Author Archives: Redpath

Article written by Suzie Karkoulas – Principal Consultant

With International Womens Day #iwd2021 on Monday 8th March, I want to share my thoughts on a topic I am so passionate about.

I continue to have the same conversation with clients.

Here’s the crux: If you want a true gender balance at leadership level, help the situation by growing your own.

It’s that simple.

Having worked in Executive Search in Architecture for 7 years, I have had thousands of conversations about diversity and equality.

Why? Diversity in leadership is seen as progressive and it is the progressive firms that are attracting the best young talent.

Diversity also welcomes a range of genders and ages at leadership level, collaborating together.

Seeing great women becoming successful within an organisation is a source of inspiration and motivation for all staff. It should also be noted that “success” is unique to each individual. The talented Abbie Galvin mentioned in a talk today that we need to really think about what a ‘leader’ looks like in he sense of how they work. Can leaders work part time or from home?

I #choosetochallenge what leadership opportunities can look like when consulting with Architectural practices.

It is not hard, but it does require a self-assessment and the willingness to change.

Step 1: Take a long hard look at your own organisation, recognise conscious or unconscious bias and take every step to address any internal issues.

Your culture cannot change unless your leaders actively champion and encourage it.

Step 2: Actively work on creating an environment that fosters meaningful careers for all and ensure internal dialogue is gender and age positive.

Step 3: Offer the same mentoring, opportunities and flexibility to all staff.

Step 4: Hire and promote based on skills and experience.

This is not about women receiving more advantages, it is just giving every individual the opportunity to succeed in their career and enjoy the equality that we all strive for.

Essentially, companies should promote and hire people based on their expertise and skills, not gender.

When searching for new talent for senior roles, however, there is a lack of suitable female candidates.

Recent statistics found women comprised only 25% per cent of registered architects. Only 14% practice partners are women, despite an almost 50/50 representation at university. This is likely due to the structure of the industry, which unfortunately is not conducive to women requiring flexible work arrangements. I agree that not everybody wants to go into leadership however does being a leader have to mean choosing between career and family?

In this post Covid world where so many of us were thrust into new ways of working, should we really be judging contribution to an architectural practice by how many hours we put in at the studio?

One of the biggest challenges women face in career progression across all industries is the career break when taking maternity leave. Returning to the workplace can be hard when expectations remain unchanged. It is particularly difficult in the architecture industry where long working hours have been the norm. Childcare should be a shared responsibility and the same flexible working arrangements should be offered, and encouraged for men.

So, what can we all do? Speak up!

We need to be the change we want to see.

Encourage flexibility for working parents, hire purely on skills and experience, not age or gender.

Encourage honest conversations and challenge internal biases.

Commit to changing from a grass roots level as well as from the top down.

Whatever you do, #speakup

What will you #ChoosetoChallenge ?

World Mental Health Day is observed every year in order to spread awareness about emerging mental health issues. This years World Mental Health day comes at a time when our daily lives have changed considerably as a result of the COVID -19 pandemic.

In support of the World Mental Health Day 2020 our offices – Sydney, Melbourne, Dubai, Hong Kong, New York & London all held a mental heath awareness week where some fantastic activities were organised all round by each office.

From a fresh healthy breakfast to start the week off to some tranquil yoga and pilates classes, our Dubai office even managed to squeeze in a stress management workshop and some Stand Up Paddleboarding. For those in lockdown offices we didn’t forget about them either as we sent some love in goody bags.

Re-entry to workplace feedback

With transition back to the workplace in play for a lot of businesses, what has the uptake been and how are we really feeling about it?

Overall, the return to office working response can be described as steady. Within a single business, the behaviour has widely varied in each State with some having higher office working uptake than before Covid.

With similar techniques being adopted in terms of pre-booking desks, on-site sign in procedures and assigned working days; flexibility to book on demand seems to be the most sort after method, and those who originally assigned working weeks or days have moved away from this for the time being. This has enabled increased regularity of capacity in offices.

The ability to increase technology to streamline these processes as well as to enable quick track and trace functionality, will be highly sort after. One key example we have seen for this, is a desk swipe on system with normal building access cards. This allows visibility of desks currently in use and then better still, confirms when the desk has been cleaned so available for use by a new staff member.

What do we want next from the workplace?

With transitional office working well underway, its now time to turn to what we want and need from the workplace going forward; how space will need to be utilised, it’s capability and therefore how much will be needed.

Early feedback still indicates that employees will be seeking to work in split formation of home and office 2/3 days per week. With more than half of us missing the collaborative and social aspects that the office space provides; changes to desk working areas and current meeting room numbers, and format will be first to be reviewed. From there, further investment will be required into technology to enable seamless working from anywhere.

The question over real estate portfolio reductions will very much be a reality with most groups looking at a 25% reduction at this time. Large consideration is also being given to de-centralisation of offices and moving to more neighbourhood/localised based working.

Beyond the workplace

Further to review and changes to our physical working environment, we can expect a lot of time and investment to next be focused on organisational culture and career pathways.

Organizations have started to gather information through surveys and working groups, which will be key to understanding what changes will be needed to leadership support in order to stay relevant and productive for their teams. This will also include equipping people managers in how to manage and support teams in new ways of working.

Ultimately this work will also be crucial to feed into future requirements of our physical and virtual working space, to successfully support staff with regards to wellbeing and future career development.

