Re-Margining

The real estate industry is just now beginning to, sort of, recover after the great recession. On the heels of organizational cutbacks of more than 20% across the board, and with a slow climb back, the general consensus is that, when all is said and done, there will be net fewer real estate jobs at the back end of the recovery than there were before all this began in 2008. I tend to agree, and there is one other thing to consider: compensation levels have also been cut back. Employers across every sector are grappling with how to address the new reality and yet remain competitive. In my view, the shakeout is going to be on the incentive compensation front. Bonus dollars are going to be harder to get and the total percentage of bonus to base salary will be reduced by at least 25%. That is, if a bonus program used to provide for an annual bonus of up to 100% of base salary, in the new paradigm, that percentage target is now 50%-75%. Long term incentives will be scaled back as well, and many employers are rewriting compensation plans to address this. It is going to take the balance of this year and most of next year for the full re-margining to take effect.

Tony LoPinto is a senior client partner and head of Korn//Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
Job Opportunities
SELECTLEADERS Director of Real Estate (NEW YORK CITY) The director will review of current operations, processes and procedures and recommendation of strategic initiatives to improve efficiency, enhance revenue and property value; day-to-day operation and management of the physical plant which includes 21 pre-war buildings and miscellaneous office and clinic location leases; among other duties. ING CLARION Real Estate Research and Investment Strategy Analyst (NEW YORK CITY) The analyst will assist with the preparation of market and submarket research reports across varied property types, geographic regions, and investment types for presentation to acquisition teams and Investment Committee; and prepare detailed strategy reports, which analyze and recommend investment strategies, themes, allocations, rotations, techniques, sector and market plays, and timing; among other duties. OXFORD CO. Vice President, Operations (ANN ARBOR, MI) The VP, operations will determine financial, business management, and marketing strategies as appropriate, establishing and achieving measurable business objectives for the three companies; oversee and manage operations of each company in alignment with its established mission; and assist president in developing new business; among other duties. SELECTLEADERS President (MID-ATLANTIC REGION, VA) The president will play a key role in representing, and integrating the east region with the other regions of the company; implement and direct professional development and leadership programs to recruit, motivate and retain top brokers, service line professionals, and staff to achieve growth and maximize revenue goals; and help increase the visibility of the company in the region with community and business leaders, representing the company at relevant events, and networking with key decision-makers in support of the brokers’ business development efforts; among other duties. SHORENSTEIN REALTY SERVICES L.P. General Manager (SAN FRANCISCO, CA) The general manager will provide leadership and direction to and effectively manage relationships with other business groups to ensure a high level of tenant service and achievement of company and property goals and objectives; develop and maintain an effective ongoing tenant relations plan, implement initiatives, and maintain an operating environment to achieve a satisfactory level of tenant service as measured by formal and informal feedback and surveys; develop and submit complete and accurate annual budget(s), meeting all deadlines and demonstrating thorough analysis and consideration for the goals of the asset as well as market conditions; among other duties. COLE REAL ESTATE INVESTMENTS Director, Asset Management/Dispositions (PHOENIX) The director will be responsible for achieving the best outcome for our investors by maximizing the financial performance for a portfolio of real estate assets located throughout the continental US; maximize total return for each assigned asset through the analysis of property efficiencies and identifying opportunities for improved performance and/or re-development; and work closely with property managers and leasing team to provide direction for and oversight of business plans, budgets, forecasts, leases, analysis and approvals; among other duties. COLLIERS INTERNATIONAL Managing Director Sacramento/Roseville (SACRAMENTO) The managing director will provide leadership, working in conjunction with the operations manager and office sales professionals, for the bottom line profitability of the office, which includes: managing the business to an annual plan, with clearly stated and goals and objectives; and ensuring a return of 15% of revenue before any corporate overhead allocations; among other duties. AVALONBAY COMMUNITIES Senior Risk Analyst (ARLINGTON, VA) The senior risk analyst will assist in the annual insurance renewal process by compiling underwriting submissions, reviewing and analyzing quotes and developing premium allocations; review all documentation to ensure all policies are being administered in an accurate fashion; and prepare the annual budget of premium and loss allocations for all existing properties; update and prepare variance analysis as requested; 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.

<!—->

KEYSTON PACIFIC PROPERTY MANAGEMENT (IRVINE, CA) Keystone Pacific Property Management is promoting Jacade Hickman from general ledger associate to accounts payable supervisor at the Irvine office. WRIGHTWOOD CAPITAL HIGH YIELD PARTNERS FUND II (CHICAGO) Wrightwood Capital is promoting Dan Hartman to their fund management team as senior regional director of the High Yield Partners Fund II for the Northeast and Midatlantic states.
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.
KBS REALTY ADVISORS (NEWPORT BEACH, CA) KBS Realty Advisors is hiring Lee Bastidas as vice president of National Accounts and Nick Rosenthal as regional VP, both for the KBS Capital Markets Group. AVISON YOUNG ONTARIO (TORONTO) Avison Young is hiring Gord Cowan as vice president and Stephen Yu as retail specialist, both in the Toronto North office, and Darren Clare as senior retail consultant in the company’s Ottawa office. All three real estate professionals were formerly with DTZ Barnicke in Ontario. SPERRY VAN NESS LLC (CHICAGO) Sperry Van Ness is hiring Scott Good as an advisor associate. MARCUS & MILLICHAP CAPITAL CORP. (SALT LAKE CITY) Marcus & Millichap Capital Corp. is hiring Jeffrey Meierhofer as an associate director in the firm’s Salt Lake City office. Prior to joining MMCC, Meierhofer was the president and owner of the Madison Group.

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.