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'Help Wanted' Signs Start to Reappear

NEW YORK CITY- Workouts, distressed acquisitions and asset management look like growth areas for job prospects, says the third annual SelectLeaders/Cornell report

By Paul Bubny | Updated on January 29, 2010

NEW YORK CITY-The silver lining amid the still-cloudy hiring picture in commercial real estate is the rising number of opportunities related to workouts, acquisitions of distressed properties and asset management, says Anthony LoPinto, founder of SelectLeaders. That’s one of the key findings in the newly issued, third annual SelectLeaders/Cornell Job Barometer Report, which also suggests that the market may have already passed the bottom in one respect: the number of real-estate related postings across eight nationwide job boards. It reached a new low of 254 this past September.

“Many are pessimistic about the job outlook for real estate, given concerns in commercial real estate, implying that the worst may be yet to come,” says Dr. David Funk, director of the Cornell Program in Real Estate, in a release. “But the Job Barometer 2009 indicates that the bottom may have hit in 2009 and that the lag effect will be shortened due to an extensive and prolonged shedding of real estate jobs.”

From the hiring peak in June 2007—ironically, just before what was then known as the subprime crisis began to assert itself—to that low point in September ’09, there was a dropoff of 83% in real estate-related postings on Monster.com, CareerBuilder, SelectLeaders, E Financial, The Ladders.com, ISCS and Jobs in the Money. Moreover, no month in 2009 equaled even the worst job-postings month in 2008.

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