No Football, just Hiring: "Ramblings of a Recruiter in Real Estate"

Welcome to Issue 46 of "Ramblings of a Recruiter in Real Estate" – your exclusive insider's guide to navigating the world of real estate recruitment in 2024!

I am writing this before Wednesday's kick-off, so to avoid any risk of affecting any football voodoo, there is no further reference to said sporting event.

In our last issue, I shared advice on the tools at hand to help assess the strengths of your current or prospective team. It has generated lots of interest and conversation offline, so I will be sharing more on this topic in two weeks' time. You can catch up on it here. In this issue, we discuss:

1. As we start 2024 H2 with new political leadership, I thought it a good time to share my observations on UK real estate hiring trends.
2. Updates from the latest episodes of the Accelerating Careers in Real Estate Podcast featuring James Pellatt and Jai Patel .
3. The newest opportunities from the development team at Macdonald & Company .

UK Development Recruitment

The UK Real Estate and specifically development hiring market remains buoyant, currently travelling somewhere between 3rd and 4th gear. The greatest demand my colleagues and I have is in the engine room of the sector: junior to middle management across all skill groups. From Investment, Development, Design, Planning, Project Delivery, Asset Management, Operations, Finance, Legal and Support, all the pillars of a real estate business are making hires. However, these are typically focused on operational improvements and reactionary project-specific requirements. We see the greatest activity at salary levels of ￡60,000 to ￡90,000. Competition remains high for the very best in their respective fields, and tension between new employers and current, as seen by counter-offers, remains high.

In the senior management grades, with salaries of ￡110,000 to ￡160,000, market opportunities are fewer. These roles appear less frequently in the organisational pyramid but also require greater confidence and investment when hiring decisions are being made. Whilst the wheels are turning, they do so at a lower rate than the ranks below. As such, there is pent-up demand for those in these roles feeling under-utilised or frustrated by a lack of impetus from their employers. Yet, without a freer-flowing market, these individuals must bide their time.

At the executive end of the market, with salaries of ￡200,000 and above, employers could be caught navel-gazing. In many ways a simpler market, driven by fewer market movers and even fewer available seats, this market starts and stops very quickly. London’s greatest competition for this group is the giga projects in Saudi Arabia. Those hiring in the UK are driven by employers who see opportunities in the muted hiring executive market, able to improve their ability to react and lead a market position. If this sounds like you a great way to start is with a salary benchmark to check your budget versus your needs.

The difference between H2 2023 and H1 2024 is we are seeing the brakes being released across all these markets. The cadence with which my colleagues and I have meetings across the UK, and the frequency of discussions on conditional hiring (hires subject to third-party intervention) and speculative hiring discussions are all up. You can see from the brands in the market already, there are several of the largest blue-chip investors, funds, and developers all adding to their teams. These are typically the most risk-averse and the last cohort to come to the market, so a positive market indicator. As capital flows back into UK real estate, we can expect to see the rate of the recruitment carousel quicken. The executive market in particular will speed up the fastest, and at the top table, the key hires being made will create spaces in their absence for new and exciting leaders to fuel the tier below.

??? Hear from the Experts ???

In this week's episode, I share the podcast booth with Jai Patel , Managing Director and Co-Head of Real Estate Debt for Intermediate Capital Group (ICG) . Jai shares his journey from a curious student to a key player in the real estate debt sector, providing valuable lessons and strategies for career growth in the industry.

You can listen to the full episode on Spotify:

or on Apple Podcasts.

In our latest ? Espresso Episode ???

In this ESPRESSO episode of Accelerating Careers in Real Estate, I revisit the conversation with James Pellatt as he shares his experiences from his initial steps as a chartered building surveyor to his influential role in shaping London's commercial real estate landscape. He reflects on the challenges and triumphs of managing significant projects, the evolution of his career, and his insights into the future of workspace innovation.

You can listen to the episode on Spotify:

or on Apple Podcasts.

?? Explore Career Opportunities with Macdonald & Company

Discover exciting roles in the UK development sector, powered by Macdonald & Company:

1. Construction Director: Have you delivered world-leading interiors, luxury hotels with branded residences? We are looking for a construction leader with a salary of ￡200,000.
2. VP of Development: An aspiring leader in development, responsible for the management of mixed-use development in central London. Analytical, creative, and resilient are the traits to success. ￡110,000 to ￡130,000.
3. Senior Project Manager (Mission Critical Services): Expertise in major commercial/heavily serviced environments, with mission-critical facilities a must. Salary: ￡90,000 - ￡120,000.
4. Fit-Out Project Manager (Life Sciences): Join a team dedicated to creating new biomedical facilities across the UK, with experience in critical systems being advantageous. Salary: ￡65,000 - ￡80,000.
5. Fit-Out Project Manager (Hospitality): Assist in the expansion and refurbishment of high-quality amenity spaces for a leading hotelier, with a focus on retrofit, quality, and sustainability. Salary: ￡65,000 - ￡75,000.
6. Calling Engineers or Project Managers to be a Development Manager: Oversee projects in the commercial and living space, from new builds to asset improvements across the UK. Salary: ￡65,000 to ￡75,000.

?? Shape the Future with Us!

We value your input! Do you have a real estate recruitment topic or podcast guest in mind? Let's collaborate! As we wrap up, stay tuned for more updates, insights, and transformative opportunities in real estate. Keep reading and chasing those real estate dreams! ?????