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Hiring on Hold

The Dow broke through 10,000 last week, the economy is clearly on the rebound, the financial system is repairing itself, and the investment bankers are in for a big payday this year as Wall Street has come alive. Overall, the mood has improved greatly since early summer, so one would expect that headhunters are getting busy. Not so. Employers are slow to start hiring again so unemployment remains at record levels. The Wall Street Journal ran a story today in the first section saying, “companies across the economy are holding off on hiring even as profit outlook improves, amid economic uncertainty and their own success at raising productivity in rough waters”. It will be interesting to observe if the economic bust of ’09 is going to result in a systemic change with a longer term reduction in the workforce. With companies more efficient, workers more productive, consumers–especially the baby-boomers–spending less and saving more, hiring will definitely lag. What does this mean for real estate? Well, once commercial property valuations hit bottom and the gears begin to role, the rebound will be lower and slower, with fewer jobs. The same workforce efficiencies that the general economy has realized will hold true for real estate.

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.
Job Opportunities
SELECTLEADERSHead of Marketing(STATEWIDE, FL) The head of marketing will create and execute the company’s overall marketing strategy; assist with the creation of distinct brands for the company’s active adult and all-age community portfolios; leverage the two brands and work with regional operations and sales management teams to establish an identity for each property as the lifestyle leader in its market area; and for each brand, develop and direct multimedia marketing campaigns including online initiatives, corporate sponsorship, partner sites, promotion and advertising.

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