Commercial real estate jobs have picked up the pace since a hiring peak a decade ago. That increase is being driven by small companies and secondary markets. Real estate companies are posting single job opportunities, indicating that smaller, more entrepreneurial firms are hiring. This is a new trend according to David Funk, managing editor for the 2017 SelectLeaders Job Barometer Report (selectleaders.com). Funk oversees an in-depth assessment of the current U.S. job market in commercial real estate. “Over the last five years real estate opportunities have been driven by the larger companies based in gateway and first-tier cities doing bulk-hiring”. He noted, “but over recent months we’ve seen a significant uptick in small companies based in second-and third-tier markets looking to hire single, multitalented individuals.”
Small Businesses Drive Growth
Small businesses have been an emerging part of the strengthening of the overall economy. 80 percent of all real estate companies have 15 employees or less by one estimate. These smaller businesses have become more aggressive on hiring new talent according to Susan Phillips, CEO of SelectLeaders. The big real estate firms also continue to grow along with the surge in small entrepreneurial real estate companies, while mid-size real estate firms are being squeezed, said Mr. Funk. Since the beginning of 2017 job postings for commercial real estate jobs have jumped up, but still lag behind a strong hiring season in the spring of 2015 and 2016.
New York and California continue to remain the top recruiters for commercial real estate jobs. Both states posted a higher percentage of overall jobs than a decade ago. Texas ranks high as the third best state for commercial real estate job opportunities, while Illinois, Massachusetts and Washington, D.C. have declining rates in commercial real estate jobs.
Job opportunities have increased in the Sunbelt and coasts during the last decade, but real estate hiring has stayed consistent. The first-quarter report by SelectLeaders notes that those looking for employment in real estate technology have significant opportunities in 2017. The SelectLeaders Job Barometer survey has been published since 2006, and tracks employment opportunities, trends, and hiring practices in the commercial real estate industry.
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