Income Deficit

The March issue of The Atlantic contained one scary article about the current "jobless era." The article reported that at 10% unemployment, the level we hit in October last year, we are in a hole of 10 million jobs that, even if we grow at a pace that is double what the economy produced in the mid- to late-90s (unlikely), it will take two years to dig out of this mess. But the really scary part of the article was the impact on youth. Lisa Kahn, a Yale economist, studied the impact of recessions on the lifetime earnings of young workers and found that, all else equal, they earned 7% less for every 1% increase in the national unemployment rate. If this holds true, we are dealing with a significant compensation deficit. More troubling is the fact that the reduced earnings persisted throughout their careers. This is an article you should not miss.

Job Opportunities COSTAR GROUP Inside Sales Manager (BETHESDA, MD) The manager will ensure that all team members and the over-all tele-sales team achieves all assigned revenue goals; develop, mentor, and help grow assigned sales staff; provide feedback to management and recommend changes and modifications to established procedures & guidelines; and ensure adherence to established procedures and guidelines; among other duties. MONDAY PROPERTIES Analyst - Investment Management (NEW YORK CITY) The analyst will develop and maintain property cash flow projections in Excel and Argus; analyze the impact on property value of proposed leasing and capital investment projects; prepare and maintain key investment management reports; and track property performance to underwriting; among other duties. JONES LANG LASALLE Senior Vice President / Managing Director (WEST POINT, PA) The managing director will be responsible for project management and owner's representative responsibilities; assemble and manage required teams of consultants and contractors; negotiate contracts with each team member; interface with architects, client staff, facility and construction managers, and vendors; and maintain client relationships and manage conflict resolution; among other duties. SOUTHERN LAND CO. Chief Financial Officer (FRANKLIN, TN) The CFO will be responsible for managing the company’s financial plans and policies, its accounting practices, the conduct of its relationships with lending institutions and the financial community, the maintenance of its fiscal records, and the preparation of financial reports. The position involves supervision over general accounting, property accounting, internal auditing, IT, cost accounting, and budgetary controls. AMB PROPERTY CORP. SEC Reporting Manager (SAN FRANCISCO) The SEC reporting manager will Coordinate, format, and help update the Company’s quarterly Supplemental Analyst Package reporting, working with various members of AMB including operations, development, transactions, investor relations, tax, legal, capital markets and FM&R; among other duties. HARBOR GROUP INTERNATIONAL Vice President, Multifamily Property Management (NORFOLK, VA) The manager will oversee the transition of acquired properties and new management assignments to HGMC business processes; coordinate the refinement of multifamily management processes and procedures to ensure the capability to effectively manage a portfolio that will likely grow to 25,000 units or more; and manage annual budget and planning process, and manages multifamily division to achieve budgetary goals to ensure that investor objectives are achieved; among other things. PIEDMONT OFFICE REALTY TRUST Property Manager (BOSTON) The manager will prepare and monitor performance of property budgets; review budget variances and determine whether it could have been avoided; evaluate each expense and attempt to adhere to budget; and consider the overall NOI effect to the company with each extraordinary expense; among other duties. NEWCASTLE LIMITED Senior Asset Manager (CHICAGO) The senior asset manager will lead and coordinate the development of annual strategic plans, operating budgets and capital repair and improvement plans for all properties; assemble and analyze property and portfolio renewal, leasing and occupancy performance, comparing results to budget and identifying opportunities for improvement; visit portfolio properties monthly (or more often as needed); identify opportunities for operational improvement and work with property management to implement appropriate changes; and participate in pre-acquisition property analysis and due diligence activities, including review of financial and operational assumptions; among other duties. COSTAR GROUP Research Manager - Commerical Real Estate Data (WHITE MARSH, MD) The research manager will be responsible for oversight of data quantity, accuracy and completeness; quality assurance; brand awareness; staff management, coaching and development; and recruiting and retention; among other duties. 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. REGENCY CENTERS (JACKSONVILLE, FL) Regency Center is promoting Brian Fraser to SVP of people services. Previously, Fraser held the position of vice president of people services. Kathy Miller is being promoted to SVP of financial services and tax. Previously, Miller served a dual role as vice president of tax and development accounting. JONES LANG LASALLE (MINNEAPOLIS) Jones Lang LaSalle is promoting Chris Rohrer to EVP and Minneapolis market lead from senior vice president; Tad Jellison to SVP from vice president; and John Lorence, John Nigon and Brett Severson from associate to senior associate. THE SHOPPING CENTER GROUP (ATLANTA) The Shopping Center Group is promoting a few associates to partners, which are David Allen, leasing agent, Carolinas Division; Natalia Ivanovic-Hurd, office manager, Georgia Division; Alex Munoz, director of leasing, Carolinas Division; Lesley Ramey, leasing agent, Virginia Division; Alan Shaw, leasing agent, Georgia Division; and Lori Taft, administrative coordinator, Georgia Division. GVA THOMPSON HENNESSY & PARTNERS (BOSTON) GVA Thompson Hennessey & Partners is promoting James Griffin and Steve Lombardi to vice president and assistant vice president, respectively. 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. FIRSTSERVICE WILLIAMS (NEW YORK CITY) FirstService Williams is hiring Frank Edwards as executive managing director of FirstService Williams’ Project management service group. Edwards previously worked for Studley, Inc. as head of project management. GRUBB & ELLIS CO. (MIAMI) Grubb & Ellis Co. is hiring Larry Emmons as senior vice president, investment group. CENTRO PROPERTIES GROUP (ALPHARETTA, GA) Centro Properties Group is hiring John Priede as vice president, property management, Southeast region. Prior to joining Centro, Priede was a vice president with Mirabeland Investments. THE RAINMAKER GROUP (ATLANTA) The Rainmaker Group is hiring Larry Bellack as vice president of multifamily sales.