We don’t intend to cover the job market much, but it seems an unavoidable “hot topic” these days.  The 2008 SelectLeaders/Cornell Job Barometer has been released, and the prospects are bleak virtually across the board.  The survey collected and analyzed data from eight online job boards (from February through August 2008), plus 217 senior management surveys and thousands of resume submissions through SelectLeaders.  Among the findings, those directly related to corporate real estate jobs include…

• 4% of 5,102 job postings were for corporate RE positions (see Chart 08)
• 3% of 101 job postings were for corporate RE “C-level” positions (see Chart 19)

Of course we’ve always known that in the big universe of commercial real estate, corporate “insiders” (users) represent a small group.  Non-user functions such as asset management, development, property management, advisory services (including brokerage), and finance account for the majority of positions in the sector. 

Paraphrasing that old maxim that “the tide affects all boats”, we are more concerned about the overall trend in advertised positions, which plummeted from 1,085 openings in June to 591 in August.  While data is not yet available, it seems plausible to assume that September and October were even worse.  Moreover, 45% of survey participants expected hiring activity to decrease going forward, compared to 5% in the previous period. 

The survey claims the sample data covered “16.9% of all professional, commercial real estate jobs available in the U.S. in 2008″ (page 19).  So very rough extrapolation would tell us that in August 2008 there were perhaps 3,500 open CRE positions throughout the nation, only 140 of which were in corporate real estate.  A small pond indeed, with no rain in site!

Comparing the 2008 and 2007 periods, hot regions such as New York and California have contracted the most in relative share of the national job market.  Alas, a silver lining appears with job growth in Texas, Florida, and a few other unconventional areas.  (Chart 3)  The takeaway for many: start considering geographic flexibility.

The survey provides other nuggets of wisdom, including applicants’ geographic preferences, supply/demand analysis by job function, compensation dynamics, and the value of post-graduate education.

For corporate real estate job seekers, CRE-Insights has found that SelectLeaders is among the best specialized resources, along with CoreNet Global’s Career Services area.  SelectLeaders is a subsidiary of Equinox Partners, a retained executive search firm focused exclusively on the real estate industry.  Equinox CEO Anthony J. LoPinto also publishes a regular column on GlobeSt.com called Executive Watch, which highlights openings, new hires, and promotions, and should be considered required reading for any CRE professional who is proactively managing their career.

Another search firm with solid corporate real estate credentials (and strong presence in those growing regions) is Joseph Chris Partners.

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