Next Generation Sees Room for Improvement

NEW YORK CITY-According to Real Estate Forum Magazine’s Career Development Survey, an online poll of those 35 years old and under working in the commercial real estate field, a majority or near majority of the 221 respondents said they are mostly satisfied in their current positions, but see room for improvement. Just over a quarter of the respondents said they saw themselves at their present companies for 10 or more years.

Although the young professionals, who have worked an average of 6.5 years in the industry, said they felt their companies offered good career advancement opportunities, mentoring and training programs, incentives for professional achievements and an open forum for their ideas and opinions, several participants said their firms were lacking updated technology.

Some respondents noticed a generation gap, noting that the career paths of younger associates are oftentimes blocked by their more mature colleagues, which, in turn, could harm their enterprises in the future. Others maintain there are limited advancement opportunities at their current workplaces. “Yes, a career can be built. However the hierarchy narrows very quickly. Within the company’s real estate group, the highest level to obtain is mid-management,” remarked a corporate real estate manager.