Entry-Level CRE Job Openings Drop, Setting Up Talent Squeeze
The commercial real estate (CRE) sector is facing a significant challenge as entry-level job openings continue to decline. Over the past two years, there has been a marked decrease in opportunities for young professionals seeking to enter the industry. This trend poses a substantial barrier for those aiming to gain the skills and experience necessary for advancement.
According to data from real estate job site SelectLeaders, listings for positions requiring zero to four years of experience have dropped by 26% year-over-year as of May. This follows a 35% decline between May 2022 and 2023. Such reductions are exacerbated by a weak commercial real estate market, where entry-level roles are often the first to be outsourced to artificial intelligence or overseas workers.
Andy Hunt, director of the real estate program at Marquette University, likens the situation to a “glass-half-empty version of the Goldilocks story,” where prolonged uncertainty stifles decision-making, impacting entry-level hiring more than other areas.
Many firms have been more conservative when hiring for CRE roles, due to an industry slowdown.
The impact of this decline is uneven across the industry. While some sectors and regions, such as asset management in Florida or Texas, continue to offer opportunities, others, particularly transaction or financing roles in the Midwest, are experiencing hiring freezes. BGO Chief Economist Ryan Severino notes that several large CRE organizations have halted hiring altogether.
Collete English Dixon, executive director of the Marshall Bennett Institute of Real Estate at Chicago’s Roosevelt University, emphasizes the importance of finding niches where students can excel, despite the broader hiring challenges.
Technology, especially AI, looms large over the hiring landscape. As AI’s capabilities expand, tasks traditionally handled by entry-level workers may increasingly fall to automation. English Dixon warns of the need to balance teaching fundamentals with preparing students for an AI-driven future.
Hiring trends have placed Gen Z applicants for CRE roles in a tough position.
The current hiring environment is particularly challenging for recent college graduates. At the University of Central Florida, only half of the 100 real estate graduates have secured positions through internships, while another 25 have job offers through other means. At Marquette University, about 60% of the recent class of 40 real estate students have jobs lined up, with many still searching.
RCLCO Management Consulting Practice Managing Director Ellen Klasson highlights the potential long-term impact of starting a career in a challenging environment, noting that the conditions at the beginning of one’s career can influence the entire trajectory.
For more insights on this topic, you can read the full article on Bisnow.
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