Owen Barette began his recruiting career at Hays, where he spent five years leading the firm’s real estate practice before moving over to Tenth Revolution Group as its Canadian vice president. Six months ago, he branched out on his own, founding the Montréal-based Tadpool Real Estate to address emerging talent needs in the commercial real estate sector.
With nearly a decade of specialized recruitment experience, Barette brings a well-honed perspective on the sector’s evolving workforce demands and the evolution of roles based on market trends. Green Street News spoke with Barette about what changes he’s seen in industry hiring patterns and what skills will be in demand in 2025.
What significant shifts have you observed in Montréal’s real estate hiring landscape?
We’re seeing a fundamental restructuring of organizational hierarchies. Companies are actively flattening their management structures, often consolidating senior and director-level positions into single leadership roles supported by expanded operational teams. This lean approach reflects a strategic response to recent market volatility.
Interestingly, while midlevel management positions have decreased, we’re seeing abundant openings for specialized roles like transaction analysts, appraisers and financing specialists. This suggests companies are positioning themselves for increased transaction activity, though current hiring for operations primarily focuses on replacement rather than expansion.
Altus Group reported a 26% increase in Montréal investment volume in 2024. How has that affected hiring patterns?
The percentage increase needs context. It’s measured against 2023’s exceptionally quiet market, so it represents more of a return to normalcy than genuine growth. We’re not seeing direct hiring correlations with these transaction volumes.
Current market activity is dominated by smaller private investors rather than institutional players. These companies, many of which faced leveraging challenges in 2022, maintain lean operations even when announcing major transactions. Asset management functions often remain under direct owner oversight rather than dedicated departments, particularly in smaller organizations. The exception is development roles, which are seeing growth as construction activity surpasses recent years’ levels.
What property sectors are driving recruitment, and how are role requirements evolving?
Multi-residential and industrial sectors lead hiring activity, driven by both transaction-related movement and new development. However, the more notable trend is in how roles are being defined. Smaller private companies aren’t just looking for specific skill sets – they want entrepreneurial, multifaceted professionals who can handle various responsibilities within a single role.
The third-party management sector is showing particular dynamism, with companies like Cogir seeing a double-digit headcount growth since 2022 resulting from an increased demand for professionals with strong client-relations capabilities alongside traditional technical skills.
How are real estate employers approaching remote work policies?
Real estate companies, particularly office owners, have been among the first to champion return-to-office initiatives, often viewing it as a leadership responsibility to “lead from the front.” This aligns with Montréal’s real estate culture, which traditionally values face-to-face interaction.
The industry has largely settled on hybrid arrangements, avoiding extremes of fully remote or full-time office mandates. Companies requiring five-day office attendance face significant recruitment challenges, as workplace flexibility has become as fundamental to talent attraction as vacation policies. Companies mandating full-time office attendance are at a distinct competitive disadvantage in recruitment. The market has shifted toward autonomy-based models, particularly when paired with strong compensation and incentive programs.
What emerging skills will become crucial for real estate professionals in 2025?
As interest rates potentially decrease and market confidence returns, we anticipate increased demand for transaction-related roles and development expertise. However, the current environment remains cautious, with decisions often delayed by broader economic and political uncertainties.
While sustainability and asset management require long-term strategic thinking, current market conditions have pushed many organizations toward shorter-term operational focuses. The challenge ahead will be balancing immediate operational needs with long-term strategic capabilities, particularly as the industry continues to evolve and adapt to changing market dynamics.
