Excitement is building for a summer of entertainment, but back to the reality of the office, what are we expecting to see over the coming months in the property recruitment world?
Of no great surprise, there is a direct correlation between property investment activity and the volume of activity and new vacancies. On UK shores, foreign investment into Central London has continued, with the attraction of the liquid market, transparent and efficient legal systems and general market maturity. For those newer entrants into the market, progress can be slow with a shortage of deals relative to the numbers of willing buyers in the primary and core plus markets.
We have experienced upwards momentum in the past quarter with confidence in the UK property sector being a key factor. Values have been negatively affected, although with portions of the market falling amidst concerns surrounding the Greek elections, the stability of the asset class in London relative to bonds and equities is acting in its favour. It remains to be seen whether the Greek election results will have a stabilising effect on the Eurozone or whether they will prolong the uncertainty, but we don’t envisage much change in the volume of recruitment over the coming months.
Currently, many businesses are recruiting from a bottom up perspective. For example, they are hiring highly efficient, intelligent property investment analysts to appraise the increasing volumes and alternative types of investments that firms are considering in order to compete in this current climate.
The ‘value-add’ arena again continues to seek the more financially astute asset managers, who can not only identify and implement the typical enhancement initiatives. For example, in the retail space, employers are also seeking those who have the ability to calculate retailer margins based on turnover and can produce strategic business plans in order to anticipate up and coming trends in the retail markets and online retailing.
From our perspective, we are seeing a sense of optimism and proactivity in the market that is feeding through to recruitment plans. It should be said that this positive view of the market is not shared by all participants and our standpoint is influenced by the reality that we are in a fortunate position to have a roster of clients that are cash rich and therefore well positioned to take advantage of market opportunities. A sporting chance of an enjoyable summer nonetheless!
Managing Director, Cobalt Recruitment