Despite national economic woes, multifamily job seekers are enjoying an uptick in demand for their services from an industry riding high on operating fundamentals. In fact, 67 percent of commercial and multifamily real estate firms plan on adding staff this year, according to the 2008 Industry Hiring Trends Forecast and Compensation Survey compiled by Ferguson Partners Ltd. (FPL), a Chicago-based executive recruitment and consulting firm for the real estate industry.
“Multifamily as a market segment is stronger than all others with the exception of office,” says FPL senior managing director and chief operating officer Jay Costley. “And if there is a function within multifamily that was strong, it was property management and asset management.”
Adding to the need for more multifamily talent is increased development. “We're not just looking for personnel; we're looking for talented personnel,” says Jesse Holland, president of Sunrise Management and Consulting, a Lantham, N.Y.-based mulitfamily property management and market services firm. “Everyone is working their budgets hard and trying to do more with less, but the multifamily market as a whole is still really strong. They are building more and more projects, and it is becoming more difficult to find qualified staff for property management. I think everyone is having that problem.”