Four Day Work Week

As the economic situation worsens and spreads across the real estate industry, layoffs are reaching historic levels and there is a fear that more is to come in the Q1 of ’09. However this economic downturn has a twist that is worth noting. In this Sunday’s New York Times a front page article reported that an increasing number of companies are avoiding or limiting layoffs by instituting four day work weeks, effectively reducing payroll by 20%. Unpaid vacations, wage freezes, and flexible work schedules are also employed to avoid layoffs in order to keep teams in place. This approach is happening within companies that want to avoid re-building their organization should the economy suddenly roar back. This is a smart strategy that also builds loyalty among employees. Cutbacks are certainly necessary in these difficult times, but if you can reduce payroll costs and keep an organization reasonably intact it’s a win-win for everyone.

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
THE CARLTON GROUP Investment Sales Director (NEW YORK CITY) The director will lead the development and expansion of our asset sales business and will focus on large office and hospitality assets located in markets across the United States. CB RICHARD ELLIS Sr. Engineering Operations Manager (RICHMOND, VA) The manager will be responsible for the planning, implementation, coordination and supervision of all mechanical operations, maintenance, communications and energy management systems for assigned properties as well as the supervision of engineering staff for assigned properties and for overseeing a portfolio consisting of two or more buildings. INLAND REAL ESTATE Financial Analyst (OAK BROOK, IL) The analyst will be responsible for the modeling of new and existing real estate investments, interacting with lenders, borrowers, and investment contacts, monitoring investment performance and other operating statistics, developing and maintaining spreadsheets tracking investment performance, assist with the preparation and presentation of reporting memoranda and maintaining FFO/FAD models. JONES LANG LASALLE Research Analyst (STAMFORD, CT) The analyst will provide business units with research and interpretation including written and statistical real estate, economic, demographic financial and location analysis, as well as prepare analysis of research reports. HINES Leasing Director (NEW YORK CITY) The director will manage entire leasing process including management of the broker team prospecting for potential tenants, lease negotiations and fostering continued relationships with brokers and tenants; marketing and leasing budget management; partner with architects to develop schematic plans; on-going market awareness and networking. SELECTLEADERS Managing Partner, Mid-Atlantic Region (WASHINGTON, DC) The managing partner will to develop and execute new high level multi-family transactions in Mid-Atlantic. AVALONBAY COMMUNITIES Regional Property Operations Director (SHELTON, CT) The director will manage a portfolio of apartment communities and ensure that the company’s financial, business and customer service objectives are achieved. PRUDENTIAL Senior Asset Manager (DALLAS) The manager will review, analyze and negotiate complex requests from borrowers and recommend appropriate course of action–includes preparation of case plans, etc, ensure loan covenant compliance requirements are met, and proactively monitor and manage performance of assigned portfolio.
Promotions No more than one submission per company will be considered per week. Submissions with multiple names will be capped at three for coverage in Executive Watch.
CHARLES DUNN CO. (LOS ANGELES) Susan Harris is being promoted to senior director from the position of director of the retail services group. REALTY CAPITAL PARTNERS (COLLEYVILLE, TX) Realty Capital Partners is promoting Kim Waltner to chief operating officer, in addition to her previous role as president. JONES LANG LASALLE (ATLANTA) Tripp Eskridge is being promoted to lead Jones Lang LaSalle’s Project and Development Services (PDS) industrial team. DTZ FHO PARTNERS (BOSTON) DTZ FHO Partners is promoting Jennifer Elia, Deanne Pace and Catherine Hughes to senior vice president.
New Hires No more than one submission per company will be considered per week. Submissions with multiple names will be capped at three for coverage in Executive Watch.
BANK OF AMERICA (CHICAGO) Leslie O. Andren recently joined Bank of America in Chicago as a senior vice president in its Commercial Real Estate, Special Assets Group. She was most recently with Cushman & Wakefield in Chicago as a senior director, capital markets as an investment sales professional in their multifamily brokerage group. NAI EMORY HILL (WILMINGTON, DE) NAI Emory Hill Real Estate Services, Inc. is hiring Denise Ross as a sales agent for the Wilmington, DE region, as well as Delaware and Chester Counties in Pennsylvania. Most recently, she was a salesassociate at McConnell Johnson Real Estate Co. handling leasing and sales. BROWN HARRIS STEVENS, LLC (NEW YORK CITY) Brown Harris Stevens is hiring Amy Gotzler as director of communications. Prior to joining Brown Harris Stevens, Gotzler was at Harriet Weintraub Public Relations in New York City. CRESAPARTNERS (PARAMUS, NJ) CresaPartners is hiring Larry I. Leib, CCIM, as a senior advisor and will be located in CresaPartner’s Paramus, NJ office. In this position. Leib comes to CresaPartners from Colliers Houston & Co., where he was a senior associate in the firm’s Teaneck, NJ office. COLLIERS INTERNATIONAL (CARLSBAD, CA) Greg Lewis is joining Colliers International as associate vice president. Prior to joining the Carlsbad office of Colliers International, Lewis was affiliated with Cushman and Wakefield.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.