July 2020 marks some important anniversaries for Redpath Partners!
We are celebrating:

Current Working Arrangements

Most facilities and workplace teams are still physically on site or providing skeleton support, with the majority of business staff operating from home. Exceptions to this are technology dependent staff, essential support staff and vulnerable staff. It is even more important now to understand and support vulnerable staff members.

Working from home has meant lots more use of video calls (vc), including virtual clear outs for office moves. Video software has been utilised across the board, most not having used these platforms before. Also, access to carparks has been provided to staff who must travel to site.

We have received feedback of improved collaboration with overseas colleagues due to more regular, scheduled calls/vc and working with a more diverse amount of people in our organisations. In comparison it was felt there was generally less communication with local colleagues. Tip: if feeling overwhelmed with vc for the day, upload a corporate photo and shut off the video for a time.

Return to Office Strategies

Businesses are looking at making a phased return/re-entry to office space for essential and vulnerable workers starting in the next 4 weeks. Then looking to make a larger return by August, which on the whole is not being reviewed for all staff, instead up to about 65% capacity.

Some groups are looking to introduce an ambassador who will assist with the onboarding process into the changed working environment, for example checking the number of staff using a meeting room at one time and sanitizing hands on entry to the office.

Approaches to the re-entry process are varying dependent on campus to commercial tower property arrangements. One of the most challenging areas is managing entry to sites and lifts; 2-4 persons in a lift at one time with an entry and exit time to the property.

Allocated teams/booking systems will continue for the foreseeable to manage the number of people within the office at one time and allow for appropriate social distancing and cleaning regimes. Workplace teams are removing furniture as a way to manage the number of people who should be using meeting rooms at one time.

Future Workplace and Working Trends

Organisations are taking this opportunity to gather information about how their staff are finding working from home, their productivity, and thoughts on returning to the office space through short surveys. Most have reported excellent return rates compared to previous surveys.

Feedback from staff surveys is showing that the majority are not in a rush to return to working from the office and when a full return is in place, they would be looking to work from the office 2-3 days/week.

With new challenges arising and advice changing almost daily, most businesses are taking the time to assess future requirements rather than implement large changes to office fit-out and design now. Some plans for changes include removal of print and mail areas, adapting meeting areas to allow for greater social distancing in collaborative working areas.

There is a large view that office space will be set up primarily for collaborative work and focused working will be completed from home.

Redpath Partners Sydney team would like to say a big thank you to the team at Foodbank NSW & ACT for allowing our group of volunteers to step in and lend a hand.

Foodbank NSW & ACT is Australia’s largest food relief organisation, operating on a scale that makes it crucial to the work of the front line charities who are feeding vulnerable Australians.

Foodbank provides more than 70% of the food rescued for food relief organisations nation-wide.

‘Following a successful H1 where the Dubai team hit all their targets, they got out of the city and enjoyed a trip to Hatta in the Hajar Mountains. They enjoyed some competitive rounds of archery, a tough mountain biking course and finished off with a relaxing kayak around Hatta Dam. The trip was a great success and all the team came back rejuvenated and ready for 2020!’

Redpath Partners has just kicked off an Industry Workplace Forum here in Sydney! Set over a working lunch, we hosted a small group of like-minded clients who were keen to share ideas, challenges and successes they are facing when it comes to managing Workplace.

In this session, there were some great discussions around how we are collecting and using data in our space, the evolution of workplace for the next generation and workplace ambassadors.

Looking forward to the discussions at our next quarter’s meeting!

Redpath Partners spent some quality time with some of our clients across Engineering and Architecture at the Greens Bowl’s Club, North Sydney.

Engineers came out on top after some friendly competition

Engineering 1 – Architecture 0

Strong development talent continues to be in demand across the NSW, VIC and QLD markets.

Infrastructure Led

The ongoing investment into infrastructure is driving the need for experienced commercial, retail and residential development professionals from Assistant Development Manager level, through to GM leads. These positions will manage iconic, complex, mixed use programs and would be an outstanding opportunity for driven individuals.

Commercial Office

Commercial office talent is in short supply and very high demand. We are currently working with 6 leading groups who would like to attract senior development candidates to lead prestigious projects, with further career growth ahead.

Industrial

The industrial market continues to be in growth mode, with a desire to secure innovative thinkers to work across tech driven logistics parks and complex data centre developments with a focus on preparation for global advancements.

Residential

Following a cautious time in the residential space, we are now seeing more appetite to secure experienced, end to end apartment development professionals who will assist in building out new pipelines ready for the next cycle, and also to execute on existing projects. We are also receiving enquiry for individuals who have had exposure to the ‘build to rent’, ‘co-living’ and student accommodation sectors for Tier 1 clients who are including these asset types in their complex masterplans.

Retail

Retail is steady from a resource perspective but we do have a current requirement for a senior development lead for a high profile asset with complexity and challenge.

If you would like to discuss your longer term career plans, or would like a general market update, please contact rhian@redpathpartners.com at your earliest convenience.

Danny and Matt from our New York office made the trip to Las Vegas to meet with clients and candidates in the hotel & resort sector.

With active hiring of design and construction professionals it was a timely visit, strengthening relationships and gaining valuable insights right across the market. And they made it home with their shirts still on their backs.

