Over the pasttwenty years we have had three events that have set the stage formajor economic downturns and precipitated a corresponding realestate malaise; the first was the S&L crisis in the early90's, the second was the dot.com collapse with the overlay of theRussian debt crisis, and of course, there was the credit collapsethat ushered in the great recession. Since 2008 we have had along, slow, and steady recovery, but many are feeling queasy that aslowdown is taking hold.Frankly, based on thelevel of recruiting activity that we are observing I am notconcerned that we are in for a major downturn. However I do see astorm cloud on the horizon, one that is worthy of your attention.On June 23^rdEngland votes whether or not to stay in the European Union. If Britainvotes to leave the EU it will roil the European markets andpotentially set the stage for a broader economic hiccup that couldconvert a slowdown into a full-fledged downturn.If severeenough the situation could spill over into the US markets, so staytuned and keep an eye on that story.

JOB LISTINGS

SponsoredJobs:USAA REAL ESTATE COMPANYAssociate/Director, Investor RelationsPosition will act as theprimary back office communication point person and conduit betweenthe Firm and the investor(s) for their assigned commingled fundsand/or separate accounts. (Sponsored Job)LIDLUS Real Estate Development ManagerRole will be responsiblefor the delivery of the real estate development program beginningwith the development lifecycle at the site identification andacquisition stage through due diligence to construction.SARESREGIS/TERRA SEARCH AVP, Assistant Vice President of PortfolioManagementThe Assistant VicePresident, Portfolio Management is a newly created position,reporting to the President of the SRG Fund who also serves as itsPortfolio Manager, with specific responsibility for overall fundperformance, capital raising, investor relations, andreporting.PROFESSIONAL RETAIL STOREMAINTENANCE ASSOCIATION Chief Executive OfficerReporting to the Board ofDirectors, the CEO will serve as PRSM's staff leader, responsiblefor developing the culture, team, and initiatives that allow PRSMto achieve and exceed goals and Key Performance Success Indicators(KPSIs).TREZ FORMAN CAPITALSenior Loan OriginatorDuties include:originating commercial real estate bridge loans; facilitatingclient interaction to help deals flow and close; managing referralrelationships; and managing marketing and sales activities.CUSHMAN & WAKEFIELD/NORTHMARQOperations AssistantPosition will serve as arepresentative with tenants and vendors; respond to tenantinquiries and coordinate maintenance and repairs in a prompt andprofessional manner; and assist multiple property managers in thecreation of service contracts, welcome information, updatedelectronic directories, tenant communications, etc.PRUDENTIAL Principal, Transactions and Asset Management,Senior HousingPREI's Senior Housing teamis seeking an Executive Director reporting to the Head ofTransactions and Asset Management for Senior Housing. Individualwill be assigned to sourcing and execution of investmentopportunities, managing day-to-day operations and performance ofinvestments completed, and participation in investor interactionsand fundraising.CORNERSTONE REAL ESTATE ADVISERSLLCVice President, AssetManagementPosition will beresponsible for investment performance, reporting and strategicdirection for an assigned investment real estate portfolio, whichmay include industrial, office, multifamily, retail and jointventure investments. Over the pasttwenty years we have had three events that have set the stage formajor economic downturns and precipitated a corresponding realestate malaise; the first was the S&L crisis in the early90's, the second was the dot.com collapse with the overlay of theRussian debt crisis, and of course, there was the credit collapsethat ushered in the great recession. Since 2008 we have had along, slow, and steady recovery, but many are feeling queasy that aslowdown is taking hold.Frankly, based on thelevel of recruiting activity that we are observing I am notconcerned that we are in for a major downturn. However I do see astorm cloud on the horizon, one that is worthy of your attention.On June 23^rdEngland votes whether or not to stay in the European Union. If Britainvotes to leave the EU it will roil the European markets andpotentially set the stage for a broader economic hiccup that couldconvert a slowdown into a full-fledged downturn.If severeenough the situation could spill over into the US markets, so staytuned and keep an eye on that story.

JOB LISTINGS

SponsoredJobs:USAA REAL ESTATE COMPANYAssociate/Director, Investor RelationsPosition will act as theprimary back office communication point person and conduit betweenthe Firm and the investor(s) for their assigned commingled fundsand/or separate accounts. (Sponsored Job)LIDLUS Real Estate Development ManagerRole will be responsiblefor the delivery of the real estate development program beginningwith the development lifecycle at the site identification andacquisition stage through due diligence to construction.SARESREGIS/TERRA SEARCH AVP, Assistant Vice President of PortfolioManagementThe Assistant VicePresident, Portfolio Management is a newly created position,reporting to the President of the SRG Fund who also serves as itsPortfolio Manager, with specific responsibility for overall fundperformance, capital raising, investor relations, andreporting.PROFESSIONAL RETAIL STOREMAINTENANCE ASSOCIATION Chief Executive OfficerReporting to the Board ofDirectors, the CEO will serve as PRSM's staff leader, responsiblefor developing the culture, team, and initiatives that allow PRSMto achieve and exceed goals and Key Performance Success Indicators(KPSIs).TREZ FORMAN CAPITALSenior Loan OriginatorDuties include:originating commercial real estate bridge loans; facilitatingclient interaction to help deals flow and close; managing referralrelationships; and managing marketing and sales activities.CUSHMAN & WAKEFIELD/NORTHMARQOperations AssistantPosition will serve as arepresentative with tenants and vendors; respond to tenantinquiries and coordinate maintenance and repairs in a prompt andprofessional manner; and assist multiple property managers in thecreation of service contracts, welcome information, updatedelectronic directories, tenant communications, etc.PRUDENTIAL Principal, Transactions and Asset Management,Senior HousingPREI's Senior Housing teamis seeking an Executive Director reporting to the Head ofTransactions and Asset Management for Senior Housing. Individualwill be assigned to sourcing and execution of investmentopportunities, managing day-to-day operations and performance ofinvestments completed, and participation in investor interactionsand fundraising.CORNERSTONE REAL ESTATE ADVISERSLLCVice President, AssetManagementPosition will beresponsible for investment performance, reporting and strategicdirection for an assigned investment real estate portfolio, whichmay include industrial, office, multifamily, retail and jointventure investments.