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Don’t miss the boat: Now is the time to move jobs and hire staff. Job seekers and hiring firms are on the lookout as the real estate market returns stronger.
The real estate market bounces back with a strong 2021
Great news for job seekers and hiring firms - the real estate market has had a very busy 2021 so far, with hiring returning with full force.
While many firms put new roles on hold last year and furloughed staff, there was still plenty of activity going on behind the scenes as remaining teams kept the wheels of business turning - developers still worked on concepts for future projects; property managers were busy running portfolios; working hard to retain tenants and maintain rental income, all within the confines of lockdown.
At the start of the year, with further lockdowns announced, we weren’t entirely sure what the recruitment landscape would look like. But despite the challenging conditions, the market has proven to be robust and has adapted quickly where it needed to.
Unprecedented hiring means now is a great time to move
In a sign of strength from the real estate market, companies of all sizes are looking to recruit staff, from smaller 2-10 employee firms through to large global advisory and real estate private equity businesses. Many are keen to use their unspent recruitment budgets from 2020 and are on the hunt for the best talent.
The range of roles clients are briefing us on is also unprecedented. All levels of candidates are being sought-after, from graduates and recently qualified, through to retained searches for director and head of team level requirements. And thanks to COVID, businesses are now thinking more strategically and are diversifying to future-proof their businesses; industrial developers are moving into build-to-rent and offices are flexing their space to meet the demands of hybrid working to entice people back into the city centres. Clients are looking to hire high-quality strategic candidates in order to deliver their business plans.
We have seen more hiring activity for transactional roles, such as investment, corporate real estate, and analysts. This follows a build-up of money to spend on both investment and redevelopment following most transactions being placed on hold in 2020.
Lots of opportunities exist for candidates with experience in logistics and industrial, and corporate real estate professionals are also in demand to help companies relocate or restructure their workspace following the pandemic.
We are seeing high demand for Commercial Property Managers, Valuation Surveyors, Development Managers, and specialists within alternatives experience such as residential, build-to-rent/private-rental-sector, and healthcare.
If you’re a retail professional, the market is not surprisingly much quieter, but the few roles which do exist are mainly repositioning focused where there is still a big opportunity to generate excellent returns.
Employers upping their game to attract and retain staff
As with lots of industries, pay reductions in real estate were common in 2020, but most people are now back up to normal market rates. So, while salaries may have plateaued overall, pay rises and promotions are continuing and in growing markets such as industrial and logistics, salaries are on the up.
But COVID has changed things and candidates want more than just a decent salary. There is still a nervousness about moving jobs with the pandemic still at large and the uncertainty of winter approaching, and the old worries of being ‘last in, first out’ still exist for many.
In a positive shift, we’ve certainly seen a change, with many clients looking at their full range of benefits on offer, including flexible working policies. We have seen the Top 5 consultancies offering flexible working weeks with Part-time and FTC roles becoming more commonplace as companies still face an uncertain economic landscape.
Post-summer hiring boom predicted as firms get ahead in the war for talent
With lockdowns lifted, it seems everyone has fully taken advantage of the summer period and gone on holiday all at once. And who can blame them! It might have slowed down recruitment processes a bit, but the market is still as busy as ever, with new roles continuing to come in.
September to November is always a very busy period within the real estate recruitment market and we expect this year to be no different – job seekers and employers who leave it too late risk being left with limited choices. The market is in a good place and there are many exciting opportunities for those who choose to get ahead.
Article written by Maria Sinclair, Director - Real Estate, Construction & Property.