A business would have to go out of its way not to hear of the Great Resignation. People are leaving their jobs in volumes unprecedented in modern times, and maybe before. The potential indirect impacts on commercial real estate are multifold. For example, CRE loan servicing costs might jump because there aren’t enough people at mortgage servicers. Lack of employees in retail pres­ents revenue challenges, affecting rents. Getting construction crews for new devel­opment is a hurdle.

But the biggest issue is likely how CRE companies will attract and keep the talent they need to do business. Just as millions of other workers find themselves with employ­ment options, so do those in real estate, whether working at investment firms, bro­kerages, developers, or property manage­ment.

“In my industry in multifamily, we noticed it was very competitive,” Jessica Weathers, a regional manager at Stonemark Group, says. “Especially when the pan­demic hit. They had to be on site; they were essential employees.” Staff were worried about the risk of getting ill and the poten­tial option to stay home, especially with available aid. The workers “all have a great opportunity to work anywhere, so my goal is to keep you.”

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