Some of the team from our Sydney office volunteered at Ronald McDonald House where they cooked and shared a meal with the children and families at Randwick House.

Truly an encouraging experience to engage with the children and their families going through such a difficult time.

Hong Kong

In recent years, due to the limited space in Hong Kong and high demand for residential property, home prices are ever increasing and showing no signs of slowing down.

The emergence of Mainland developers within the last year, such as Country Garden, China Vanke, China Evergrande Group and Agile Property, have not only created fierce competition for land acquisition in Hong Kong but has also driven up home prices to record highs for 23 consecutive months, which was by far the longest ever upward trajectory in a quarter of a century.

Aside from residential development, the iconic project dubbed “Victoria Dockside” by K11 Executive Vice-Chairman and General Manager of New World Development, Adrian Cheng, is set to officially open in 2019. The US 2.6 billion, three million square foot project will comprise of premier art and design facilities, combined with office space, offering a panoramic view of Hong Kong’s dockside.

Moving on to the Construction sector, there are many exciting projects on-going and near completion phase. The Hong Kong-Zhuhai-Macau (HKZM) mega bridge was set to open in July this year, but with delays on its structural integrity it may not commence for mobilization until late 2018. The 29-kilometre section will be one of the world’s longest bridge, connecting to Zhuhai China, and to Macau.

Construction of The Hong Kong Third Runway (3RS), comprising of over 650 hectares of land, commenced in 2016 and is expected to be complete by 2024. The 3RS will include a new runway, taxiway system and a passenger building. The project itself will generate over 139,000 jobs during the construction phase, especially in the years 2022 – 2023.

Macau

The first half of 2018 in Macau was filled with promising news of upcoming and ongoing project expansions. These projects include the Galaxy, Phases 3 & 4, which are scheduled to complete by 2019/2020, with a budget of no less than HKD 43 billion by the firm’s deputy chairman Francis Lui Yiu Tung.

Sands Group, owned by U.S. billionaire Sheldon Adelson, is one of the most well-known resort operators globally. They are currently undergoing a redevelopment of the Sands Cotai Hotel, transforming it into a London-themed resort. This will be an estimate of MOP 8.9 Billion which includes expansion, renovation and rebranding scheduled to complete by 2020.

Other hotel groups planning project completion include The Grand Lisboa Palace project with Sociedade de Jogos de Macau (SJM). Aside from various delays over the years, CEO Ambrose So is aiming for to open next year, in 2019.

With the vast number of projects currently under construction, the demand for talented individuals from design and build to construction will remain a high priority for developers in both Hong Kong and Macau.

For further information on the Hong Kong Property and Construction industry please get in contact with Jacky Lee.

Jacky Lee contact details;

Phone; + 852 3796 3121

Email; jacky@redpathpartners.com

Web; https://www.redpathpartners.com/hk office

Linkedin; https://www.linkedin.com/in/jacky-lee-57b86841/

Redpath Partners would like to say a big thank you to all who joined us for our annual Winter Development event. Along with 60 of our valued clients, we enjoyed a relaxed lunch and drinks at Bistro Guillaume to see out FY18/19 and welcome in the financial year ahead.

Our Australian team took a quick trip to Wolgan Valley in the Blue Mountains to take part in some team building and goal setting for next financial year.

Some of us got to experience a sunset wildlife tour whilst the others took up the challenge of Archery.

An unforgettable experience in a breathtaking setting.

Redpath Partners Sydney Office were up before the sun participating in our first “Darkness into Light” fundraising walk.

Darkness into Light, is an annual walk/run which was launched by Pieta House in Ireland to raise awareness of suicide and self harm.

Great work to our staff who were up bright and early for a worthwhile cause, well done! Redpath are proud to have been part of this great initiative.

On the 31st of July, Nick Redpath will be taking part in the Redbull Romaniacs extreme enduro rallye (www.redbullromaniacs.com). It’s a five day off road motorbike race set in the regions around Sibiu, Romania (Southern Carpathian Mountains). It’s considered as the world’s toughest enduro race – his only goals are to finish and to raise some money for a good cause!

He is supporting the Property Industry Foundation who is focused on making a tangible difference to the serious and persistent problem of youth homelessness. Every night across Australia there are 44,000 young people who are homeless and with your generous donation the Property Industry Foundation will work tirelessly to reduce this number.

Congratulations to Julian Evans who summited Mount Everest on Thursday 23rd May on behalf of some very worthy causes!!

Julian commented “It took Around 35 hours from Advanced Base Camp to reach the summit. Storms ripped through tents, climber congestion near the top as shown in the news in recent days and sadly deaths, made for a torrid night. We survived though!”

What an amazing achievement!

How is overall hiring demand across in the construction space at the moment? Any significant changes in the past 12 months?

Demand is still very strong, despite what the media says! The highest demand is coming from the infrastructure sector but clients who have exposure to government projects, commercial office and the industrial market have a number of requirements that range from site roles to executive positions. The obvious and most profound change in the last 12 months has been the decline in the residential market – we’re currently managing 65% less roles in this sector compared to 18 months ago. That’s not to say that established residential developers who are well capitalised won’t continue to launch projects in locations that are close to commercial hubs and have good transport links.

Where are the biggest gaps between hiring demand and candidate supply – by role/speciality/geography/sector?

