With wave of retirements looming, MD commercial real estate firms focus on talent pipeline

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Nationwide, the commercial real estate industry is facing workforce challenges. According to a 2024 Deloitte report, 40% of industry professionals will reach retirement age in the next decade and companies are struggling to hire and retain millennials and Gen Zers.

In Maryland, firms are working hard to improve their hiring pipeline and paying close attention to what employees want: clear communication, a collaborative culture and mentorship opportunities.

A sense of belonging

Continental Realty Corporation is a third-generation, family-owned Baltimore real estate investment and management company that commands more than eight million square feet of commercial space and over 10,000 apartments. With operations in 14 states, dispersed work teams are the norm for the more than 350 professionals who oversee a portfolio valued at over $4 billion.

As the company’s footprint has expanded, so has its commitment to maintaining a powerful sense of belonging.

“Belonging has always been in the DNA of the organization,” said Crystal Frey, Continental’s senior vice president of human resources and shared services. “If you have people geographically dispersed and you’re Baltimore-based, you have to always think about how to deliberately communicate.”

Continental Realty regularly seeks employee input and feedback through engagement surveys, listening tours, departmental meetings and programs such as Coffee & Conversations, implemented because team members wanted more insight into activities across the organization. Biweekly virtual departmental updates and in-person gatherings throughout the year aim to keep team members connected to the company and to each other. In September, Continental Realty will bring team members to Baltimore to celebrate the firm’s 65th anniversary.

The company combines internal information gathering with industry data to create plans that shape programming and benefits. Frey points to policies and benefits that originated from team member input, such as enhanced 401(k) options and paid parental leave, which was implemented before Maryland passed its statewide leave policy.

Continental Realty maintains traditional and nontraditional talent pipelines, including partnerships with community organizations such as Urban Alliance and Entryway. The interview process includes panel assessments that look beyond candidates’ skills and experience to understand their communication and work styles and how they would fit within the company.

New hires complete an onboarding process that includes interview sessions where they can ask questions and provide feedback. The sessions also provide the company insights into the kind of support the new hires might need.

The next generation

Lee & Associates Maryland prides itself on hiring people who can collaborate, thrive in team environments and direct their own work. Based in Columbia, the company prioritizes cultural fit and recruits people who won’t directly compete for the same business. That approach, said Allan Riorda, SIOR, the president and principal, means the company sometimes passes on otherwise qualified candidates.

Lee & Associates is one of the largest broker-owned commercial real estate firms in the country, with more than 80 independently operated offices across the U.S. and Canada. Brokers are company stakeholders, which, Riorda said, “incentivizes everyone for shared growth, rather than individual success.”

Weekly meetings mix market and deal updates with personal check-ins. Companywide events, happy hours, a summer crab feast, a holiday party and community service outings help strengthen team bonds.

Riorda said the company’s formal mentorship program is key to developing and retaining talent, with teams responsible for identifying, interviewing and training junior brokers and helping them build viable business plans.

Junior broker Samantha Eckels interned at Lee during a college summer break but left after graduation to pursue what she called her “Mad Men” dreams in advertising. A few years later, Kate Jordan, a principal at Lee & Associates, encouraged her to return as a broker.

“You’re competitive,” Eckels said Jordan told her.

The message resonated.

Today, Eckels is involved in projects with six brokers.

“Everyone has their own skill set, and I’m fortunate that I can sample a bit of everything,” she said. “People are genuinely happy to help.”

A former college athlete, Eckels said she thrives in the Lee environment.

“I never feel silly asking questions,” she said.

Eckels said she’s inspired by leaders including Jordan and Lee principal Marley Black.

“Even though I am their junior, they keep referring to me as their partner,” said Eckels, who revels in the fact that she’s not at a desk all day but instead is out engaging with people. “They want me to be a well-rounded broker.”