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Technology Can Help CRE Firms Attract Gen Y Talent

Most commercial real estate firms plan to add staff this year, but it's getting harder to find and retain talent, industry research shows.

By Noreen Seebacher | Updated on February 01, 2008

Most commercial real estate firms plan to add staff this year, but it’s getting harder to find and retain talent, industry research shows. Blame it on a talent gap–the result of an aging work force, high turnover rates and the increasingly sophisticated, global nature of the industry. Nearly 58% of the real estate work force will hit retirement age by 2010, according to New York City-based Deloitte & Touche USA LLP’s real estate practice.

The solution to the potential shortage is tapping talent from Generation Y, the 46.7 million people born between 1982 and 1993. That means re-focusing company practices to bring them in greater alignment with the values of the incoming workers. “To successfully recruit members of Generation Y, real estate companies must develop and communicate their vision and differentiate themselves from their competition. Based on Gen Y’s interests, companies should promote their sound values, technologically advanced workplaces and global scope,” they note.

Chicago-based FPL Advisory Group predicts most real estate firms will be hiring this year, despite fallout from the credit crunch. The outlook is particularly strong in the commercial sector, perhaps in anticipation of the imminent talent shortage.

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