Trends in the real estate industry

Although the beginning of 2022 was very dynamic and promising for the industry, the situation beyond our eastern border has significantly thwarted the plans of many investors. The dynamics and development of the Polish real estate sector are conditioned by the flow of external capital, which at a time of geopolitical uncertainty has dampened the enthusiasm of many players entering or wishing to enter the Polish market. This situation will certainly change once the war in Ukraine is over, which is a key parameter for restoring stability.

The opportunity for the real estate sector may lie in the continued growth of logistics, i.e. the need for experienced project managers and all positions related to maintaining logistics properties at a high level, due to technical and commercialisation-related aspects. This year, asset management will continue to be popular, as well as cross-cutting positions, combining investment-transaction elements and management areas in institutional housing, provided that regulations encourage the further development of this product in the country. On the other hand, in 2023 we will continue to feel the effects of the last three, difficult years.

Talent shortages have never been particularly acute in the property sector. Over the next few years, however, we will see a decline in the availability of candidates with extensive technical experience due to lower salaries compared to other positions in the industry.

At Manpower, we see that candidates are currently open to a career change, with financial considerations being a key motivator in choosing a new employer. We estimate that candidates' salary expectations have increased by at least 10% compared to last year. Stability and continuity of employment, which have become increasingly important in recent times, also play a major role in job changes.

Our observations show that the most common motivation for looking for a new job are the desire for a higher salary and uncertainty about what the near future will bring. Many international companies are modernising their global structures, with the result that local structures are being transformed and employees in selected markets are losing their jobs or facing potential job losses.

Conscious employers who know the cost of recruiting and onboarding a new employee and don't want to lose their talent by raising the salary offer for existing employees. These are mainly inflationary increases due to the realities surrounding us.

Author: Grzegorz Kózka, Recruitment Business Partner