After a few strained years due to the pandemic, things are finally looking up in the world of commercial real estate. The demand for flexible coworking office spaces, industrial properties, new hotels and apartment buildings has rebounded.
Although the future is never certain with real estate, now might be a good time to break in or advance your career in this always-dynamic field. Below are five real estate roles that show promising demand in Washington through 2030, according to O*NET OnLine.
1. Real estate agent
Projected growth in Washington: 22%
A commercial real estate agent helps clients negotiate buying, leasing and selling nonresidential properties such as offices, shopping centers, apartment buildings and hotels. They supply their clients with a diverse array of information such as geographic data and local tax and zoning laws, and they determine the feasibility of proposed business plans. To become a real estate agent, you need to complete required courses and pass a licensing exam.
2. Real estate broker or managing broker
Projected growth in Washington: 22%
A broker is a real estate agent who has undergone more training and obtained a separate, additional license. This job involves the same duties an agent performs, in addition to others, such as issuing an opinion of a property’s value and collecting and disbursing funds in connection with a sale. The next step up in Washington state is a managing broker. They can run their own business — a brokerage — and hire other agents to work for them.
3. Property appraiser
Projected growth in Washington: 16%
A commercial real estate appraiser estimates the value of properties like hotels, office buildings and stores. Besides the value of the land and buildings, appraisers also need to consider factors such as income forecasts, maintenance costs and market conditions when making their estimates. Commercial appraisals can take several times longer than residential appraisals because of these complexities. To become an appraiser, you’ll need a state license or certification and also generally a bachelor’s degree.
4. Property manager
Projected growth in Washington: 18%
Property managers who run commercial spaces are the people who keep their buildings running smoothly by scheduling maintenance and repair, collecting rent, and acting as a liaison between tenants and the owner. When hiring commercial property managers, companies are typically looking for a bachelor or master’s degree in areas like business administration, accounting and real estate.
5. Construction manager
Projected growth in Washington: 28%
Construction managers don’t just oversee their teams build new properties. They obtain permits, mediate contracts, create schedules and serve as an intermediary between their clients and engineers, architects and legal staff. Most construction managers have a bachelor’s degree in a construction-related field. By 2030, jobs for construction managers are expected to grow by 28% in Washington state.
Build Your Skills in Commercial Real Estate
Because real estate relies on collaboration across finance, development, law, property management, marketing and other areas, there’s lots of opportunity for careers in the industry.
Some professionals who want to expand their career options may go back to school for a master’s in real estate or an MBA with a real estate concentration. Matt Anderson, principal and senior project director at Heartland, a Seattle-based real estate advisory services company, says the UW Certificate in Commercial Real Estate is a good match if you have experience working in the field and are looking to level up your skills.
[Real estate] is a team sport. You’re reliant on everybody else to be successful.
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Matt Anderson
Principal and Senior Project Director, Heartland
“You can either become a better banker, a better architect, or use this education as a springboard to change your role within the business,” says Anderson, who is one of the instructors for the UW program.
The UW Certificate in Commercial Real Estate explores best practices and industry trends. Students are traditionally invited to hard-hat tours of local projects, and they work in teams to practice pitching real-world development proposals to local investors.
Importantly, Anderson says, the certificate brings together experts and working professionals from different areas of real estate, so students build both knowledge and relationships.
“It’s the kind of connection that you need to work in this kind of environment,” Anderson says. “It’s a team sport. You’re reliant on everybody else to be successful.”
Expand Your Knowledge
Interested in advancing your career in commercial real estate? Learn more about the UW Certificate in Commercial Real Estate.