Candidates who have strong experience in infrastructure and government build projects are in demand nationally. Clients who specialise in this work are far more open to facilitating interstate moves and for specialist positions they will consider overseas talent due to the scarcity of local options. We’re also experiencing continued demand from the commercial and industrial clients in Sydney and Melbourne continues to be incredibly robust across the board. Perth and Brisbane seem relatively ‘flat’, but we’re hoping that may change as Sydney and Melbourne’s affordability and congestion challenges, force people to consider an interstate shift.

What are some of the main factors driving demand in these areas at the moment?

•  The infrastructure boom – according to most reports, this equates to $70bn over the next decade. This spend is essential as the population exceeds 25 million and continues to grow at a rate that is greater than most developed countries.
•  Sydney reinventing itself – Sydney is finally becoming the international city it always had the potential to be. It’s almost unrecognisable compared to 10 years ago and it’s only half way through its transformation.
•  Victoria’s’ population growth – the recent growth is the fastest since the Gold Rush and the state has done a fantastic job at keeping pace to cater for this growth.

What movements have you seen around salaries/rates over the past 12 months?

•  Infrastructure – 8-10%
•  Commercial Construction – 4-6%
•  Residential Construction – 10-15% less

Overall, what are the biggest challenges for construction recruitment specialists currently, in your view? What are some areas of opportunity?

Challenges:

•  Dearth of talent in the Infrastructure and commercial construction sectors
•  Visas. The changes and ensuing confusion when recruiting overseas talent; as well as the extortionate cost!
•  The uncertainty about a Labour government and the potential negative effects on the industry
•  Candidates continue to conduct a job search in a scattergun fashion – it doesn’t benefit anyone, most importantly, them.

Opportunities:

•  To look beyond the short-term negative noise and believe in Australia’s future as the fundamentals are extremely positive. The population will reach nearly 30m by 2030. We’ll need to increase the supply of residential stock, continue to improve infrastructure; we’ll require more schools, hospitals, and a greater investment in regional towns and cities – the list goes on and it all bodes well!

What are your predictions for the sector over the coming months?

The residential market is hitting consumer confidence and the up-and-coming Federal election has led to an air of uncertainty in business – not a great combination. However, I think the residential slowdown will plateau by the end of the year and there won’t be a contagion effect to other asset classes. We’re now in a more ‘normalised’ market, which was always going to happen following the boom of the last 8 years.

Julian’s preparations are going well ahead of his plan to summit in a few weeks.

We’re looking forward to seeing the photo at the top!

Good Luck to Julian Evans on his quest to conquer Everest in April 2019 on behalf of some very worthy causes.

Julian Evans is a British Adventurer and dedicated Fund Raiser. Julian is a chartered surveyor working for Knight Frank in their London head office.

To follow Julian’s journey please like his Facebook page https://www.facebook.com/julianmevans1/ or Instagram page https://www.instagram.com/julianmevans/

Best of luck Julian!

Adam Ives and Jay O’Brien entertained some of our valued Engineering clients at ANZ Stadium for the State or Origin decider match. It was a great evening and a thrilling end to the series, thanks to all who joined us!

Redpath Partners are proud to announce that we’ve been recognised on the Financial Review Fast 100 list of 2018 that features the fastest growing companies in Australia.

This is the third time that the company has been featured as one of Australia’s fastest growing companies.

Wishing everyone a Merry Christmas and Happy New Year from all the team at Redpath Partners. Thank you to our valued clients and candidates who made 2018 a fantastic year, we are looking forward to an exciting 2019.

After the success of the first networking event our Dubai office recently hosted another networking event which gave their trusting clients and candidates the opportunity to catch up and make new connections. Once again the event was a success with lots of positive feedback and a fantastic turnout.

Our Sydney team got away for a few days to the Sofitel in Noosa to celebrate a number of achievements that have been reached in 2018.

Paddling boarding and jetskiing were a highlight for some whilst others enjoyed some long lunches and relaxing by the pool.

CV’s are a vastly subjective, but nonetheless efficient means of assessing candidate suitability.

Advice on content, length, chronology, personal details will vary hugely according to role and industry preference as well as culture. One size does not fit all.

BUT. If you are the thin sliver of the almighty LinkedIn -osphere that is interested in real estate roles right now in the Arabian Gulf, some nifty nuggets below might help you stand out.

As a recruiter, we look at CV’s through the eyes of what our clients want and need. We want our candidates to produce excellent, relevant, sharp accounts of themselves that attract attention, demonstrate value and single them out from the crowd.

And the fact is, our clients know there are more candidates on the market than there are jobs.

In a maturing market, as teams get leaner and expectations rise, candidates must demonstrate they know how to manage these new levels of risk.

So what do they need? How do you show you’ve done it?

Many real estate developers need candidates who have completed a project from original business case to completion and handover, sale or asset management.

In reality, the market isn’t full of such people, because some developments can last 5-10 years or more, and people move on for multiple reasons before such a project completes, if it’s finished at all. Some reasons are within their control. Some are not.

The alternative is sometimes to seek those who have done so outside of the region. This can add much needed expertise; but this can be a big risk too.

It might come at the expense of local experience, language skills, supply chain knowledge and stakeholder relationships, and frankly an understanding of “how things work here”. All of which are hugely valuable.

To navigate this, what follows are 3 answers to the question we all ask. Where do I start?

