Report: A Slowdown In Commercial Real Estate Hiring Is Imminent
After hitting an eight-year peak, job opportunities in commercial real estate could be on the downslide. According to newly released report, trends are mirroring the roller coaster jobs ride from the highs of "late 2007, depths of 2009, and full cycle rebound by 2015."
"Some of our leading indicator analyses are flashing red that a slowdown in commercial real estate hiring is imminent," says David Funk, managing editor for the SelectLeaders Job Barometer, which authored the study. "How severe will be the question.”
Commercial real estate job postings have proven reliable indicators of the overall job market. From spring to summer '07, the Job Barometer saw a dramatic drop in commercial real estate job opportunities, foreshadowing the global financial crisis six months later, GlobeSt reports.
While this January produced the most commercial real estate postings on record, a SelectLeaders survey found 69% of hiring decision-makers planned to downsize or stay at the same staffing count. "We are in the ninth inning,” the survey said, and “everything is increasingly fragile.”
Property management constituted 15% of all commercial real estate job openings in 2015, with development and project management producing 12% of all opportunities. Asset/portfolio management were the highest-ranked positions by job function, receiving 12.1% of all applications. [GS]
