With the turn of the New Year, the SelectLeaders team dove into our historical data to gather some predictions for the 2024 commercial real estate job market. Assisted by the years of data we have collected on the job market and the commercial real estate industry, we’d like to think that we have a great grasp on where the market has been and where it’s headed.
From the SelectLeaders Data Vault
On the SelectLeaders job board, New York, NY; Atlanta, GA; Los Angeles, CA; Dallas, TX; and San Antonio, TX claimed the highest number of job postings in 2023. Not only were these top markets for open roles, but we saw that, on average, job postings increased velocity through the year. This indicates the potential for more growth in these markets and is a great jumping-off point for 2024 hiring trends!
2022-2023 Job Post Trends
NEW YORK SAN FRANCISCO HOUSTON DETROIT
103.26% – 68.6% – 14.9% +10.5%
Industries with Increasing Opportunity
The obvious heavy hitters in CRE – acquisitions, finance and investment, and asset/portfolio management – will continue to push forward in hires.
The need for green jobs is on the rise. Sustainable developments are ever-increasing, and the need for qualified candidates in clean energy, sustainable development, ESG, and corporate sustainability remains vital to net-zero goals worldwide.
The healthcare industry is predicted to remain a key driver for job growth. In 2024, healthcare-related commercial real estate jobs will be essential to supporting the infrastructure within this robust sector.
Upskilling in 2024
To stay competitive, candidates must continually upskill their expertise in technical areas like coding, digital marketing, and cloud computing. Additionally, the growing emphasis on AI and machine learning continues to prove valuable across the industry for time and spending efficiency – and there is no denying that that value is here to stay.
But it’s not only up to candidates to stay on top of trends. Employers that offer training to equip their workforce with the necessary skills to promote career growth will see payoff. Investing in employee development and retention is key to combatting the looming baby boomer cliff. With timely skill training investment, employers can apply the sentiment of lifelong learning in an actionable way.
Baby Boomer Cliff and Succession Planning
As the largest generation of workers creeps into retirement, nurturing standout employees across all levels of an organization through responsibility and institutional knowledge transfer is key to maintaining organizational success. In 2024, succession planning should be at the forefront of all employers’ minds.
Stay current on commercial real estate industry job trends with SelectLeaders in 2024 and gain even more expertise in the industry!
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