Commercial Real Estate Jobs Attracting Candidates

Where Are Job Seekers Applying?

Using data on resume submittals, job postings, and applications made from SelectLeaders, a vibrant story can be told about the changes in job seekers’ demand for jobs over time. Total resumes submitted have remained relatively constant over time, with a peak submission in 2007.

Total Resumes Submitted: 2007-2009

Source: Resumes submitted to jobs on SelectLeaders Job Network, first 11 months of each year

Where Do Job Seekers Want to Work and Live?

As typical, New York remains the most applied to state for commercial real estate jobs, with California consistently being ranked number two, and Florida in the third spot. As the chart below shows, New York, California, Florida, Texas, and Illinois received 76% of the total job applications nationwide. Utah, Delaware, Rhode Island, Maine, Montana, Nebraska, Mississippi, New Hampshire, Arkansas, North Dakota, South Dakota, Vermont, West Virginia, and Wyoming received no commercial real estate applications in 2009.

Top 5 States Receiving Resumes for Online Job Postings as a Percentage of Total Job Postings

 

When Do People Apply for New Jobs?

SelectLeaders received 8,122 resumes in March 2009, which was the most all year. Interestingly, the month that received the most job postings in 2009 was also March according to the SelectLeaders Cornell Job Barometer team, which tracks commercial real estate job postings on major online job boards. However, resume submissions have fallen from an all time high of over 11,000 in the beginning of 2007 to a low of around 5,000 today.


 

What Industry Sectors are Most Appealing to Job Candidates?

Industry sector job demand and supply seem to match up rather well.  The top five most desired industry sectors in 2009 were Real Estate Investment, Office, Multi-Family, Mixed-Use, and Retail, which accounted for 73% of the total job applications. On the supply side, the top five job postings by industry sector are Multi-Family, Multi-Sector, Banking, Retail, Office, and Affordable Housing (Banking includes Real estate Investment).

Top 10 Most Applied to Sectors

Senior and Congregate Care sector job applications grew by 60% in 2009, from 691 to 1,106, while Mixed-Used sector applications fell by 52%, from 28,611 to 13,762. Real Estate Investment sector applications remained rather constant, 43,274 in 2008 and 41,725 in 2009, a drop of only 3.5%. Despite the government’s eagerness to create “Green Jobs,” total applications to that sector fell by 45% in 2009.

Which Categories are Most Desired by Job Candidates?

The applications in the top ten job categories account for 60% of the total applications in 2009. A look at the data reveals that there were still 10,081 applications for Development jobs in 2009, down from 14,703, while job postings for Development were down 58%. Dispositions made the top ten list for the first time in 2009, reflecting the increasing labor needs of special servicers and workout groups. Forebodingly not on the 2009 top ten list is Capital Raising. It seems that candidates do not have much faith that they will be able to obtain jobs in the Capital Raising category, even though job postings for Capital Raising are down only 7% from 2008.