Adapting to Real Estate Shifts and Election Year Uncertainty in Talent Mobility

By Corinne Mossman

August 22, 2024

As summer winds down, many businesses and industries are catching their breath after a busy season filled with high demand paired with shifts that affect the talent mobility industry directly. This period offers a moment to reflect on the shifts that have taken place and plan for the months ahead.

Over the last several years the ongoing adaptation to digital transformations, supply chain disruptions, and labor market shifts have forced many industries to rethink strategies. In addition to addressing all of those factors, in the talent mobility industry specifically the focus is on rebalancing after the seasonal rush, navigating seismic changes that have occurred in the real estate industry, and preparing for potential public policy changes resulting from an election year.

The real estate sector in particular has had an eventful year, marked by fluctuating interest rates, changes in buyer behavior, shifting market demand, and changes in real estate agency and broker compensation practices. High demand in some regions has been met with inventory shortages, while others have seen a cooling off due to rising affordability concerns. The real estate sector is also adapting and evolving accordingly as a result of updates to agency and compensation practices. In the talent mobility industry, we have to be ever mindful of the differences a transferring employee may experience between their departure and destination locations and keep employee experience top of mind.

For housing in general, much will depend on the outcome of the upcoming election which could influence tax policies, housing regulations, and infrastructure investment. The possibility of new incentives for affordable housing or changes related to capital gains taxes are just a few factors that could also reshape the market landscape. The upcoming election could bring further regulatory and economic shifts, with immigration and tax policies having a potentially large impact on the talent mobility industry. Of particular interest would be whether the household goods moving expense deduction suspension will extend or sunset. Stakeholders are already evaluating potential outcomes and making contingency plans based on a range of possibilities.

As the busy season wraps up, now is the time to streamline operations, reassess priorities, and prepare for whatever may come. By staying proactive, educated, and informed, we can navigate the coming months with confidence. This will help us remain focused, keep calm and carry on.