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Commercial Real Estate (Canada)

Discussion in 'Business, Careers & Education' started by chrisjr, May 10, 2011.

  1. chrisjr

    chrisjr Senior member

    Messages:
    504
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    Jan 31, 2009
    Location:
    Park Avenue
    Hi all,

    I'm interested in working in commercial real estate. I've been fascinated with real estate for a long while and taking an international real estate and finance course on semester at sea really pushed me to want to enter this industry. I've just finished my undergrad in int'l relations having studied a few accounting, finance, and econ courses.

    So, i've done a fair amount of networking and can use my highschool alumni "old boys" network to help me, but I need some advice on which positions I should be looking at to enter the industry. I do read real estate journals from time to time and keep up with it in a couple of newspapers, but I would appreciate some insight here.

    For example, a fellow I was asking about career opportunities at his firm responded with a detailed note that included: "I would recommend giving some thought to the type of work you would like to do (ex. acquisitions, asset management, brokerage, appraisal, tax, commercial lending, etc.) and if there is an asset class that most interests you (ex. multi-family residential, office, retail, industrial, hotel, etc.). Knowing that will clarify which companies to target and what background you need to be a good candidate."

    Having not worked in the industry, I simply have no idea where the right place for me is (other than avoiding industrial because I like being in the city). I think I want to go in as (no idea if i'll stay in the position) a broker or investment analyst. I've also been advised to look into the OREA licensing course, though I'm already in the middle of the Canadian Securities Course.

    Any input from guys in the industry would be appreciated.

    Regards,
    Chris
     
  2. Pennglock

    Pennglock Senior member

    Messages:
    3,244
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    Mar 20, 2006
    My advice is to stay the fuck away from commercial real estate. Unless maybe you want to work for a special servicer^^
     
  3. jgold47

    jgold47 Senior member

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    The Mitten
    I m in cre. It's not bad
     
  4. jefe

    jefe Senior member

    Messages:
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    Jan 4, 2008
    Location:
    colorado
    I m in cre. It's not bad

    +1. Actually, it is pretty bad but it could still get a lot worse. We've seen a remarkable increase in leasing and sales activity in Denver in the first part of 2011.

    To the OP, there are a million different paths in the industry. Working for a REIT is much different than working for a local developer which is much different than being a tenant rep broker for a CBRE/JLL/Etc. Figure out if you want to be in the trenches or doing the institutional thing and orient your path in that direction.
     
  5. unjung

    unjung Senior member

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    Better than being in residential. I respect the guys I know from CBRE, AY, etc.
     
  6. jgold47

    jgold47 Senior member

    Messages:
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    The Mitten
    Better than being in residential. I respect the guys I know from CBRE, AY, etc.


    are you in Alberta? I know one of the AY guys in Edmonton....
     
  7. smartxtai

    smartxtai Member

    Messages:
    22
    Joined:
    Oct 3, 2010
    Chris,
    Interview as many people as you can across the various functions and asset types. This way, you begin to narrow down the list based on your interest and goals.

    I'm about to enter the commercial real estate field too and it was because of the numerous people I interviewed that I finally decided that multi-family investment brokerage was what I wanted to begin with.
     
  8. unjung

    unjung Senior member

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    are you in Alberta? I know one of the AY guys in Edmonton....

    Calgary.

    I'm about to enter the commercial real estate field too and it was because of the numerous people I interviewed that I finally decided that multi-family investment brokerage was what I wanted to begin with.

    I think this is a good gig. REITs are always hot if they're managed properly.
     
  9. holymadness

    holymadness Senior member

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    Nov 27, 2008
    Location:
    Montreal
    This is the worst time to get into or be in Canadian real estate. Month-over-month sales of residential units have fallen for a year now, even as average prices have gone up. Increasing prices on decreasing volume means market instability and probably presages a rather large correction since prices in the GTA, Vancouver, Calgary, Edmonton, and Kelowna are ridiculously inflated (between 7x-10x yearly income on average).
     
  10. unjung

    unjung Senior member

    Messages:
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    Joined:
    Sep 30, 2008
    Location:
    The beach
    This is the worst time to get into or be in Canadian real estate. Month-over-month sales of residential units have fallen for a year now, even as average prices have gone up. Increasing prices on decreasing volume means market instability and probably presages a rather large correction since prices in the GTA, Vancouver, Calgary, Edmonton, and Kelowna are ridiculously inflated (between 7x-10x yearly income on average).

    Believe me, I am with you. I genuinely believe that that correction is coming. This spring has been a disaster in the residential markets. Vancouver is a joke.

    As a long-term career though, commercial or institutional real estate is fine. Like a good money manager, there's money to be made regardless of whether the market is up or down.

    You should start a Canadian residential RE thread so we can discuss the coming correction though.
     

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