Business Services asked Alya Akhtar, BCU alumna and now a Surveyor at Avison Young, to chart her postgraduate journey in the commercial property sector and to reflect on the state of the current housing market.
First generation university students often build resilience, adaptability and problem-solving skills by navigating education pathways independently. These strengths are significant assets in both academic and professional settings when combined with adequate support. Being a first-gen university grad myself came with a unique set of challenges. It was difficult to navigate through the transition from education into the workforce when I undertook my undergraduate degree. With the lack of professional networks and financial pressures, I prioritised entering the labour force rather than pursuing opportunities that aligned with my long-term goals and passions.
My career in property started several years ago working for an independent estate agency firm within Birmingham as a Lettings manager. I was able to attain valuable advice and guidance on career development and professional growth. This led to my pursuit into further education to become a surveyor.
My postgraduate degree at BCU
I enrolled onto a part-time postgraduate degree in Real Estate Management at Birmingham City University, alongside my role. Despite having attended university before, I very quickly realised that I was faced with a new set of challenges.
Of those one was the lack of female representation and diversity in the surveying profession. To begin with, I struggled with imposter syndrome. To overcome this, I made some great connections amongst my peers and attended networking events. I also sought advice from my dissertation mentor and ensured I kept up to date with industry insights.
Managing a work-life balance was also tough and often it would be a trade-off which mostly impacted my personal life. Chipping away at assignments in the evenings and working on weekends became the norm. Needless to say, the sacrifices were worth it, and I completed my studies achieving a Masters in Real Estate.
In 2022 after the height of Covid-19, I joined Avison Young as a graduate surveyor. I have had the opportunity to work alongside some wonderful and highly knowledgeable people. To date, I have undertaken rotations within lease consultancy, development consultancy and valuation. I currently sit within the land and development team.
My journey came with a lot of lessons learnt and my advice to someone looking to develop a career in commercial property would be to gain work experience through internships, work placements or even entry level positions. This would enable individuals to learn about different aspects of the industry, acquire knowledge and skills whilst familiarising oneself with the nuances of workplace professionalism.
Pursuing a career in the commercial property sector
Specific academic qualifications are anticipated in the commercial property sector such as the Royal Institution of Chartered Surveyors (RICS) accredited undergraduate degrees or a non-specific undergraduate degree with a postgraduate qualification in an RICS accredited degree. Alternatively, a highly competitive pathway that has grown in popularity is a degree apprenticeship which provides a combination of working and learning.
The property industry is a service sector which is predominantly client facing. There are a wide range of professionals who are involved in property development, investment and management. It is important to have a broad understanding of what other key players such as solicitors and accountants do in the market. Networking events provide opportunities to meet a variety of stakeholders across the commercial real estate (CRE) industry.
By and large employers in CRE look for someone that is professional and approachable. They will need to have good communication skills, the ability to work collaboratively and adapt to a changing environment. Having a general grounded awareness of what is going on in the market and economy both at a micro and macro level is advantageous.
Challenges facing the housing market
At present there’s big challenges facing the housing market. Addressing the elephant in the room is the Labour Government plans to deliver 1.5 million homes within 5 years in a bid to tackle the shortage of new homes.
The imbalance between demand and supply of housing stock affect both the private and social housing sector. It seems far from the buyer’s market as households are grappling with the cost-of-living crisis reducing spending power elsewhere. Global supply chains remain vulnerable to inflation and energy price fluctuations exacerbated by geopolitical tensions.
Affordability is another key issue, with high interest rates, borrowing to develop social housing is challenging. Whereas the private sector is contending with labour and build cost inflation as well as finance costs which are having a negative impact on viability.
There are also viability challenges within brownfield sites with high remediation costs and regulatory hurdles. This often makes securing finance a problem as it can be deemed high risk for investors and lenders in comparison to greenfield sites.
Land availability and having land in the right location is imperative to bringing forward a scheme that is market facing. Chronic delays within the planning system are putting a strain on development and hindering growth of SME housebuilders.
Acknowledgements
I would like to thank my mum and friends for their unwavering encouragement, Professor David Higgins at BCU for his advice and my fellow colleagues at Avison Young for their support. The views expressed in this blog are those of the author, not BCU.
Find out more about the BCU's Real Estate Management course. Further information on the future of the housing market can be found on BCU’s Centre for Future Homes.