The labour market in the real estate and construction industry is differentiated in the first half of 2026. While companies continue to specifically look for specialists in inventory optimization, technical management and accounting, the demand for classic project developers remains at a low level. At the same time, cultural fit, future skills and transparent remuneration systems are becoming increasingly important. This is the conclusion reached by the personnel consultancy Cobalt on the basis of current market observations and the ongoing Market and Career Trend Survey 2026. Companies fill positions in a very targeted manner and invest primarily where there is direct value creation or operational relevance,” says Doreen von Bodecker, Managing Director of Cobalt.
More managers in the market, fewer management positions
In the executive segment, an unusual picture emerges. The number of experienced candidates who are actively active in the market or are already in the application process has increased significantly. At the same time, companies are currently creating only a few additional leadership roles. In addition, recruiting processes take longer than they did just a few years ago. Three to four rounds of interviews are now not uncommon. In addition to professional qualifications, companies are increasingly paying attention to personality, values and long-term fit.
Focus shifts to existing and alternative forms of housing
New construction remains subdued in many segments. Accordingly, investments and staff expansion are increasingly focused on the optimization and further development of existing portfolios. Technical specialists as well as building services experts, project managers and project managers for refurbishment, revitalisation and conversion projects in existing buildings, mainly in the accommodation and residential sectors, are particularly in demand. Institutional investors are expanding their teams in particular for boarding houses, student housing, micro living and senior living concepts. In contrast, demand for traditional project developers remains low. Many companies are focusing on retaining existing competencies in the company and increasingly involving project developers in asset management functions
Municipal housing industry and property management remain under pressure
Municipal housing companies continue to look intensively for qualified employees, especially in portfolio management and for new construction projects. At the same time, many public employers are increasingly reaching financial limits in the competition for talent, as the salaries of the private sector can often not be achieved. The situation also remains tense in property management and accounting. Accountants as well as condominium and rental managers continue to be among the most sought-after profiles.
Future skills often remain classic virtues
Cobalt also observes an interesting development in the requirements for candidates. Many characteristics that are discussed today under the term “future skills” have been among the most important success factors for decades. “Punctuality, reliability, honesty and a sense of responsibility were important in the past and will remain so in the future. They are complemented by new skills such as process understanding, the ability to learn, strong communication skills and the confident use of AI,” explain Jan Schwill, Managing Director of the Cobalt subsidiary Concord Cobalt Recruitment GmbH, and Patrick Bierhals, Executive Director AI & Technology and Berlin Branch Manager at Cobalt. The question of which skills are necessary to carry out work oneself is increasingly shifting. Rather, in the future, it will be a matter of controlling work, some of which will be taken over by AI systems.
Salary transparency is becoming increasingly important
In addition to the economic conditions, the issue of remuneration is also coming more into focus. Although the implementation of the EU Pay Transparency Directive in Germany is expected to be delayed until the beginning of 2027, the expectations of applicants and employees are already rising today. “It is no longer just about the amount of the salary, but about the question of how remuneration is determined and whether it is comprehensible,” explains Nicole Schwan, Cobalt Managing Director. Companies should use the time gained to analyze compensation structures, review salary bands, and prepare executives for transparent conversations. This is because transparency is increasingly becoming an important factor for trust, employee loyalty and employer attractiveness.
