In their own words, our industry’s collective wisdom believes it will be more difficult to compete for deals and talent in 2020 resulting in slower growth. 

The outlook for 2020 is overwhelmingly positive, but the legacy from the Global Financial Crisis remains, and our industry continues to run lean, preventing the surges in hiring expected in a market this hot. 

In 2020 this is exacerbated by “too much capital”. Too much capital chasing deals. And, starting in late 2019, for the first time in years, capital chasing talent, adding to the difficulty to compete in this hiring environment. The rise of New Growth Cities, where deals are traditionally done at a slower pace, also factors into the positive prediction for growth, but slower growth. 

Retail generated the most negative responses, but others believed it is the forefront of an evolutionary and historical time in retail with new blood entering the marketplace. 

A new issue arose: As lawlessness and runaway crime continues not to be enforced, it destroys markets. Another concern: As a finance executive, I am a bit concerned with some of the assumptions driving transitional loans and the significant amount of capital raised for this strategy (especially late in the cycle). The pervasive outlook in your own words: 

Other respondents added: 

In 2019, compensation increased for 58% of our survey. 
28% received an increase of more than 20%. 
28% received an increase of more than 10%    

 
70% expect their compensation to increase in 2020.
   
 79% of respondents would consider a career move in 2020.

 
51% would consider relocating in 2020. 

   
 59% said their company had difficulty finding hires in 2019.

   
 A majority (53%) think getting an MBA is not worth it.
  Cons

  Pros

   Compensation increased but difficulty hiring also increased the workload for existing employees…   
 In 2019, only 29% of respondents did not take their full allotted vacation. Compare this to 65% did not in 2018.
    “Boundaries” have been a big topic in the media, yet …   
 87% of our survey checks their emails and responds on days off.

 51% reported their company’s revenue remained about the same. 38% reported their company’s revenue increased in 2019. 23% increased more than 10%.

More thoughts and insights on the year ahead…in your own words:

Positive / Growth 
• It is going to be challenging to raise investment capital more so than this year 
• This may be the last year of consistent market performance throughout US gateway cities which means for younger talent, there is slight hesitancy to change markets through a career move. 
• We are expecting another big year of growth, even if there is a market correction. 
• More retail bankruptcies and closures but continued economic growth 
• Maintenance labor will still be hard to find, wages will continue to increase partially because of the economy, partially because of labor shortage, people who want to work hard, be continual learners, and have a growth mindset will always find a way to be successful. 
• Big opportunities to come 
• Opportunities and new window of revenue will open as we add new Real Estate agents to the office. 
• Need more opportunities for women to earn the same as a man for the same work 
• In CM. PM, A&E, & FM. I see greater remote capabilities to the FM in a location. I see greater integration of woman in the skilled trades and services areas (custodian, engineering, etc.) My hope for the year forthcoming is that a sense of stability for the economy (with Brexit, trade wars, etc.) will have come to some degree of clarity. 
• The economy is still roaring forward in growth mode. We’re in the later stages of economic growth but things probably won’t slow until late 2021. I’m personally seeing compensation for new hires increasing by 20-40% over the previous incumbents which makes me think about my own future and If I may need to make a change to earn more. That’s the first time in five years I have seen the opportunity to earn substantially more by leaving than staying and getting promoted. 
• 2020 will bring an end to uncertainty: it will be the catalyst year for overall market correction. Aside from the election year media-infused hype, look to external forces that will shape the year ahead (just pick any one of these: Hong Kong protests, Russian cyber warfare, N. Korean nuclear threats...) 
• Looking forward to growth and new opportunities in this hot job market 
• Comparatively, the US market is still the strongest and most attractive to global investment. Barring an unexpected catastrophe, US investments will remain strong. 
• Multifamily continues to benefit from job growth, relocation, and lack of home ownership of millennials. I expect that the economy will continue in its current pace with an otherwise lack of worldwide yield and safety driving investment in the US. 
• Employees' market. 
• 2020 will be another great year for real estate. My concern grows for 2021 and a likely correction in the market which is long overdue. 
• The year ahead (2020), will be full of new investment opportunities, that are in search of higher yields, more flexible (REIT, MLP and INFRAREIT) vehicle holding structures, across multiple multi modal facilities, infrastructure wrappers and MOB Healthcare Assets, specifically within the direct and indirect securitized real estate & real asset sectors; that are all within the Alternative Asset Universe. Also, the future of 5G depends on data and technology providers' ability to offer necessary infrastructure to enable growth. For this to happen, the real estate industry must step up. For example, industrial REITs that are integrated into e-commerce distribution, logistics networks & self-storage facilities will play key roles in the success of data expansion. This flash point is where technology, infrastructure & real estate will intersect, as this includes cloud computing infrastructure, large data centers & house server farms. 
• 2020 will continue to be a strong year for Texas. The economy continues to grow. I think you will continue to see a high influx of migration off the east & west coast to the central US. This includes markets like Dallas, Austin, Phoenix, Houston, Nashville, Chicago (although their tax structure is hurting them), and other mid-western locations. Many additional buildings will be constructed in the Texas markets. Last mile destinations will continue to push the e-commerce job market and in Austin, tech will continue. The groundbreaking at the Apple campus is a positive sign for another 2-3 years of sustained job growth for Central Texas. 
• The real estate hiring market is likely to experience a correction in salaries. According to recruiters there is a mismatch in expectation and worth. Real Estate professionals will feel the opposite. 
• I think there's still some room to run so businesses and developers will continue to hire and build. I currently have two job offers in front of me to move on to larger, more established companies that are growing. 
• This is a pivotal year for the national and world economies. We are looking for more certainty regarding interest rates, consumer debt, tax policy, housing prices and wage growth. US economy has had slow and steady growth - can we extend the longest bull run in recent generations? 
• I expect 2020 to be a stable year but with less growth. 
• More opportunities to work remotely would be helpful in this field. 
• I am very excited to move into a new role in a similar industry (still with RE) with opportunity to challenge myself and grow both in my career and personal life. I think revenue growth is very attainable in the real estate industry for the right teams with the right mindset to go get it. 
• Difficult hiring market will continue due to historically low unemployment rate. Boom market makes scheduling contractors difficult for large jobs and nearly Impossible for small or medium projects. Tenants are expanding, renewing early and vacancies are being absorbed putting a strain on parking operations, vertical transportation, maintenance services and management staffing. These are great problems to have! Wishlist is for a qualified HVAC certified maintenance tech who has the ability to lead the team in the future. 
• I believe that there will be a lot of uncertainty because of the presidential election and extreme partisan politics. I expect the economy to slow a bit but not go into a recession. The job market should remain strong with low unemployment. 
• Trying to stay optimistic and following our niche market evolution to stay competitive. 
• Excess capital in the market continues to make deals difficult to pencil. Continued Escalating costs for construction has compounded the issue. 
• It will be a challenging year, but there are still good deals out there, especially as funds want their money back on deals that are entering their 5th or more year. 
• The hiring market seems to be getting more competitive as unemployment stays low and employees have higher value as a result. 
• Tight job market at entry-level 
• I am a recruiter and I expect hiring to be increasingly difficult in 2020. Human Capital will be the most sought after resource in 2020. Unemployment is currently at a 50-yr low. It will get even tighter in 2020. Especially if one or more of these things happen (USMCA, Brexit/EU Trade, and China Trade). I predict continued wage growth as employers seek to recruit and retain top talent. 
