Commercial brokerages are spending more time fighting for talent as they consolidate their business platforms and adapt to a more globalized real estate market, GlobeSt.com reported. The latest moves by the industry’s top professionals such as Arthur Mirante, Tom D’Arcy and Joseph Harbert demonstrate the high demand for brokers who can successfully market a variety of services under a single company division. Brokerages are looking for leaders who are adept at a full range of services, from leasing and sales to property management and debt arrangement.
“These divisions are all being blended into a fully integrated platform with all the services. The mortgage origination capabilities, the investment sales capabilities, the corporate servicing ability – it is a full service platform,” said Ron Uretta, managing member of High Road ADvisors and the former president of Insignia/ESG. “You are seeing a talent pool of people who are young veterans. Many of them are people who have gone through solid training at CBRE, JLL or C&W, but now they are saying there is an opportunity across the way and it’s time for them to make the move.”
According to Colliers International U.S. CEO Dylan Taylor, consolidation within the industry is driven by firms’ needs to have a dominant global platform and a strong global brand, while being well-capitalized. “Those are the three drivers that will determine the rules of the road going forward,” he said. “For firms that don’t have those three things, or struggle with elements of those three dimensions, I think we will see a lot of change.” [GlobeSt]