1. Update your CV all the time. Especially if are aren’t looking for another role.

Hardly anyone stops to note the goals they achieve whilst they are in a job. This makes it all the more difficult when you are faced with a CV you need to update at short notice and can’t remember.

On top of this; your dream job doesn’t always come up when you plan for it to. Don’t make the lack of time to write a CV be the reason you aren’t considered for it.

Most simply add their most recent experience to an old CV. I can’t blame you, I’ve done it too, but it’s lazy and the reader knows this. It feels stale. So commit once a month to noting the following achievements:

• If you successfully built a new team or attracted a great hire with limited resources.
• Completed a key stage of the development lifecycle on time and on budget.
• Got a project into construction where you created the business plan and led feasibility study.
• Made money or saved money on a project.
• Got a feasibility study approved.
• Solved a problem critical to ensuring the project was a success.
• Achieved something completely new and outside your comfort zone.

2. Developers look for project experience. Make your CV project focused.

It’s tempting to write a list of duties and responsibilities, then your achievements, then add some pictures of the projects at the bottom, or even separate from the CV.  So do most people, and it’s not what your audience is looking for.

You should be able to explain the key attributes of your role in a short paragraph, including the project, everything else should be what you achieved whilst in the post. Your duties and responsibility will shine through these achievements, and hold the reader’s attention.

• When describing the project, include the asset class, development timeline, point in the development lifecycle you joined, and the point you left. Explain the size of the team directly employed by you, and the consultant, architect and PMC on board. Include the schemes budget where you can.
• Then start adding all the achievements as outlined in point 1. Making these achievements project specific saves time and leaves the reader in no doubt what you were responsible for, what the risk profile of the project was, and why you have listed an achievement as such.  Stuck on what to write? Ask your old boss what you did well; a third-party perspective can be extremely helpful.
• Don’t assume people will know the companies you have worked for and what they represent. Writing a short explanation will provide valuable context. Your audience won’t spend their time googling who you worked for on first reading. Make it obvious.

3. Get the basics right. Some details are more important than you think.

• At the top of your CV, write your notice period (and how flexible it is, your home address (and whether you will relocate or not), visa status and number of dependents. To a developer, timing is everything, and stating your flexibility can be the difference to being shortlisted or not.
• You can say “I” in a CV. Sometimes it’s the only way to figure if you did it rather than being part of a team you didn’t lead that did.
• Include a professional and up to date photo. Your audience will react positively to a smartly dressed head shot; as long as it accurately reflects the person they will meet.
• For each project you have worked on, include the year and month it started, when you joined it, and when it finished. Some projects last for years or are so vast that literally hundreds may have worked on it. Make clear when, where or how you impacted on it. Getting a feasibility study approved and project delivered immediately after the GFC is a mammoth achievement in itself. Just stating the month, you achieved something says a lot.
• Make time to write a good CV in the first place. You need time to collect all sorts of information that you won’t have to hand when a recruiter calls. A rushed CV, unless you are literally the perfect candidate, rarely makes it through.
• With very few exceptions, no one will read a CV past 5 pages. Get to the point.
• If you can, tailor each CV to the job/person you are applying to. Consider the challenges that company may be facing, or the pressure the hiring manager is under. If you were in their shoes, what would a candidate need to demonstrate to solve your problem?

Finally, be open to criticism about your CV. Invite it, in fact. What worked a decade ago, or even last year, might not work now for lots of reasons. Seek out those whose opinions you value that can tell you what’s important right now. Use their advice to frame how you write it.

Then ask them to critique it and be blunt. It might be the best advice you ever get.

Nathan Minnighan is a Senior Consultant with Redpath Partners, a Real Estate recruitment specialist, based in the Dubai Office. To get in contact with Nathan you can email him on nathan@redpathpartners.com or +971 (0) 4278 5169. 

Redpath Partners hosted a table at the NAWIC NSW 2018 Excellence Awards at the ICC in Sydney. We would like to congratulate all the award winners, was great to celebrate the achievements of women in the industry.

Real Estate Private Equity Trends:

It’s been nine years since the end of the last recession and while the markets’ recovery has in many ways surpassed expectations, real estate investors have continued to expect another downturn and the only uncertainty has been timing. Over the last few years we’ve witnessed record-breaking capital raises and an increasing influx of new players; however, overall deal flow has been relatively weak. The most consistent theme that we’ve heard from clients and candidates across the investment spectrum is: there is an abundance of dry powder, prices and competition are high and returns are lower. As of June 2018, dry powder held by closed end private equity real estate funds stands at $278billion according to London-based alternative investment research firm Preqin. In addition, there continues to be increasing appetite for debt funds of various strategies that offer higher downside risk protection.

What does this mean for hiring trends?

The current real estate investment conditions have influenced hiring trends in several ways but as recruiters we have seen the most impact reflected in: the functional roles in high demand, shifts in traditional career paths and new opportunities for real estate investment professionals. From our private equity clients, we have seen a high demand for talent in asset management, portfolio management and loan origination. Across the board, investment banks have faced their own unique challenges with talent in retaining strong talent with 3^rd & 4^th year Associates. While the desire to transition to the buy side remains strong, many Investment Bankers have been forced to either stay put or look elsewhere for their next career move. Traditional private equity hiring for Acquisitions roles has been extremely competitive and hiring managers have prioritized candidates with strong asset level modeling and valuation skills and existing experience within the scope of their strategy. The impetus for hiring in these roles have been generally due to attrition and lateral moves vs an overall increase in headcount with the exception of family offices and smaller boutique platforms who have remained very active often due to their flexible capital.

