In a morning session entitled "Building Intellectual Capital,"P. Marc Fischer, a Baltimore-based Transwestern SVP, laid out thescope of the problem, a problem that most experts agree stems backto the exodus of talent during the tech boom a decade ago. Quotingstatistics from CEL & Associates, Fischer said that some 71% ofreal estate firms recognize "that there is a talent crisis," fromwhich there will be little hope for relief for the next five to 10years. But while 81% of the firms claim that retention of toptalent is a number-one priority, and 75% are looking at revampingcompensation plans to boost staying power, "only 32% have atalent-management program." Rather than attempting to trainproperly and foster talent, Fischer said, most firms leave theirnext top models to "sink or swim."

The crisis was underscored twice during the general luncheonsession. In an overview of the industry and the progress made byBOMA, chairman Kurt R. Padavano showed that the leak in the laborpool is not just a real estate problem. In fact, he stated, thereare 80 million Baby Boomers and 35 million Gen-Xers--an inventorycut of more than 50%. Worsening the retention problem is a currenttrend toward job flips, he said, pointing out that people shiftjobs anywhere from 2.5 to 4.5 years.

The crisis came up again in Real Estate 360, a luncheon paneldiscussion moderated by Cushman & Wakefield president and CEOBruce E. Mosler. The discussion with heavy-hitters from investmentand lending disciplines, touched on all of the typical issues--caprates, rental rates and the foreign view that America is a land forsale. But then Mosler asked the group what issues kept them up atnight.