Driver’s Seat – March 24, 2025
One of the most common yardsticks for determining the status of a commercial property sector is to ask whether it’s a landlord’s market or a tenant’s market. The answer to that question can depend on a number of factors, not least of which is local conditions including inventory levels and the vitality of the industries that would rent the space.
However, there’s another commercial real estate metric that can seesaw to one side or another: hiring at CRE firms. There, the question is whether the market favors job seekers or their would-be employers.
The principals of CRE recruitment firm RETS Associates have seen this balance shift several times over the years. In a recent blog posting titled “Who Holds the Power in CRE Hiring?,” principals Kent Elliott and Berkeley Davis see it shifting yet again.
“For years, candidates have enjoyed the upper hand, with employers vying to attract the best talent,” they write. “However, recent data suggests a tilt towards an employer’s market.”
Elliott and Davis cited a recent LinkedIn poll which found that 54% of respondents believe it’s now an employer’s market, while 25% still think it’s a candidate’s market. A still-sizable minority of 21% feels that neither side has a distinct advantage.
Although these poll results signify “a notable change in the dynamics of CRE hiring,” Elliott and Davis ask what the implications are for both employers and professionals in CRE.
This column likened the shift to the dynamics of a seesaw. Elliott and Davis put it another way: the windshield wiper effect, “where the balance of power oscillates between employers and candidates.”
Coming out of the Great Recession of 2009, “candidates predominantly held the reins as the CRE industry recovered, a trend that continued through the post-pandemic job market of 2021-2022,” they write. “Now, in 2025, the market favors employers, but this doesn’t mean they can afford to be complacent in their hiring efforts.”
Although the hiring equation currently tilts towards employers, Elliott and Davis remind their readers that securing top talent remains a challenge. The U.S. unemployment rate was at 4.1% as of December 2024—the most recent reading, for February 2025, was similar—and that suggests a similarly low rate in the CRE sector.
They cite three main factors that employers need to consider:
- Proactivity is Key. “Top candidates won’t just come knocking; employers need to seek them out.”
- Competitive Landscape. “While the hiring landscape continues to evolve, demand for top-tier talent remains strong, and skilled professionals still have multiple opportunities.”
- Communication. “To secure the best candidates, maintain consistent and transparent communication throughout the hiring process—remember, delays can cost you top talent.”
Over the course of 24 years specializing in CRE recruitment, the RETS Associates team has observed that professionals switch jobs for the following reasons:
- Career Growth: Opportunities for advancement.
- Work-Life Balance: Including remote work options.
- Compensation: Higher pay and better benefits.
- Culture Fit: Alignment with company values and leadership.
“While 2025 might see employers with more leverage, attracting top talent still demands a competitive and thoughtful approach,” Elliott and David write. “The best professionals seek not just any job but a position that offers growth, flexibility and a sense of value.”