IRVINE, CA—The sector that seems to have the most question marks is finding a growth niche in repositioning malls, Irvine-based CRE recruiting firm RETS Associates‘ principal Kent Elliott tells GlobeSt.com. This and other areas of retail real estate are in hiring mode, he says.
As GlobeSt.com reported earlier this week, commercial real estate hiring experienced a major surge in the first six months of the year, and RETS Associates sees no sign of it stopping. The firm has surpassed all previous hiring records in the first half as compared to any other time in its 13-year history, seeing a 248% increase in Q1 job searches and placements in the past three years despite Q1 typically being the slowest time for real estate. Retail was one of the asset classes that is in growth mode, Elliott said.
“The positions that immediately come to mind that we’ve been asked to fill in retail are a director of acquisitions position in Denver, a VP of asset management in Denver, and we got a call yesterday from an Asian client about a major mall reposition project they’re going to do for which they need to hire 10 people.”
Elliott adds that the candidate is so clearly in control right now in CRE hiring scenarios.” If you’re a mainstream candid for property management or an analyst role, you can find opportunities. Clients hiring top candidates recognize this and have a process that moves quickly. They realize they will lose good candidates if they wait because that candidate is also up for other positions. They need to be as nimble and quick as they can.”
RETS is also seeing new companies being formed, which is creating openings both at those companies and the companies the new hires are leaving behind for some senior positions, says Elliott. “There are lots of transactions in the marketplace. We’re seeing a lot of upgrades, so if a candidate isn’t happy, they need to upgrade and are able to do so now.”