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Executive Watch

'Some natural attrition is good, but these numbers are frightening.'

By Anthony J. LoPinto | Updated on September 11, 2007
Perspective

Last week, the National Multi-Housing Council published the results of its annual compensation survey, based on 112 responding firms. The news was not all that surprising. Strong market conditions for apartment firms will translate into small merit increases (roughly 3.8%) for vice presidents and above. However, what caught my eye was the report on turnover rates. The firms experienced an average turnover rate of 42.8% (54.5%, if you include leasing consultants in the mix). These statistics are astounding. Roughly half of the workforce was out the door, and, in 2006, it was even worse, at more than 59%. The multifamily business has long been known for high turnover rates, and some natural attrition is good, but these numbers are frightening. Employee turnover is hugely expensive. Lost productivity and downtime, cost of recruitment, training and integration all add up to big dollars, and, after all of that, half of the recruits will leave within their first year of employment. Seems to me that leadership in these companies has not made fixing the turnover problem an organizational priority.

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.
Job Opportunities
EDAW INC. Senior Planner (FORT COLLINS, CO) The hire will market, support and lead comprehensive planning (i.e., general plans, area-specific plans, community plans, etc.) projects primarily for local cities, counties and regional governments. THE URBAN LAND INSTITUTE Manager, Programs and Development (ORANGE, CA) The hire manages all aspects of coordinating programs and developing marketing and communications strategies for membership involvement and sponsorship support toward the advancement of goals and objectives. SELECTLEADERS Director of Leasing (BROOKLYN, NY) Manages and actively participates in all efforts necessary to identify and secure lease contracts with prospective customers for space in existing properties, new developments and build-to-suits. ING CLARION Analyst–CMBS Acquisitions & Surveillance (NEW YORK CITY) The candidate will assume the role of an analyst in a firm that manages a variety of real estate related fixed-income products. The candidate will be part of the CMBS acquisitions and surveillance team EASTMAN COS. VP, Property Management (LIVINGSTON, NJ) The VP is responsible for managing and supervising the entire commercial property portfolio, including all aspects such as curb appeal, tenant affiliated construction, mechanicals, tenant relations, maintenance and preventative maintenance. SUNRISE SENIOR LIVING INC. Real Estate Director (McLEAN, VA) This executive will handle all aspects and phases of the development of upscale senior living projects, from initial site selection through construction and grand opening. DUKE REALTY CORP. SVP, East (INDIANAPOLIS) This position will be responsible for coordinating and negotiating project development to acquire and develop land for medical use facilities. SELECTLEADERS Senior Project Manager–Retail Development (BROOKLYN, NY) The hire will coordinate activities of retail real estate development projects and support the retail leasing and development process, as well as other duties.
Promotions
STUDLEY (NEW YORK CITY) Dan Posy and Jason Schwartzenberg rise to managing director from associate and assistant director, respectively. Also, Jon Rosenblatt goes to associate director from assistant director. RFR HOLDING (CYPRUS) Neil Kennedy has relocated to the European Union Republic of Cyprus to focus on opportunistic investments in Eastern Europe, the Greek Isles and Dubai. OMNIPLAN INC. (DALLAS) John Hampton is named associate principal. He specializes in retail designs. LEE & ASSOCIATES (CARLSBAD, CA) Michael Meisenbach and Ryan Barr become principals. Meisenbach most recently was senior vice president in Newport Beach, CA office, where he founded its office investment division. He will maintain offices in Newport Beach and San Diego-North. KEYSTONE PACIFIC PROPERTY MANAGEMENT (IRVINE, CA) Anna Javier is promoted to group coordinator from senior community association manager after two years with the company. CLARETT GROUP (NEW YORK CITY) Ruth Ann Blankenheim is named associate director. She joined the firm in 2004 as an associate.
New Hires
EQUINOX PARTNERS (CHICAGO) Angela Kleiman joins as managing director of the New York City-based firm’s regional office after eight years at JPMorgan/Security Capital in senior positions. STREAM REALTY PARTNERS (DALLAS) Anthony Bolner joins as senior vice president in the principal transactions group. The senior executive had spent the past 15 years at CB Richard Ellis. CB RICHARD ELLIS (DALLAS) The global management team adds six executives to its worldwide ranks. Martin Woods becomes executive director for Greater China. He most recently was head of project management in Hong Kong for Jones Lang LaSalle. Peter Wright is named regional director for Australia and New Zealand after selling his Melbourne-based pH Group to CBRE. Stewart Navarre is named managing director for Southern California after 30 years with the US Marine Corps and US Navy. He most recently was chief of staff at Camp Pendleton. Noelle Powers holds onto a senior project manager’s role with the move from JLL in Seattle. Also joining from the JLL ranks is Tom Ryan, who is named director of retail project management for the Bank of America account. Janice Fetzer and Tom Murray become directors of project management in San Francisco and New York City, respectively. Fetzer previously owned a consulting business and Murray most recently was a senior project manager for JLL. ANDOVER CO. INC. (SEATTLE) Robin Meadow joins the industrial brokerage team, assigned to South King and North Pierce counties. GRUBB & ELLIS CO. (DENVER; SAN DIEGO) Lee Wallis and Robert Bridges are made senior vice president and vice president, respectively, in their shift from CB Richard Ellis. Wallis was senior director of asset services while Bridges most recently led CBRE’s engineering division. In San Diego, Grubb & Ellis

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