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Perspective

If you think finding properties at reasonable cap rates is challenging, try finding good asset and portfolio managers to oversee and create value in your portfolio. We hear a lot about the consolidation of assets by REITs and investment funds into increasingly larger portfolios, and this might lead one to think of economies of scale, that fewer asset managers can effectively manage a greater number of assets. While that is true to a certain degree, asset and portfolio managers who can truly get their arms around these larger portfolios, let alone the demands of sophisticated investors, are far rarer in today’s markets than the numbers of positions available to them. We have seen an up-tick in demand for senior asset managers over the past 12 months. In fact, there is a particularly acute shortage of asset managers with 10 to 15 years of experience, especially those with experience balancing the process (finance, accounting, reporting) and the transactional (development, leasing) sides of asset management, no matter what the product. Better take out your checkbook because the price-point for these top performers is on the rise.

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