• We're in the largest expansion ever seen. Statistically we're due for a downturn. The fundamentals in this period of growth - lower taxes and decreased regulation - are not good long-term strategies. 
• Housing and income inequality will be players in the residential and multifamily spaces. OK Boomer, nobody wants a five-bedroom house in Scottsdale, but the millennials and Gen Z don't make enough to be homeowners in the urban areas they like. NYC development is overheated, especially with the exit of much foreign capital. 
• Our markets should better weather the “impending tap of the breaks”; however, Tampa/SW Florida tends to feel the lack of market depth/breadth more than other markets. I expect that to be this to be no different: not a downturn, but stagnant nonetheless...! 
• Cautious about the markets. It will be interesting to see if there is significant turnover of employees as raises have been minimal and the tight labor market hopefully will yield higher compensation to move. 
• Stable to slightly up. 
• Our company expects greater industry average continued growth, additional expansion of our company 
• Looking for a year with more developments and project to work on 
• Are people uneasy about the economy after such a long period of continuous growth? 
• Talented and qualified personnel remain challenging to hire in California. 
• The upcoming year looks promising 
• Most indicators seem to be pointing 2020 in a positive direction but that is always the case right before a recession and there have been some warning signs the past year. It would seem that the cycle is overdue for a downturn but I am not sure if the signs aren't there enough yet or if they are hidden in the noise of the high activity we are seeing. I have given up trying to make major decisions based on a cycle turn and instead are looking to mitigate my risks and underwrite more conservatively with a focus on downside scenarios and stress testing. 
• I think 2020 will produce more of the same in the CRE markets. New construction will be muted but transactions will get done at higher leverage points and lower profits. UW will begin to deteriorate. • Another good year in my market for SF development. 
• 2020 will be challenging due to a lot of new properties being built, but sometimes too many close together and not enough in areas that need it. Low income housing will still be needed. Also, the job market not enough will people to work. (hard work) 
• Increasing need to get familiar with data analytics 
• Hoping for the best, planning for the worst 
• Our 2020 appears to be a bigger year than 2019, mostly due to some deals not closing in 2019 that will trickle into 2020. Don't expect any economic issues to disrupt our affordable housing industry. 
• I think the next year will be a wait and see period. 
• I think low growth and low rates will persist and multifamily RE will continue to be an attractive asset class 
• Expect U.S. economy and job growth to continue expansion. RE cap rates to edge higher. RE market to remain healthy. 
• Bright, but cautious 
• I think it’s going to be a robust economic year with continued growth and expansion. 
• I hope the year ahead brings good things to our business including continues lower lending rates. 
• Will be challenging year in real estate as people recognize we are in an advanced stage of the current cycle. 
• Excited for another year of growth and a bull market. RE activity will, hopefully, remain active and strong. 
• 2020 looks to continue to be a strong year but we are proceeding with caution as there is still skepticism in the marketplace about the economy and the long-term situation. 
• Lots of job opportunities for the 25 -40-year-old population especially bright, energetic and disciplined candidates. RETENTION is an underused concept due to many companies’ archaic style. Companies should schedule PERFORMANCE REVIEWS more often than annually. Give values employees the chance to open up & what you learn may surprise you. 
• Another solid year 
• Continued difficulty in finding qualified financial managers and executive with the relevant CRE experience in rust belt city 
• Expect 2020 to be a robust economic year with much more growth than 2019 based on the continued deregulation in various industries and the continued positive experience of the tax cuts and associated policies. 
• l am hoping for a better financial situation. 
• My pipeline of business is stronger currently; and projected to have more sales in 2020. 
• Strong RE market, not over built, financing still doing solid underwriting and economy continues to grow, so, job growth will continue as well, but not at a record pace. Still a good year for employment. 
• Challenges finding talent in marketplace, clients demanding more. 
• CRE will continue to do well. CRE Employers are short sighted and lowering salaries by hiring juniors to lower salary burdens. While CRE is cyclical the downturn is not always caused by a slow economy and overbuilding. Special Servicers are receiving assets that are a result of mismanagement by the owner/borrower and poor Lender oversight. 
• There is so much turmoil, it’s hard to know. Industrial should remain strong. 
• Expect commercial real estate markets to remain stable. 
• Rhere is already some concern about perceived economic issues, but I believe we will continue to grow. 
• We have some very large new partnerships and are excited for the year ahead. Our company is growing and hiring so we expect an even better 2020, and the first quarter is shaping up to be quite busy already. 
• In the year ahead, I believe the market will continue strong; however, AB 1482 may shift the market rents slightly in Residential Property Management. 
• I assume 2020 will slow down, but hopefully it will not affect the economy and employment too much. 
• Should be a great year with the economy continuing to do better. I am concerned about the cost of rent and the cost of housing. Too high in California, which is leading to an increase in the homeless population. 
• Time to expand out of California 
• With economic indicators being so mixed, the year ahead is difficult to predict. There are segments in the real estate market, however, that will thrive, including multifamily, given the significant affordable housing challenges that exist in many sub-markets around the country. 
• Retail is at a crossroads as a Retail Real Estate Professional, I feel that this evolution has and will give rise to a tremendous amount of business, and new blood so to speak entering the marketplace. We are now in the fore front of an evolutionary and historical time in retail. 
• I think residential development and construction will continue to be strong in 2020. 
• I think things will be flat 
• 2020 should be another good year for CRE but most employers still remain cautious on committing to hire new team members.  
• Slower growth. 
• There is still a need for housing in the US so capital will continue to support new construction. Outside of a black swan event, there will be continued growth in the Multifamily sector. 
• Slower growth but still positive. 
• Looking forward to another year of growth and expansion with our exceptional strong economy. 
• Hopeful for real estate market stability
• Optimism for a more stable economy 