Investment Bankers have decided to explore career paths in corporate advisory, capital markets or investment sales. For those still hoping to land a position on the principle side, many see investment sales as a strategic career move to gain asset level investment experience with institutional investors and be better positioned down the line with a more well-rounded skill set for future acquisitions roles.

New trends in the real estate investing and technology have also had an impact on hiring. With the sudden influx of new real estate PropTech/ FinTech companies coming to market and the increasing the appetite for Real Estate SaaS, real estate investment professionals are well positioned to take on a major role in disrupting the real estate industry. Whether its Real Estate Saas to help power the competitive landscape in the luxury residential market, improve co-living and community driven spaces or joining a platform that has developed a cloud-based deal management platform for institutional investors, the entrepreneurial opportunities are out there.

Raising interest rates and what it means for local owner/operator/developers

Earlier this summer the Federal Reserve raised its benchmark interest rate for the seventh time since late 2015 and both U.S. consumers and investors are seeing its impact clearly. In New York, home sales have been falling for three consecutive quarters and increasing supply, sales in Manhattan fell 17percent at the end of the second quarter, according Blomberg News. Multifamily has been hot since 2010 and the slow down seems inevitable at this rate. In this new lower-yield interest rate market as the gap widens between what sellers think their property is worth and what buyers are willing to pay investment professionals at owner/operator/developers are seeing this slow down and beginning to look for opportunities elsewhere in mid-size platforms with a wider investment strategy and geographical reach.

While overall hiring has been consistent for the North American real estate platforms, the shifts that have had the most impact in market have been the types of platforms that have had the highest demand for talent, the functional roles that are in demand as well a departure from the myth of a “traditional” career path.

For further information on Real Estate/Infrastructure in America, please get in touch with our New York Office.

Another successful event at Mr Wong’s Restaurant for the Annual Development Lunch where Rhian Davies and Nick Redpath hosted 50 respected leaders from the property industry. Thank you to all of our clients for attending an excellent afternoon, and for their continued support.

Redpath Partners are working on bringing health, happiness and success to their staff by creating a culture fo­cused on positive outcomes through providing fitness and health programs, wellness, mindset and motivation workshops, team building programs, stress management and more. Some examples are;

During a recent office refurbishment Bike Racks were installed, encouraging alternative methods of transportation other than driving or public transport which are beneficial to employee’s wellness as well as the future of the environment.

Standing Desks (shared in the office) which are proven to burn slightly more calories than you would sitting while you work, and they can also reduce the risk of shoulder and back pain
With gyms and parks nearby Fitness Breaks are encouraged outside the weekly Monday morning sessions (see below).

Redpath Partners promote healthy eating in the workplace and regularly offer catered healthy lunches and breakfasts at company meetings as well as regular Fruit deliveries to the office.
Rewarding staff with a Seated Massage assists them to relieve stress, relax and stay positive and productive.With an optional 2.30pm Friday finish, staff are given the opportunity to utilise their personal time for health, fitness, sunshine, weekend breaks.

Start your day / week with exercise! With all the hustle and bustle of kids, work and life, it can be challenging to make the time to exercise. But exercising in the morning is a wonderful way to create a positive routine and provides many added benefits beyond just keeping you fit. Some recent sessions enjoyed by the team were;

High intensity Spin Classes at https://www.sceniccycle.com/

Scenic Cycle is an indoor cycling/spin studio where leaders take their riders on a mind-blowing journey through some of the most spectacular cycling routes in High Definition and matched to a heart pounding soundtrack.

Scenic 5km run at Botanic Gardens / Macquarie chair climb!

The only good argument against morning running is that it involves voluntarily leaving the comfort of your warm cosy bed and an extra hour of sleep. The multiple benefits still win.

Pilates Reformer at Elixr with Katrina http://www.elixr.com.au

Pilates is the key to strengthening your core, gaining toned muscles and improved balance and posture.

WELLNESS ADVENTURES

With an outstanding employee culture Redpath Partners offer fitness and wellness adventures with the goal of getting away from their busy desks and day to day commitments.

Some recent trips included;

The W Hotel in Bali
Emirates One & Only Wolgan Valley
Golf/Horse Riding in the Hunter Valley
The wellness adventures are kept broad to appeal to a wide range of people and most importantly are focused on having fun as well as relaxing.

WELLBEING WORKSHOPS

Christie Little https://www.linkedin.com/in/christie-little-75740832/ Frontier Wellbeing http://www.frontierwellbeing.com/

Biofeed Assessment

By wearing heartrate monitors Christie in Frontier Wellbeing was able to measure the strength of the autonomic nervous system (ANS) which is communication between the brain and the body and, amongst other things, is responsible for regulating the stress response, and determines your physical resilience, impacts your cognitive access and influences how well you renew energy.

BioAge Challenge

This 8-week challenge both kicks off and ends with a non-invasive health assessment that measures an individual’s real age vs. their health age.

