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Why Are These CRE Companies Magnets for Millennials?

Why Are These CRE Companies Magnets for Millennials? National Real Estate Investor (07/09/17) Egan, John)

With the retirement wave continuing among the Baby Boomer generation, the commercial property sector is having to deal with a graying workforce. The Institute of Real Estate Management reports that the average age of a property manager is now 52, with many real estate professionals in their 40s and 50s. Consequently, decision-makers responsible for attracting and retaining workers in commercial real estate recognize that they must woo Generation Y in order to keep their businesses running. However, recruiting Millennials to work in the commercial real estate sector goes beyond providing unlimited vacation or bestowing other cool perks on them. Fortune magazine recently issued its ranking of the 100 Best Workplaces for Millennials in the country, and several commercial real estate firms appear on the list.

Ranking No. 38 is Transwestern, the Houston-based commercial property services company. Millennial-age employees are strongly encouraged by Transwestern management to get involved in young professionals groups at the company's major offices to cultivate personal empowerment and teamwork. Transwestern also hosts holiday parties, year-round social events, wellness activities, one-on-one mentoring, and training and skill development courses. Walker & Dunlop, a Maryland-based provider of commercial real estate financing, placed No. 83. It sponsors a "high potential" program for employees who have been with the company for a few years and have established a track record of success. In that program, a manager identifies someone who's got the potential to rise through the ranks and nominates that individual to take part.