China is well known for its one-child policy, a policy that is aggressively enforced by the government and results in women having a 1.54 fertility rate. In an interesting article this weekend, it was pointed out that currently the U.S. has a 1.94 fertility rate which translates to a long term population decline because a 2.1 fertility rate is needed to expand the population. This is not good news. Low-fertility societies do not innovate because their consumption tilts significantly toward health care and capital shifts to preserving and extending life. The more obvious issue is that with a smaller younger population there are fewer workers to fund social programs. Obviously this not an immediate concern, but it got me thinking about demographic shifts that are already impacting the real estate industry. For example, the population shift back to the inner city where previously decaying neighborhoods are now in high-demand and command premium rents, has had a significant impact on real estate trends and investment. The lesson learned here is that real estate investors with an intermediate to long term investment horizon are well advised get serious about demographic trends because change is accelerating and some of the changes in the offing will turn old conventions on their head.

Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author's own.

HOLLIDAY FENOGLIO FOWLER, L.P.
Director - Corporate Research
(HOUSTON) The director of corporate research will be responsible for monitoring and reporting on economic conditions and the commercial real estate capital markets for the US. The candidate will collect, analyze and present data in a format usable by HFF's executive committee for client presentations and meetings. Duties include analyzing commercial real estate capital markets data from several sources, continuously editing and updating the firm's capital markets overview presentation; tracking national economic indicators, research and communicate local, regional and national commercial real estate market information and directing relevant information to Producers; and creating presentations for meetings with HFF clients discussing health of the U.S. economy and real estate markets as well as the capital markets.

JPMORGAN CHASE
Global Real Estate Assets-Multifamily Asset Manager VP
(NEW YORK CITY) Residential asset managers within the functional area of Asset Management-Americas play an integral role in the management and development of value within the US multi-family real estate asset portfolio. Individuals in this role are responsible for property performance throughout the property life cycle. Duties include developing a strategic plan for each asset including hold/sell analysis, financing plans, capital improvement strategies, and disposition recommendations; implementing approved strategic plans; managing property manager and managing joint venture relationships; participating in the due diligence process for identified acquisitions; and reviewing and approving annual business plans, budgets, asset strategy reviews, appraisal reviews and client reports.

JAMESTOWN
Senior Vice President, Development and Asset Management
(BOSTON) Specific duties include leading redevelopment of mixed-use project; leading overall project redevelopment and coordination and finalizing business plan and scope of improvements in conjunction with various Jamestown departments; managing project finance and overall financial performance; leading project reporting, including investment memoranda and conference calls with the investment committee; coordinating with accounting; overseeing architectural design and planning, legal, project marketing, and leasing; negotiating office, retail, and light industrial leasing contracts; and working with project consultants to complete entitlements.

VULCAN INC.
Acquisitions Manager
(SEATTLE) The acquisitions manager will identify, underwrite and acquire real estate throughout the Northwest. This position will also research and present new investment themes and ideas to Vulcan's overall investment committee for consideration, develop/maintain relationships with land owners to ensure deal/activity flow, source new acquisition opportunities that meet investment criteria and prepare investment recommendations. Investment property types include core plus, value added and opportunistic deals. Product types include land, office, life-sciences, retail, apartment and parking.

NEWMARK GRUBB KNIGHT FRANK
Transaction Manager
(DENVER) The transaction manager works with a highly successful team of five brokers who have received multiple commercial real estate awards and whose combined experience total 95 years. The transaction manager works with this account management team to manage purchase, sale and lease transactions on behalf of a Fortune 200 strategic client. Duties include coordinating with Account Manager to align the transactions with the client's real estate objectives; collaborating with an assigned business unit/region to understand and support their operational requirements and expansion or contraction of the business; implementing the transaction process to complete seamless transactions on behalf of the client and in accordance with client's processes and procedures; and sourcing third party brokers/service providers where required.

ERNST & YOUNG
Senior Consultant, Real Estate Advisory Services, Property Management Internal Audit
(NEW YORK CITY) E&Y is currently seeking a property management internal audit to support client engagement teams, work with a wide variety of clients to deliver professional services, and participate in business development activities on strategic and global priority accounts. Duties include establishing relationships with client personnel at appropriate levels; consistently delivering quality client services; executing project work products under the supervision of a manager or senior manager; monitoring progress, managing risk and ensuring key stakeholders are kept informed about progress and expected outcomes; and staying abreast of current business and industry trends relevant to the client's business.

ORACLE CORPORATION
Vice President of HQ Real Estate & Facilities
(REDWOOD CITY, CA) The Real Estate & Facilities team provides and maintains a quality work environment for Oracle employees by covering the following key functional areas: facilities services and operations; building engineering services; space planning and project management; site selection, transactions, and negotiation; M&A integration; and environmental health and safety. The vice president, headquarters real estate and facilities will be responsible for delivery of all real estate services within the San Francisco Bay Area portfolio, with roles as diverse as strategic space planning, community engagement, construction management, and other related functions. Fifteen years of corporate real estate experience and prior management experience required.

VENTERRA REALTY
Director of Engineering
(HOUSTON) Venterra Realty is a rapidly growing owner/operator of multi-family apartments focused on the Sunbelt States with properties located in Texas, Georgia, Florida, North Carolina and Tennessee. Reporting to Chief Operating Officer, this role will be primarily responsible for the following: day-to-day oversight of annual CAPEX budgets exceeding $8 million; hiring, development, assessment and terminations; overseeing all aspects of Capital Project budgeting including 1) annual plans for existing assets 2) hold period plans for new acquisitions and 3) loan term plans for refinanced assets; participating in investment committee meeting regarding decisions on acquiring new properties; overseeing disaster management and any related insurance claims; and directly interacting with major equity partners on more sensitive capital projects.

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