Vacancy activity heats up for Adelaide’s property professionals
Demand for skilled professionals is rising in Adelaide’s property sector, but so too is the shortage of candidates with the experience employers require, says recruiting experts Hays Property.
The latest Hays Quarterly Report, released this week, points to strong growth in the residential investment and retail markets as key drivers of vacancy activity.
Looking at the residential investment market first, low interest rates and the repositioning of investor assets are seeing an unprecedented change in commercial property and the sale of some of Adelaide’s largest assets. Consequently many commercial agencies are entering the residential investment market.
This is leading to several areas of demand. One is for residential Real Estate Agents with experience in the sale of high-rise property. Yet the supply of such candidates falls short of the current demand level.
Another is for highly experienced Residential Property Managers. However many Residential Property Managers leave the role within two to five years, with burnout a common factor behind their decision. Add the increased focus from agencies to build up this area of their business, and demand shows no sign of abating.
Commercial Property Managers are required too. The low levels of graduate in-takes over the past few years has created a graduate-level candidate shortage, which has been compounded by a surge of retirements and market movements as properties change management.
In addition, the state government’s policy drive away from Greenfield and single storey housing towards urban renewal development is creating demand for Development Managers with medium to high-density experience. But with a limited supply of candidates with the necessary skills and experience in the development of multi-storey projects in the local market, demand exceeds supply.
Turning to retail, we have seen a lot of vacancy activity and recent movements in almost all agencies. This is a positive sign that the economy is moving forward and that retail is in a much healthier position than it has been in recent years.