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Bricks & Sticks

Well, it was bound to happen. In 2009 there was a chorus of news that it would be a decade before real estate development had a chance of happening, even in the major markets like New York. As has been the case in every major recession, when recovery seems to be well over the horizon, the entrepreneurial developer, aided by our resilient economy, starts to put shovels in the ground. On the recruiting front, we are observing a marked increase in demand for development professionals at all levels, increasingly in markets that have been otherwise dormant. For example, there is a boom in housing development in North Dakota to satisfy the explosive demand caused by the oil boom. The development of “Company towns” and support services are kicking up a lot of dust, and we are just at the front end of that cycle. I also spoke to our team in London yesterday, and UK market developers are complaining that there is a dearth of talent to satisfy growing demand. Now mind you, I am not ready to sing happy days are here again, but it’s getting close.

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