Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/595440
28 • November 2015 • Western Real Estate Business www.REBusinessOnline.com RELOCATION: 60 PERCENT OF REAL ESTATE PROS HAVE CONSIDERED IT Career path, quality of life and accessibility to outdoor activities were all prime motivators for Western-based professionals who have considered relocating for the right position. By Kent Elliott A recent study of real estate pro- fessionals in 10 cities across the Western U.S. indicated 60 per- cent of respondents have considered relocation to a diferent city in the past two years, revealing a clear majority's willingness to uproot and move for the right job opportunity. The survey was conducted by RETS Associates, a leading national real estate recruiting frm, and included professionals from the top 10 regional markets of Los Angeles, San Diego, Orange County, San Francisco, Silicon Valley/San Jose, Portland, Seattle, Las Vegas, Denver and Phoenix. The vast majority of survey respon- dents were employed at public, pri- vate and institutional real estate frms. They held positions in acquisitions, development, asset management, construction man- agement, brokerage and more. Besides a willing- ness to relocate, the survey uncovered the primary driv- ers for entertain- ing a move. When asked the No. 1 reason for moving, respondents ranked career path frst, followed by the quality of life to be expected in that region and the acces- sibility to outdoor activities. The cost of living was ranked as the next high- est consideration. The market dynamic that drives respondents' consideration is an un- precedented number of job searches in the real estate sector matched with a great shortage of people to fll those positions. The idea of relocation has become a common topic of conversation among commercial real estate hiring manag- ers. It is undoubtedly a candidate- deprived job market, given the "war for talent" for top performers and the consequential impact it has had on the willingness for companies to search for talent outside of their immediate market. As the real estate industry contin- ues to improve, growing numbers of employers are hiring entry- to senior- level positions in acquisitions, devel- opment, construction and property management and more. This "feeding frenzy" of sorts has compelled real estate companies to ofer relocation packages to ideal candidates. Looking for patterns in relocation, companies have demonstrated an equal willingness to ofer incentives for shorter distances (e.g., Northern California to Southern California) or longer (e.g., coast to coast). Interestingly, San Diego was cited as the top-ranked destination for respon- dents who were considering reloca- tion. The important takeaway from the survey for real estate executives and hiring managers is that the majority of real estate professionals are willing to relocate for the right opportunity. Consequentially, employers will need to venture out of market when consid- ering candidates and – when they fnd the right one – be willing to ofer suf- fcient incentives packages to get them to move. Kent Elliott, Founder and Principal, RETS Associates in Newport Beach, Calif. Elliott www.interfaceconferencegroup.com/EEE2016 MORE IN FO & REGISTRATION CON FIRM ED SPEAKERS (as of October 20, 2015. More to be announced): Charley DeLana EVP, Global Brand Ventures Westfeld Brand Ventures David Kitchens Principal Cooper Carry Jerry France President & CEO France Media, Inc. 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