Each quarter the Cornell Program in Real Estate publishes a Job Barometer, using resume submissions, job postings, and applications to SelectLeaders as a basis for describing job seekers’ demand for commercial real estate jobs over time. It’s a relatively simple way of looking at real estate job trends and numbers must be skewed by today’s unusually high unemployment rates. However, it’s definitely interesting to look at and a great initiative by the Cornell Program. Here is a summary of their findings:
Total resumes submitted has remained strong and there’s been little decline from the peak in 2007. Looking at resumes submitted in the first 11 months of each year, submissions were down less than 2,000 from the 2007 high.
Not surprisingly, New York remains the most applied to state for commercial real estate jobs as New York City continues to reign as the real estate capital of the world. California wasn’t far behind and Florida, Texas, and Illinois round out the top 5.
When do job seekers apply for jobs?
March of 2009 was the month that saw the highest number of resume submissions. Fittingly, March also saw the highest number of job postings. I imagine this can be attributed to the weather, as winter subsides and spring emerges so does regained confidence in the market. However, resume submissions have fallen from an all time high of 11,000 in early 07 to merely 5,000 in early 09.
The top 5 sectors in the commercial real estate job industry were real estate investment, office, multi-family, mixed-use, and retail. Combined these accounted for 73% of total job applications. The top 5 job postings were multi-family, banking, retail, office, and affordable housing (banking includes real estate investment).
Which categories are most desired by job candidates?
The top 10 job categories account for 60% of the total job applications. Despite the lack of activity, there were still over 10,000 applications for development jobs. Dispositions made the top 10 list for the first time in 2009, reflecting the increased needs of special servicers and workout groups. Not surprisingly, capital raising did not make the top 10 list in 2009, reflecting the low consumer confidence this market has dictated.
I want to thank the Cornell Program in Real Estate for their initiative. I’m also extremely impressed with their overall website design, layout, and usability. It seems like a tight-knit program with a unique inter-disciplinary curriculum. I guess the one downfall is that it’s outside of New York City which has access to countless opportunities. Check out the ASotREG’s review of the program.
Where do you see commercial real estate job trends headed in the future?