Kate Keller, Principal

U.S. commercial real estate seemed to find its footing in 2025. 

Many market participants transitioned from timidity or hesitance to confident, selective action. The debt and equity capital markets and structured finance realm evolved and rounded into form, and private debt offerings fueled dealmaking. The commercial mortgage-backed securities (CMBS) market registered one of its most active years since the Global Financial Crisis, and an eagerness to deploy capital meant that money poured into innovative or bold strategies that moved the market.

The waves of recapitalizations and joint venture restructurings on prominent Midtown Manhattan office properties were a telling indicator of the market, signaling pricing clarity and renewed fervor from institutional capital. Data centers dominated discourse, and office-to-residential conversions were widely embraced as a solution to the nation’s struggling office sector.

All of this created interesting recruitment and hiring dynamics. Firms are pushing to bolster their leadership ranks to compete in a tight capital markets environment; demand has risen for multi-skilled talent, especially those with tech or AI experience, that can perform across various verticals; mid-level talent at larger firms has started to venture out in search of growth opportunities at smaller shops; and succession planning and generational transition has created more C-suite opportunities. 

For Keller Augusta, we expanded our footprint in 2025 with our Dallas office, and we completed several high-impact executive searches across various sectors — such as finance, asset management and investment — which deepened our relationships with top institutional firms and positioned us for broader national coverage.

This year looks to be one of continued recovery and expansion, where operational flexibility and versatility underpinned by strong leadership could be the decisive competitive edge. 

Kaitlin Kincaid, Senior Managing Director

Recruitment has become challenging, as the talent pool has been thin in relation to demands from firms, which have raised the bar for what they want to see from their candidates. Companies are less likely to want to absorb the risk of a potential hire not checking all the boxes, and they are less willing to stretch their budgets beyond targeted price points. As a result, hiring in commercial real estate became more competitive in 2025, due in part to many firms having similar demands for candidates

Senior-level hiring has become a priority as many firms over the last couple of years have lost key senior team members or executive leadership due to portfolio distress and reduced transaction activity extending the timelines for professionals to realize the rewards of their efforts – similar to the senior-level exodus in the wake of the pandemic. 

The nature of transaction and investment activity in 2025 led many firms to focus on creating or maintaining value in their existing portfolios, strategically positioning themselves for new opportunities that align with their capabilities, so versatile candidates with knowledge across asset classes and sectors have become a priority. Also, the difficult market for fundraising has forced many firms to shift gears and be open minded when it comes to portfolio strategy and how they build out teams to accomplish their goals. 

In 2026, it will be interesting to see how the industry continues to explore and implement AI into their internal processes and workflows and how that will ultimately impact recruitment strategies and hiring timelines. Many firms we work with are spending a lot of time and money on consulting and advisory to evaluate AI tools and formulate what their tech infrastructure will look like going forward, and we saw, in some cases, recruitment be directly impacted or delayed by this activity in 2025. 

AI will likely change real estate organizational charts and job descriptions, forcing firms and their recruiters to be more flexible in how they search for and choose candidates. For most positions, candidates are already being evaluated around their exposure and training on AI, and we expect candidates who can show that aptitude will have a leg up.

Christina Smith, Managing Director

Asset management hiring momentum continued to be strong in 2025, driven by the slowdown in new development opportunities and changing, uncertain market conditions; companies are thinking more deeply about how to maximize their existing portfolios.

Despite construction activity slowing, hiring for development roles has expanded from entry level analytical roles to skillsets focused on execution. Companies or sponsors working on development deals that have spawned from capital allocations out of a fund strategy have increased their recruitment demands, while firms that are tackling projects deal by deal are slower to add development staff.

Recruitment for property management has been down in 2025, mostly due to lower occupancy levels in office buildings requiring smaller on-site teams. Low occupancy in many parts of the country has firms less eager to transact, and the pipeline for new construction isn’t promising — both are affecting hiring sentiment for property management.

Also, many CRE firms are back in the office full time or at least four days per week, which means candidates with enthusiasm for in-office collaboration and mentorship tend to stand out.

Geographical expansion has been a key theme of recruitment, with firms charting new paths of investment into new markets or opening new offices in cities such as Atlanta or Raleigh, N.C., among others. This ongoing trend could help drive recruitment for candidates that display sound market-specific or asset-specific expertise.

Sierra Olney, Managing Director

I’ve seen commercial real estate hiring trends driven by three key elements: technology integration; demand for specialized or interdisciplinary skills; and a focus on professional development amid a shifting market. 

Generally, firms are becoming more selective, focusing on professionals with specialized, niche experience or those with a variety of skills to bridge interdisciplinary gaps, and they are also looking for investment professionals who can navigate a challenging, low-inventory deal market rather than relying on riding general market momentum. Companies are pursuing professionals with hybrid skill sets that bridge together finance, asset management, technology, and sustainability.

There’s impressive demand for professionals who understand AI, blockchain, and virtual reality applications in property management, sales, and operations. And as climate risk becomes a greater operational and financial concern, there is a growing need for experts in green architecture, sustainable development, energy efficiency, and environmental compliance.

The multifamily and residential recruitment market is tight, but there is solid demand for professionals in other popular sectors. Economic forces driving activity in the industrial and logistics and healthcare subsectors are spurring hiring interest. The e-commerce boom is driving demand for experts in site selection, zoning, and development for warehouses and distribution centers, and an aging population and technological advancements are increasing the need for professionals to manage the development and property management of clinics, hospitals, and senior living facilities. Data centers and renewable energy are also garnering more attention, for a number of reasons; these industries require specialized real estate professionals to handle land acquisition, power infrastructure needs, zoning laws, and environmental impact assessments. 

There are other hiring and recruitment trends that have developed. Many roles in property management, accounting and finance are offering remote or hybrid work options, which is a sign of how adaptation to hybrid and remote work arrangements is reshaping recruitment strategies. This is expanding the talent pool for these functions geographically, and it is requiring that candidates be adaptable and comfortable with technology.

Internal training and support has become a priority, including education on various loan products, negotiation strategies, and new online tools and systems to help professionals adapt to market changes. Companies that are or have been investing in professional development are finding it’s producing resilient and effective teams. 

Overall employment for real estate professionals looks positive heading into 2026.

Kate Mecke, Senior Director

We’re seeing a continued demand for digital infrastructure, asset management and portfolio management talent across all levels as we proceed into 2026, driven by firms focusing on operational performance and platform modernization. 

Many firms are either prioritizing more cost-effective Associate or Senior Associate talent or they are redirecting their budgets toward hiring senior leaders who can own an entire vertical or strategy. As a result, hiring at the VP level within investment roles, specifically, has stagnated. 

The influence of AI is really spreading through the industry. Many firms are prioritizing AI-literate talent in roles that can be considered traditionally on-technical functions. Candidates for asset management, leasing or reporting roles who have experience with automation, data analytics, and AI-enabled tools — and can translate them into operational efficiencies — are drawing the most attention. 

Many mid-level, process-heavy roles are being compressed as automation expands, and there’s growing demand for senior- or management-level talent that can display a hybrid analytical-strategic background showcasing the ability to interpret AI outputs and drive decision-making.

As we look ahead to 2026 and consider the growing trend of mid- and senior-level talent demand, firms should be cautious about under-hiring junior professionals and limiting future leadership pipelines.