How many jobs are available in real estate investment trusts. Real Estate Investment Trusts (REITs) are companies that own and operate income-producing real estate properties. They are a popular investment option for investors seeking steady income and long-term growth potential. But how many jobs are available in the REIT industry?
The short answer is that there are a significant number of jobs available in the REIT industry. According to the National Association of Real Estate Investment Trusts (NAREIT), the industry supported nearly 3.3 million jobs in the US alone in 2020. This includes both direct jobs in the industry, such as property managers and leasing agents, as well as indirect jobs, such as those in construction, maintenance, and other related industries.
Let’s take a closer look at some of the specific types of jobs available in the REIT industry:
Property managers are responsible for overseeing the day-to-day operations of REIT-owned properties, including tenant relations, maintenance, and financial management. They play a critical role in ensuring that properties are well-maintained and that tenants are satisfied.
Leasing agents are responsible for marketing and leasing REIT-owned properties to potential tenants. They work closely with property managers to ensure that properties are priced competitively and that they are marketed effectively to attract new tenants.
Construction and Development:
REITs often acquire and develop new properties, which requires the services of construction workers, architects, engineers, and other professionals. These jobs are often in high demand during periods of strong growth in the industry.
Finance and Accounting:
REITs require a team of finance and accounting professionals to manage their finances and ensure that they comply with regulatory requirements. This includes financial analysts, accountants, and other professionals.
Legal and Compliance:
REITs must comply with a variety of regulatory requirements, which requires a team of legal and compliance professionals. This includes attorneys, compliance officers, and other professionals.
Sales and Marketing:
REITs often raise capital through the sale of securities, which requires the services of sales and marketing professionals. This includes investment bankers, brokers, and other professionals.
Support and Administrative:
REITs require a variety of support and administrative professionals to manage their day-to-day operations. This includes administrative assistants, receptionists, and other support staff.
The number of jobs available in each of these areas varies depending on the size and scope of the REIT. Larger REITs with extensive property portfolios may require a larger team of property managers and leasing agents, while smaller REITs may rely more heavily on outside contractors for construction and development work.
Overall, the REIT industry provides a significant number of job opportunities for professionals with a variety of skills and backgrounds. According to NAREIT, the industry supports jobs in every state in the US, with particularly high concentrations of jobs in major metropolitan areas such as New York, Los Angeles, and Chicago.
In addition to providing jobs directly, the REIT industry also has a significant impact on related industries such as construction, maintenance, and financial services. According to a report by EY, the economic impact of the REIT industry in the US extends beyond the nearly 3.3 million direct and indirect jobs it supports, contributing approximately $1.1 trillion to the US economy and generating nearly $190 billion in tax revenue.
However, it’s worth noting that the REIT industry, like any industry, is subject to economic and market conditions that can impact job growth and employment opportunities. In times of economic recession, for example, the industry may experience job losses as property values decline and demand for real estate-related services decreases.
In conclusion, the REIT industry is a significant source of employment opportunities in the US, supporting nearly 3.3 million direct and indirect jobs.