Job opportunities in the industry are divided into four distinct fields: sales, management, development, and acquisition and analysis. Although crossover among these sectors is possible, most people start out specializing in a specific area.

Sales and Leasing
A number of factors have combined to place upward pressure on property sales and values in recent years: REITs and their elephantine appetite for property, rising revenues among U.S. corporations, and strong demand for residential real estate. This segment, which has benefited enormously from rising real estate prices, includes everything from residential real estate brokers such as Century 21 and Coldwell Banker to larger corporations that broker bigger commercial properties such as office towers. Grubb and Ellis Company has one of the largest global brokerage divisions, offering sales and leasing services in 69 U.S. markets and in Europe. Cushman and Wakefield is another giant, with 45 offices nationwide. Its clients are primarily corporations and other institutions, for which it negotiates sales and leases.

Management
Property managers are responsible for maintaining property values. They deal with tenants, manage finances, and physically tend to the property. Of all the segments of the industry, this one has been hit hardest by the wave of mergers and acquisitions sweeping the industry. Some industry insiders are predicting that 75 percent of the property management firms in operation in 1990 will be out of business by the year 2007. For job seekers, this means fewer jobs as companies look to become more efficient and cut redundant staff. One of the largest acquisitions in recent years was the 1997 merger of CB Commercials and Koll, then the fifth-largest property management company in the U.S. Today CB Richard Ellis Commercial/Koll Management Services is the second-largest property manager, behind Insignia Financial Group, Inc. One of the largest residential property managers is Lefrak Organization, which manages more than 60,000 apartments in New York City.

Development
Developers are responsible for taking a property idea and making it a reality. This is a complex process involving architects, engineers, zoning officials, builders, lenders, and prospective tenants. Development is not always the gravy train some make it out to be. In the early 1990s, when real estate prices crashed, construction dried up, and a lot of commercial office space was left vacant. Deprived of rents, a lot of developers had to scramble for survival. Many ventured into other areas of real estate. Today, many of the largest real estate developers are also property owners and managers. Hines Interest LP, the largest office developer in the U.S., also manages over 75 million square feet of real estate. Other major players in this segment include the Lincoln Property Company, which offers development and investment services in both residential and commercial real estate, and Del Webb, the largest U.S. developer.

Acquisition and Analysis
Any kind of investing in real estate requires a thorough understanding of how to analyze the value of a property and navigate the maze of land-use regulations, zoning laws, environmental impact reports, financing realities, and other barriers to buying and developing a property. The people who develop, market, and manage REITs and other real estate investments are financial types, often MBAs, who are charged with evaluating and arranging for the purchase of properties.