LAS VEGAS-With hope of avoiding the lack of 30-something talent that now plagues in the real estate industry, big companies are working diligently to attract and retain the oldest of Generation Y and the youngest of Gen X. To be successful those companies will have to overcome significant challenges that have heretofore resulted in high turnover rates, according to a panel of experts discussing the topic at the ULI fall conference in Las Vegas this week.
The lack of experienced thirty-somethings is due to Generation X passing over the industry in the early 1990s because of the credit crunch and again in the late 1990s in favor of dot-coms and high-tech firms in the late 1990s. So instead of having a stable of talent ready for mid-level and senior management jobs, there's a hole–a hole that will get wider and deeper as Baby Boomer begin retiring over the next five years.
“Part of that generation is lost and we will be paying the price,” said David Jacobstein, a senior advisor to Deloitte & Touche's real estate group, citing statistics from a company white paper on the subject that says 50% of senior managers in the real estate industry will be retiring between now and 2010.
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