Hiring Down for Executives

The hiring of senior executives in the real estate industry (those earning more than $100,000 annually) declined slightly, to 6% of total national placement during the third quarter compared from 7% a year ago, according to the 55th National Index of Executive Vacancies released by Korn/Ferry International.

The small drop in demand may be due to a decline in hiring by home builders during the summer. They were heavy recruiters early in the year and, for the most part, are now fully staffed, said Lee Van Leeuwen, a managing partner in Korn/Ferry’s real estate division.

These institutions, he added, are hiring executives to oversee large joint-venture development projects. “And we are beginning to see a demand for managers needed to handle troubled real estate loan portfolios,” he added. The index figures are based on a quarterly survey of 750 Korn/Ferry clients.