Life-time balance of resources

This assessment used non-invasive saliva testing to assess the current health and function of the participant’s endocrine system. The presence of (or lack of) hormones such as cortisol show the cumulative effect of the participant’s day-to-day balance of resources. This is referred to as our allostatic load and is an important indicator to show whether an individual is functioning at a high level, is at risk of burnout, or is already operating in the fatigue zone. Each phase has important implications for how we should cultivate resources for optimal performance.

Facilities Management in 2018, what’s on the agenda and what should we be looking to change?

Workplace wellness is a big, big thing

This may be seen as more of a HR or office management topic, and you’d be forgiven for thinking what does this have to do with FM?

The push for employee wellness has been a hot subject in the last few years and I’ve seen firsthand some incredible workplaces both here in Sydney and in London. Employees spend a huge amount of their time inside these workplaces and the facilities can make a vast difference in productivity and employee satisfaction. All equalling a happy workforce!

This is how the role of an FM is evolving. The manager of a building label (in terms of fabric, M&E and soft services) is no longer. Facilities Managers are now being tasked with also looking at the “experiences” of a building and how these can be improved. One example may be the quality or even presence of end of trip facilities, or the different types of lighting used and access to natural sunlight. Even the open plan office set up is under question due to the stressful distractions and noise causing stress and negatively affecting performance.

The entire ‘Outsourcing’ debate

Being from the UK originally and having a large network in London, I’ve kept up to date with the whole Carillion collapse and the fallout that has happened, subsequently affecting hundreds of people and their families.

The microscope is out on these large outsourced providers now, looking at how they operate and more importantly price themselves to win the business in hope to avoid this in the future. Hopefully procurement professionals from both public and private sector entities can take note of this and the profit margins they thought possible are in fact damaging to both the stability and service of the suppliers.

This ultimately should be a positive sign for outsourced suppliers which have a history of being forced down on profit margins and dishing out smaller and smaller quotes to win the business. Let’s just not get greedy now hey…

Security

Unfortunately, the current world we live in there is a constant level of threat in some shape or form to buildings/offices/companies and more importantly employees and consumers. You only have to put on the news to see terror threats, I.T data breaches etc.

FM’s role in this? Well number one would be the working relationship with security teams, be that in house or contracted. This working relationship needs to work harmoniously to prevent activity that could cause harm to the facility or occupants within. Sounds ominous doesn’t it? But it’s all a preventative measure that is imperative in this day and age, especially in major cities.

These are only a few topics I’ve had discussions with clients and candidates over the first half of 2018 and I’m sure there are many more out there that are relevant to shaping this industry.

As ever, I’d be keen to speak with people in the industry for more views and opinions they may have and of course assist in securing a new role or hiring new FM talent.

Join us at the 2018 ULI Asia Pacific Summit where our Asia Director Oliver Birch will explore questions close to the heart of the industry’s young leaders with the other career panellists in the real estate industry at Young Leaders Forum on 4 June.

Ben Hurst, Steve Glitz and Louanne Herd from our Dubai Office hosted their first Architecture and Design networking event at the Westin which had a fantastic turnout. Thank you all for attending a successful night and we look forward to seeing you at the next one.

“When is International Men’s Day, then?” jested one of my male friends, upon mention of the upcoming celebration.

“Um, every day for the last thousand years, plus?” was the riposte.

I am lucky. In the grand scheme of things, I have nothing to complain about. It’s suggested that our generation don’t know real hardship, and due to a lack of impending doom, Millennials simply require something else “to whine about.” Granted, my chances of being caught up in the throes of war are slim to none, as I wander home through the vibrant streets of Newtown, I feel safe catching the late-night train, as a solo female traveller after a night’s sporting action, and I’m confident that my professional capabilities are recognised as being worth the same monetary value as a man with similar experience in my sector.

This poses the question, in 2018, do we still need to celebrate International Women’s Day? In an age where we have the highest equal rate of female CEOs in the ASX 200, and have held the right to vote for over a century, what is the relevance? In a year which saw the rise of the “Me too” campaign, I identify with ex-Secretary General of the UN, Ban Ki-Moon, when he stated that we are now: “sweeping away the assumptions and bias of the past, so women can advance across new frontiers.” For people like me, who consider themselves fortunate, these frontiers are far differing from those which confront, for example, the women of Saudi Arabia, who were only recently granted the right to vote.

I’m a proud Scot, where fearless red-headed women, tossing the caber and holding office in parliament make up 51% of the population (*50% of that statement is factually accurate…). I’m the daughter of a successful woman who holds a senior managerial position in the NHS, was always the larger earner in my household, and commands respect without ever being labelled a “ball-breaker” or “bossy.” I work amongst the most talented cohort of women that I’ve ever had the pleasure of recruiting alongside, whose performance, sector-specific knowledge, emotional intelligence and work ethic would outstrip much of the industry (irrespective of gender). My current objectives include beating my Director in our fitness testing review, as part of a company culture that promotes not only professional success, but mental and physical well-being. As I said, I’m lucky.

So what bias does a Sydney-based, 28-year-old female face in 2018, and what significance does International Women’s Day hold for me?

