Young-Help-Wanted_twgThe layoffs and departures that have plagued all sectors of the commercial real estate world during the recent recession look like they have come to a halt, as some firms begin to – cautiously – hire new workers.

Local real estate services companies have been adding employees here and there, either as a result of an uptick in business or in anticipation of increased workflow, as well as branching into new industries.

“Clearly people are seeing more opportunities in brokerage and selected areas for development,” said David Begelfer, CEO of NAIOP Massachusetts. “I wouldn’t say this is a tidal wave, but there are some very qualified people out there that lost their jobs due to the recession. We’ve certainly finished with the layoffs. I think 2012 will be more robust as far as hiring is concerned, and I think 2013 will be a lot healthier.”

But some real estate services firms are pre-empting a larger recovery because they want to be ready to take on new business or because they’re expanding their coverage. Firms like CresaPartners, FHO Partners, Jones Lang LaSalle and Lincoln Property Co. have all added new employees in the brokerage, construction or property management realms.

At Jones Lang LaSalle’s (JLL) Boston office, leaders decided to sharpen the firm’s local healthcare, hotel redevelopment and multifamily groups, so they brought in people that specialize in those areas. The firm has hired more than 10 new employees in project development, property management and commercial brokerage in the last few months.

The firm also brought on several construction services professionals as a result of client need, especially after the firm was hired as project manager for the development of Dassault Systemes’ corporate campus at 175 to 185 Lyman St. in Waltham.

“Not only do we feel the market is coming back, we want to make sure we’re staying in front of it,” David Slye, JLL’s executive managing director.

David BegelferAnd they’re not alone.

FHO Partners has added roughly a half dozen new brokers in the last 18 months, all newly created positions, Managing Partner Joe Fallon told Banker & Tradesman. As he and the firm’s other partners have looked to the future of the markets they cover, from Downtown Boston to Interstate 495, they decided that hiring new, young blood would benefit the firm in the long run.

“The economy is clearly better today than two years ago,” Fallon said. “And I expect things to be better 24 months from now. We want to position ourselves so when the economy rebounds more robustly, then we’ll be well-positioned to take advantage of that. There’s an awful lot of talented people out there that are looking to continue in commercial real estate – or to break in, in some cases.”

Some firms look to bring on young talent from outside the industry so they can mold them into exactly the type of brokers their managers need. CresaPartners is bringing on three new brokers in August, and hired two others within the last six months, said Joe Sciolla, managing principal for CresaPartners in Boston. Some of those hires have been from traditional real estate services companies, but many are salespeople from outside the industry.

“Probably 85 percent of our brokers I hired and homeschooled that were not in real estate when they joined us, and many of them have been there for 15 years,” Sciolla offered. “We’re doing well, and we want to continue to grow the firm very selectively. I think it creates a stronger culture when you’re homeschooling them.”

 

CRE Firms Hiring In Advance Of Market Rebound

by Banker & Tradesman time to read: 2 min
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