Earlier this year, DAI wrote that the nation's labor markets showed a slow and spotty recovery. At the time, Christopher Thornberg, a Los Angeles based economist, pointed out that post-recession job growth in the US left much to be desired. Seven months later, amid daily reports of deteriorating consumer confidence, Wall Street chaos and layoffs across the board, commercial real estate hiring has pushed slightly ahead of the national growth rate.
Although the global market gyrations have led some players to be more cautious, "there's been increased activity" overall, says Anthony LoPinto, global sector leader of real estate and managing director of the New York regional office of Korn/Ferry International. "I expect hiring to get stronger over time, but it'll be a slowgrowth situation." LoPinto says that instead of slow and spotty, industry job growth is now slow and steady.
According to Plano, TX-based Sayres Dudley, a founding partner of executive search firm Dudley & Assoc., there is some hiring-by no means a frenzy-from REITs. Brokerage shops are expanding, and mortgage banking is also growing as debt becomes more available, he says.
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