2023 Talent Market in Review
While it won’t be news to you, it is worth noting that this past year in CRE has kept us with bated breath while extraneous factors (interest rates, valuations, capital availability, construction costs) have created massive uncertainty across most strategies and asset classes. While it has been a brutal 12-18 months for fundraising and transaction activity for most real estate firms and funds, there is always opportunity to be uncovered - much of which, for now, seems to be for firms with a real estate debt and/or securities platform.
Asset Management professionals have been in higher demand, and have been more difficult to lift, than their counterparts in acquisitions. Portfolio optimization, capital preservation, maximizing returns, and mitigating risk have been at the top of our clients’ minds this year, resulting in a priority to find and retain sharp asset management athletes.
Acquisitions talent has been itching for the environment to shift after wintering such a dramatic decrease in transaction volume over the past year, and as such are generally more keen to move. We’ve seen a stark contrast in inbound acquisitions talent enquiries vs. other types, and other years. They’re generally seeking to move to firms that are better positioned, or have a strategic edge in comparison to their current seat.
Development talent has been in a similar position to acquisitions, depending on their current pipelines. Though they’re apt to stay to see projects through, an opportunity to join a firm with solid growth trajectory and healthy capital positioning has dislodged great talent this year.
Investor Relations professionals have also been in higher demand this year, as our clients seek to nurture, guide, and ideally grow their critical LP relationships. It has become increasingly clear that a knowledgeable communicative, and competent IR team is of utmost importance to managers who need to confidently lead their investors through the current storm of uncertainty.
The above is highly anecdotal and meant to be a brief summary. Should you be interested in discussing what we’ve seen this year in greater detail, and with insights as it relates to your firm (in terms of size, strategy, geography, etc.), please reach out for a meeting or catch-up.
