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Perspective

The expanding economy and unprecedented capital flows into real estate have produced an extraordinary demand for talent at all levels and across all sectors and functions. But nothing rivals an increasingly frenzied demand for development professionals. REITs, private companies and funds are all in the hunt to hire seasoned development talent across the spectrum from the most senior “rainmakers” to proven project level developers. As a result, multiple searches are going on across most major markets. This trend is highlighted by our own search practice. Over half of current search assignments are developer related, and job postings as well are heavily biased to development positions. This demand has produced a dearth of talent and a corresponding stress on compensation levels, both on the cash side as well as the size of the ownership participation. Okay, now let’s guess what impact all this development will have on market conditions… Buckle your seatbelts–we might be in for a bumpy ride.

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