Pick of the bunch: W/E 29th March 2024
GKR International - Real Estate Talent Specialists
global property recruitment specialists / career advisors / love coffee, cakes & phone calls so call us on 0207 048 3304
Highlighting some of our latest opportunities across each of our disciplines, alongside global market insights for real estate professionals, weekly.
Residential Real Estate
Last year's housing market correction served as a catalyst for positive change, emphasizing the need for improved affordability in the eurozone. While mortgage rates nearly tripled over the past two years, this shift prompted a reevaluation of housing accessibility. Despite the challenges posed by increased financing costs and a rising cost of living, the market's response highlighted resilience and adaptability. Individuals adjusted their spending plans, fostering a healthier balance between demand and supply in the housing sector. Moreover, variations in house price trends across eurozone countries underscored the dynamic nature of the market, presenting opportunities for targeted interventions to support affordability.
In Washington, the enactment of a new law promoting co-living represents a progressive step towards addressing housing challenges. This legislation, championed by Gov. Jay Inslee and supported by bipartisan efforts, signals a commitment to innovation and inclusivity in housing solutions. By providing shared living spaces with individual privacy, co-living offers a fresh perspective on community living, catering to diverse needs and lifestyles. The emphasis on affordability and versatility aligns with broader initiatives to enhance housing accessibility for students, single adults, and seniors. Amidst growing concerns about housing shortages, the law reflects proactive measures to foster a more inclusive and resilient housing ecosystem, setting a positive precedent for future developments.
Contact: Lee Riley, Senior Director
Contact: Ethan Lewis, Recruitment Consultant
Property Management
In the UK, property investors and owners are placing a renewed emphasis on ESG (Environmental, Social, and Governance) considerations, prompting a re-evaluation of estate management policies. This shift towards ESG-focused policies is expected to impact day-to-day lease negotiations and disputes, particularly concerning common lease clauses like alienation provisions. Property owners may seek to introduce policies that align with ESG goals, potentially influencing tenant selection criteria and lease conditions.
In the US, the real estate market is experiencing a significant shift towards ESG initiatives driven by looming reporting requirements and changes to investment criteria. Proposed SEC rules require climate-related disclosures, while changes to investment fund regulations aim to crack down on deceptive practices. ESG factors are increasingly shaping investment decisions, with a focus on reducing carbon footprints and enhancing sustainability measures. In Germany, EU-wide environmental regulations and national initiatives are driving landlords and tenants to adopt sustainability measures. Green leases are becoming more common, and reporting requirements incentivize landlords to improve building sustainability. Overall, the global real estate landscape reflects a growing emphasis on ESG objectives, influencing decision-making at various levels across the industry.
Business Support
As the property sector increasingly prioritises ESG initiatives, office support staff are likely to see changes in their roles and responsibilities. They may find themselves more involved in sustainability-related tasks, such as implementing and monitoring ESG policies, managing sustainability reporting, and coordinating initiatives aimed at reducing environmental impact. Additionally, they may need to adapt to changes in lease negotiations and property management practices influenced by ESG considerations, which could involve administering green leases and ensuring compliance with ESG-related regulations. Furthermore, office support staff may play a role in evaluating prospective tenants' ESG credentials and facilitating communication between landlords and tenants regarding sustainability requirements. Overall, these shifts will require office support staff to acquire new skills and take on additional responsibilities related to sustainability and environmental management in the property sector.
Contact: Anuradha Deb, Associate Director
Would an interview presentation requirement deter applicants???
Commercial Real Estate
The rise of remote and hybrid work models has led to increased office vacancy rates, prompting cities to explore opportunities for downtown revitalization. Older office buildings lacking modern amenities are being repurposed into residential spaces, supported by government incentives aimed at facilitating office-to-residential conversions. Investment opportunities abound, with vacant office buildings presenting prospects for value-added funds to acquire and renovate properties to enhance leasing value.
Meanwhile, in the United Kingdom, the commercial property market, particularly in the London metro area, offers attractive opportunities driven by factors such as strong demand from higher education institutions, a skilled workforce, and favourable economic growth. The U.K.'s stable legal framework and low-interest rates further bolster its appeal to commercial real estate developers and investors seeking conducive conditions for business ventures.
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Contact: Andy Irvine, Associate Director
Built Environment
In the realm of interior design for 2024, there's a vibrant departure from neutrals and minimalism as homeowners embrace maximalist and colourful aesthetics. Key colour trends include the rise of intense hues like orange and burgundy, replacing the once-dominant white and grey palettes. These bold colours inject vitality and elegance into indoor spaces, offering homeowners opportunities for creative expression. Additionally, blue and green emerge as popular choices, reflecting a desire to bring the outdoors inside with subdued, natural shades reminiscent of woodland landscapes.
Moreover, sustainability takes centre stage, with a growing emphasis on eco-friendly practices and materials. Homeowners are increasingly opting for renewable energy infrastructure and energy-efficient appliances, while also gravitating towards recycled or reclaimed furnishings. Handmade fabrics and locally sourced pieces contribute to a more environmentally conscious approach to interior design. Alongside colour trends, textures play a significant role in shaping spaces, with textural finishes adding depth and character. Stone emerges as a favoured material for its timeless elegance and durability, seen not only in flooring but also in sinks. Embracing curves in furniture design complements the shift away from stark minimalism, offering softer, more inviting aesthetics. Incorporating biophilic elements further enhances the connection to nature, with organic shapes and natural lighting fixtures creating tranquil indoor environments reminiscent of outdoor landscapes. Ultimately, while trends offer inspiration, personal taste remains paramount in creating spaces that reflect individual preferences and lifestyles.
Contact: Lee Riley, Senior Director
Investment, Finance & Accountancy
In Sydney, home values are projected to continue their upward trajectory, albeit at a slower pace compared to 2023, with prices rising by 0.5% in February and 10.6% over the past year. The surge in properties for sale has not yet dampened demand, as both buyers and sellers exhibit increased confidence, fueled by expectations of potential rate cuts that could bolster borrowing capacity. However, as the spring home-buying season approaches, signs indicate that activity in the market may not fully flourish due to persistently high mortgage rates and home prices, coupled with historically low housing stock. This affordability challenge is particularly pronounced for first-time buyers, who may find themselves facing the reality of elevated home prices and mortgage rates.
Looking ahead to 2024, the housing market is expected to face ongoing headwinds, including elevated mortgage rates, high home prices, and record-low housing stock, contributing to overall unaffordability. While U.S. home prices saw a decline in December for the second consecutive month, experts anticipate a slower rise in home prices compared to recent years, with regional variations influenced by local market supply dynamics. Chief economist Mark Fleming predicts a "flat stretch" ahead, suggesting that while the market may not reach the extremes witnessed in previous years, it remains in a state of adjustment, with affordability continuing to be a key concern for prospective buyers.
Contact: Emma Smith, Recruitment Consultant
Contact: Grant Kaveney, Founding Partner
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Executive Consultant – Public Practice Recruitment
8 个月Some great insights and opportunities here ??????