In this ever-evolving environment, we are seeing continuing demand for interim leaders to fill specific functions at senior levels across the real estate industry. 11% of all UK senior interim placements in the past year have been within the property / construction / real estate industry (Institute of Interim Management, 2023).
Traditionally, interim hires haven’t been commonplace in our sector, but things are changing. For organisations grappling with a senior exit, a new strategy to implement or just a rapid stage of growth and development, a short-term expert with the experience to jump in and lead can deliver substantial benefits. In the past year, we have seen the requirement for interim c-suite operational and financial roles increase.
Interim leaders have a defined function, with specific delivery objectives within a set amount of time. The combination of tangibility and flexibility can be very attractive for senior real estate executives, not to mention lucrative. Companies benefit not only from an experienced talent delivering specific goals, but skills that they can transfer to the team. Significantly, these leaders are often uniquely objective and can bring a vital dose of neutrality to teams and situations.
Our clients have particularly benefitted from this when expanding specific capabilities or developing their presence in new areas. Short-term, senior consultants can check the viability of projects or expansion with less financial risk. Covering maternity and, increasingly, paternity leave for six months or more is also beneficial when the work cannot be covered effectively internally.
Experience is the key requirement, so the average age of interim hires tends to be higher than those of their permanent counterparts. According to the Institute of Interim Management 2023 Survey, 68% of interim managers are between 40 and 60. With an uncertain market prevailing, we expect the need for senior interim hires to remain high within the real estate business. If you are interested in discussing interim options for your leadership team, please do get in touch.