Perhaps unsurprisingly, Young Professionals is one of the newer areas of INREV activity, although it has now been established for a number of years. The Young Professionals committee was only created in 2020, but the first Young Professionals Conference took place a few years earlier in 2017. And going back further, INREV took the first step towards recognising the importance of supporting newer entrants to the non-listed real estate industry with the appointment of two dedicated members of the Management Board, Iris Aalders and Tobias Pfeffer, in 2010. Today, representatives of the YP committee also have a seat at the INREV Investor and Fund Manager Advisory Councils.
Establishing the INREV Young Professionals committee in 2020 reflected a growing awareness of the need to give newer recruits to the industry a voice in the organisation. As committee chair Jorden Korte, PATRIZIA, explains, ‘All of the members of the committee fall within the Young Professionals definition of being under 35 years of age. We act as both representatives of the young professionals community and a sounding board for INREV alike.’
Training is getting more and more important for those new to an industry that is becoming ever more complex and specialised, and INREV is in a unique position to fulfil this need, with its membership that spans all facets of the business and the unrivalled knowledge that brings.
‘In practice our deliberations have tended to concentrate on two main areas: education and networking,’ Korte continues. ‘Training is getting more and more important for those new to an industry that is becoming ever more complex and specialised, and INREV is in a unique position to fulfil this need, with its membership that spans all facets of the business and the unrivalled knowledge that brings.’
The committee is particularly pleased with the successful launch of the YP Mentorship Programme, which was developed in collaboration with the Training committee and represents the most recent addition to the Young Professionals’ offer. The programme enables groups of Young Professionals to benefit from a year’s guidance by a seasoned industry figure. ‘This has huge benefits in building an understanding of how the industry works and an awareness of the many possible career paths that are now out there.’
‘Networking is also crucial for getting careers off on the right track,’ says Korte. ‘This is not just about sharing experience but also growing confidence and building connections that last. Real estate is very much a people business, and these long-standing relationships can be incredibly important.’ INREV has therefore made a big effort to produce specific Young Professionals events, not just the conference but also other smaller, local gatherings. ‘Even more than with other INREV events, there is a strong focus on networking, as well as presenting content that explores longer-term horizons – which can be very appealing to those just starting out on their careers.’
‘We are also conscious of needing to reflect the rapid changes now affecting the business landscape in Young Professionals activities, whether it be different cyclical effects, diversity and inclusion, regulatory changes or the ever-growing importance of ESG. Our committee is always on the lookout for the next big thing that will have a lasting impact on our industry, and its young professionals.’