Real estate professionals may say that the market still hasn’t caught up with where it was before the crash, but the gradual return to normalcy and slow economic growth is finally building greater cinfidence among emplyers and employees. Mark Twomey, managing partner at TARA HR Consulting, says office developers in particular are looking for ways to cut costs and drive sales. “There’s a massive deficit of quality leasing people forthe office sector because there’s so much product out in the market at the moment”, says Twomey. He says developers aren’t just looking for people who can manage the leasing agencies, but rather professionals who can go out into market and bring back new potential tenants.
With the fall in retail development pipeline, he says, the focus is turning to funds coming in and building portfolios, and for this, and for the rest of their portfolio, they need asset managers. “It’s become a bit tricker to find someone with the right skills, says Twomey. “When they’re looking for assets managers, they’re typically looking for one that has experience in different asset classes, rather than a purely office or retail asset manager.”
On the other side of the bargaining table, are the real estate professionals. Many have been holding tight since the crisis began, but there’s as increasing tendency these days for them to start looking around at the options that are out there. “They’ve ridden out the tough times, but now they’re a bit more confident about going into the job makret and deciding they want to trade up now”.
Source: Central & Eastern European Construction & Investment Journal, February 2014, No. 20, page 53