The US unemployment rate climbed above 8% in February, and there are headlines about job cutbacks on what seems like a daily basis. Some of those layoffs have occurred in commercial real estate and related industries such as construction. Will there be more where those came from? Yes, according to 86% of respondents to last week's poll, while 14% believe that the downsizing has run its course. To gauge how the perceptions square with the reality as seen by recruiters, GlobeSt.com spoke with Richard Bachrach and Alexandra Roth, president and manager of client services, respectively, at the Bachrach Group.

Roth: "A lot of people are saying that due to the economy and the negative news, they believe the hiring situation is poorer. But we still have several jobs available here, and a lot of my best people are still working. You may be having cutbacks, but those may be people that were sitting around and not really pulling their weight. In this economy, that's not going to work.

"People say to me, 'You must be getting flooded with resumes.' Sure, I'm seeing resumes, but they're not necessarily from my best candidates. That's exciting to me."

Bachrach: "There are very few companies in commercial real estate right now where I can't call them and tell them I have a good person for them. They'll listen. It's like dessert: there's always room for dessert after a good meal."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
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.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.