According to The Independent, we’re still “118 years away from closing the gender pay gap.” As a female recruiter in a male dominated market, this means that I will fight for my female candidates to be paid equally, in line with the industry benchmark and I will strive for parity in short-listing. I’m pleased to report that this is not a fight we regularly encounter, and we’re further buoyed by reports from Australian universities which suggest that current student numbers across Property Economics have improved significantly, with UTS’ course sitting at 31% female representation. *

However, we’re cognizant that- at more senior levels- this parity will take time and is largely driven by the shift in interest in this sector, with broader educational opportunities promoted to young women as they contemplate their direction in the workforce.

Considering myself lucky doesn’t mean that I haven’t faced harassment (free advice: winking at your recruiter, grabbing their hand and telling them you’d like the interview to extend because “you’re having a great time, mademoiselle” won’t get you on a short-list any time soon); nor felt dejected as the solitary female party in a meeting with male executives, with the conversation, and expected answer, very clearly directed at my male colleague.

I’d encourage both men and women, this IWD, to be conscious of how we address the talented individuals we work alongside, and not to be swayed by gender- i.e. if you’re going to describe me as “glamorous”, please extend the same compliment to my colleague, Jack (I don’t think he’d mind- he’s a laid back sort of chap- but you get my point) and strive to include both glamorous beings, equally, in conversation. Let’s re-think how we describe women in power, and direct the conversation toward her achievements, as opposed to the age-old “but can you really have it all?”

I believe that where we look for the negative, we will find it- so, instead, this IWD, let’s celebrate the huge strides we’ve made over the last century and work, tomorrow and each day thereafter, to further reduce the bias that women (and other minorities) face, by playing our own small part in the process.

*Thanks to UTS Careers for this statistic.

Stefan Moylan-Clifford – our first hire direct from the UK, gives us an insight into his experience of joining Redpath Partners Dubai.

What first attracted you to Redpath Partners?

What first attracted me to Redpath Partners when I came to Dubai in April 2017, was meeting with Charlie and Ben. After hearing about their longevity in the region and knowledge of the Construction industry across the Middle East, I knew they would be good mentors and help me to further my career in recruitment. This coupled with the overall perception they gave of Redpath Partners, as a company of like-minded driven recruiters with global success. Although being on the receiving end of a very stringent interview process wasn’t the most fun experience, it gave me confidence that they would only bring people on board who fitted the DNA of the Redpath Partners.

This was your first job in the Middle East, how/what did RP Dubai do to help you settle?

Our office manager Millie was very helpful from the get-go, all of the necessities such dealing with the visa process, advising on bank accounts, mobile phone contracts etc were all taken care of with no stress. Over my first couple of weeks with Redpath Partners in Dubai, I was thrown in at the deep end having a crash course in the Middle East market. I was given as much exposure as possible by joining in on my colleagues’ meetings to clients and candidates which created a work environment that made me feel supported and settled quickly.

Give me an overview of your desk & role at Redpath Partners Dubai?

I am an Associate Consultant and I specialise in recruiting construction professional across the Middle East for Contractors, PMC’s, and PQS firms. This encompasses all construction roles from mid-level management to C-level executives, including Cost, Commercial, Planning, to Project Management, QHSE and Construction Site Management roles.

What have you found to be the main differences between the UK and Dubai?

The main difference I found between working in the UK and working for Redpath Partners in Dubai is the approach to recruitment. This stems from one of our key values; Partnership. We take a much less transactional approach and focus on building relationships with key clients where we can get repeat business. A key part of this approach is actually being a consultant, therefore advising and educating clients and candidates on market as part of our job, not just filling roles.

What makes you want to stay at Redpath Partners Dubai?

The motivation and inspiration from the top. Having a Director that is on the front line and leading by example creates a great working environment. The collaborative approach and sharing of market knowledge between consultant help everyone to achieve more. Another thing that stands out to me is that although Redpath Partners are an international business with offices in Sydney, Hong Kong, Dubai and New York, they still have a very personal feel when it comes to celebrating successes. When good news is shared across the business you can expect your international counterparts, directors, and the MD’s to be in contact directly.

What benefits are focused on work-life balance?

There are many things that Redpath Partners do to encourage a good work-life balance. Here in the Dubai office, we take full advantage of the good weather and on the last Thursday of each month, we go for a team paddle boarding session down by the Burj Al Arab, this keeps us active and it’s always a good laugh watching everyone try not to fall in the sea. We also have a monthly social evening where we take it in turns to choose the event such as Virtual Reality challenges and Escape rooms. There are also a number of incentives in place for personal and team performances, which include holiday vouchers and team holidays.

What have been your highlights since joining at Redpath Partners?

During my 8 months with Redpath Partners, there have been many highlights but 2 that really stand out to me were; making my first placement and our H1 Incentive trip to RAK. As we hit our office target for H1 we enjoyed an all-expenses paid trip to RAK which included an adrenaline filled day in the mountains of canyoning, rocking climbing and abseiling, followed by a slightly more relaxing day of golf and brunch.

What advice would you give to future recruiters looking to further their career in an international market such as Dubai?

Persistence is key. When changing between any recruitment position there will be differences to what you have been used to, but when looking at international markets you will not only be changing your job but your whole lifestyle. It can take time to adjust to your new market and way of working in a different country, bu t if you adapt and are persistent in your approach, you will be bound for success.

Redpath Partners Dubai celebrated hitting H1 incentive with a trip to Ras Al Khaimah. Abseiling and Rock-climbing made way for slightly more relaxing activities which included a fine dining, a long lunch and a spot of golf!