The labour market in the real estate and construction sectors presented a heterogeneous picture in the first half of 2026. This is evident from current market observations and the ongoing Market and Career Trend Survey 2026 by the recruitment consultancy Cobalt. Demand continues to focus on skilled workers in areas such as portfolio optimisation, technical management and accounting. In contrast, the search for traditional project developers remains at a comparatively low level.
At the same time, experts observe a significant increase in the importance of factors such as cultural fit, so-called Future Skills, and transparent compensation systems. Doreen von Bodecker, Managing Director at Cobalt, noted that the market appears significantly more selective during this period. Companies are filling vacancies very precisely and prioritising investment in positions that demonstrate immediate value creation or operational relevance.
Shift in the Executive Segment and Focus on Portfolio Optimisation
An unusual imbalance is manifesting itself in the executive segment: the number of experienced candidates actively seeking employment or participating in ongoing application processes has increased, while companies are creating few new executive positions. Additionally, recruiting processes have lengthened; three to four interview rounds are now common. Alongside professional qualifications, companies are increasingly valuing personality, values, and a long-term fit.
As the new construction sector remains subdued in many segments, investments and personnel strategies are increasingly shifting towards the optimisation and further development of existing real estate portfolios. In particular, technical specialists as well as experts in building services engineering (TGA), project leaders and project managers for renovation, revitalisation, and repurposing projects in existing properties are in demand. This trend primarily affects the hospitality and residential sectors. Institutional investors are expanding their teams in the boarding house, student housing, micro-living, and senior living concepts segments. Demand for traditional project developers, however, remains low, as many companies retain internal expertise and increasingly integrate project developers into asset management functions.
The situation remains tense in the municipal housing sector and property management. Municipal housing companies are actively searching for qualified employees, especially in portfolio management and for new construction projects. However, the financial competitiveness of public employers often limits their ability to attract talent, as salary levels often cannot match those of the private sector. There is also continued demand for accounting specialists as well as owners' association (WEG) and rental administrators in property management and accounting.
Future Skills and Salary Transparency
Cobalt also observes an interesting development regarding candidate requirements: many of the so-called 'Future Skills' are traditional virtues. Jan Schwill, Managing Director of Concord Cobalt Recruitment GmbH, and Patrick Bierhals, Executive Director AI & Technology and Branch Manager Berlin at Cobalt, emphasise that qualities such as punctuality, reliability, honesty, and a sense of responsibility remain essential. These are complemented by competencies such as process understanding, learning ability, strong communication skills, and confident handling of Artificial Intelligence. The core question is shifting from performing work to managing processes, which are partly taken over by AI systems.
Beyond monetary conditions, the topic of compensation transparency is gaining importance. Although the implementation of the EU Pay Transparency Directive in Germany is expected to be postponed until early 2027, expectations from applicants and employees are already rising today. Nicole Schwan, Managing Director at Cobalt, explains that it is no longer solely about the amount of salary, but about the comprehensibility of salary determination. Companies should use this time to analyse compensation structures, review salary bands, and prepare managers for transparent discussions. Transparency is increasingly becoming a decisive factor for trust, employee retention, and attractiveness as an employer.
