my program enter these positions after working in construction management for 5-10 years and sometimes going to grad school. How do hours and compensation compare to equivalent development positions?
Thanks so much for the advice!
If you want to get into development, I would say that there are two main areas where you want to demonstrate proficiency
You can definitely get a job out of undergrad in development with your background, but you will probably need to look at some smaller, less exclusive developers to make sure you have something lined up. The companies that you list are very sought-after. I think that you’ll be competing with people who perhaps might not have the same specialized skills as you, but have a degree from an Ivy league or top school and get the job just because they’re really smart.
Development Manager is more where you want to be. I would consider VP of Design & Construction as a support position to the main development group. I wouldn’t want to get focused solely on managing construction or managing design.
I’m not sure if you’re seriously considering working for a GC. I did this for 5 years out of undergrad so I’d be happy to share thoughts on this route/experience.
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