Downward Trend 
• More competition on deals in a low interest rate environment. Difficulty finding strong candidates in a low unemployment rate environment. Longer time to close a deal by working with less experienced local sponsors looking for institutional capital providers. 
• In my industry the outlook is not strong, the lodging space is highly cyclical, and we are experiencing a leading indicator downturn already. 
• Economic headwinds. Need a few irons in the fire at all times. Economic slowdown is the best time to invest cash for less expensive purchases. 
• Global economy has been set backward by Republican administration that is clueless to world economics resulting in more uncertainty and less corporate capex spending. 
• Continued relocations from high-tax states to more business-friendly environments. Growing pressure from climate change concerns. Frustrating delays due to IBC regs and understaffed construction permit agencies. 
• It’s going to be hard to find deals. 
• More difficult to find good, seasoned people. Also getting harder to find good deals because the market is so active and so many more getting into RE as a career. A lot like the mid 2000's just before the bust. 
• Flat year. Cash sitting, more FRB action, and tightening credit as the lower-level Corporates degrade. 2021 however looks to be the much more turbulent year. 
• Real Estate view is a clock, buy at 6 and ride to the top. Sell at 12 and avoid the fall. I believe we are heading to 9. 
• Multi-family remains tight as far as delivery and absorption pace. We’re planning for longer lease-up times with her concessions. Development roles do not seem to be appearing as frequently at the manager to VP levels. Many companies finding it hard to make deals pencil or get financing. 
• The current social/political environment is negatively impacting our international business. 
• I think it will remain difficult to find and retain the best talent. Today's low to mid-level CRE employees seem to want constant change and it is difficult to provide that continually over a long period of time. 
• I think we are at the top of the economic cycle so things will slow down 
• Acquisitions will be harder but will continue. The economy will make a minor correction that many will blow out of proportion then it will level off Firms will continue to try and underpay and will lose people. 
• Fewer retailers are opening stores due to shift of capital to e-commerce, high construction costs, and tight labor market. For most, the primary focus is on improving existing portfolio. 
• Turbulence. 
• Things could slow down 
• Tenant fallout (closed stores) in the beginning of 2020 will continue to accelerate and surprise LL’s. 
• Recent times in commercial real estate (i.e. 2019) show far more capital than projects to invest in and the transaction winners are more often the dumbest bidders, not the smartest. True for equity and debt. 
• Waiting for the impacts of the trade war, climate insecurity and income inequality to hit the economy. 
• Not sure if 2020 is that year or not, but it's coming at some point. 
• Retail continues to decline. • Organic value growth is no longer a given -- the risk is higher and the opportunities (often) are less. We lack the people resources necessary to grind out value enhancement and finding people with the skills and talent to really work each investment has been a challenge. 
• We make our living helping the distressed, the mentally ill and those looking for lasting and meaningful positive change in their life. Our market keeps getting bigger every year. 
• The uncertain current environment, is being used by employers to convince themselves, that finding the barely qualified, is the way to go. Different jobs, call for different skillsets, experience and educational levels, and intellect. But most employers are under-hiring, forgetting that the real cost of a hire, is whether or not they are contributing to P&L. I've yet to see a company grow, with H/R with limited talent. 
• Bumpy in retail real estate, too many troubled retail concepts and too few replacements 
• China will dominate world economic growth 
• Going to be tough many small businesses are closing due to conglomerates and that narrows the margins for small developers unfortunately. 
• As computers take over more functions, people will lose their jobs and sense of net worth. 
• Our company's significant revenue decline reflects the loss of a 25-year client that also was about 25% of company revenue. We picked up some business and lost some additional business. 
• I’m a certified residential appraiser. Lenders are looking for more ways to cut costs and cutting out the QUALIFIED appraiser is where they are starting. 
• Trade tensions, social unrest and elections will provide an additional element of uncertainty that may contribute to continued pessimism in the market 
• Continued challenges with labor. We are in Nashville running sub 3% unemployment with significant affordable housing challenges. It's very hard to find talent and when you do their comp is 20-30% higher than projected. 
• Lots of turmoil from uncertainty. 
• I believe it will be a hard year for everyone and every business in the coming year. They are predicting a recession. Whether I believe it is questionable. I believe by saying this repeatedly they are causing panic in the masses and thus people will put back on their spending. It is the banks that cause these recessions, don’t you think? 
• Grim, Projects funded but not carried out, lack of true management and vision 
• 2020 will be the last year of low interest rates and hence low cap rates. Real estate prices will begin a 20% decline that will last until 2025. There will be a loss of cap rate compression. 
• My project management role is driven by sales. We are behind quota. I fear a downsizing. We are working on a different business model which is driven by adoption and further development of the evolution of internet and IoT communications. The rate of acceleration is still unknown and will be driven by availability and acceptance of new ways to communicate, gather and process data. Status quo is the enemy. 
• I believe we are in the beginnings of a recession. I don't believe that the employment market is as tight as the broad unemployment rate makes us feel. I believe that companies are tightening their belts, and hiring at the lowest end of the spectrum. Despite over 25 years in this industry, I have been unable to make a career move to a lateral or elevated position. I was actively searching for a new position throughout 2019. I am a woman. I am also concerned about the inequities in the residential housing market; lack of affordable housing in good, safe neighborhoods. I see housing stock shrinking, as many houses are converted from sale properties to rentals. I've also observed financing "bad behaviors" that echo some of the activities that were occurring in 2007/2008. 
• Looking at a shortage of qualified candidates to replace retiring co-workers.