The property market suffered during the recession, which was the time Julian Long decided to open Foundation Recruitment, a specialist property recruitment business. Now this may have seemed a questionable time to start, however, property professionals have seen an increase in salary year on year and have now been subjected to the highest level for 9 years which clearly demonstrates the elevated demand for high achievers in the sector.
Costar reported that the demand for property professionals across almost every sector boosted in the second half of 2015, pushing salary levels up by 12% – 14%. Costar also found the number of property job vacancies advertised from April 2015 – April 2016 was up by 28% demonstrating the appetite the industry has to grow!
The UK commercial property market remains extremely lucrative, 2015 was a record year for investors and 2016 is set to be the same! European real estate investors are competing strongly for property in London, the volume of financial contribution into the commercial property sector will upsurge the need and demand for property professionals, driving the property market forwards.
It’s not just London that’s attractive, regions outside such as Manchester, Leeds and Birmingham have seen the biggest rise in vacancies and salaries since 2007, with Facilities Management roles up 9% and Property Managers up 12%.
There is a lot of debate around the EU referendum, and how this will affect property recruitment for the back end of 2016. Some employers may be hesitant in hiring until the outcome is revealed, and candidates may be reluctant to leave their current employer where they are secure. That said, reports from many key players in the property industry including; Cushman and Wakefield, CBRE, Savills and Colliers are all showing very positive predictions for the property industry to continue growing at a strong and steady rate.
Savills reported on 26th May 2016 the vacancy rate raised above 3% for the first time since November 2015, showing the confidence in the property market.
If the investment and developments that we can see today continue at the current rate, the demand for property professionals will only increase.
Katrina Whitehead, Marketing & Operations, Foundation Recruitment