Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile
Tyler Kastelberg

@tylerkastelberg

Need help hiring? | CRE staffing & recruiting expert | Founder @ Bullpen

ID: 494142353

linkhttps://bullpenre.com calendar_today16-02-2012 15:32:33

2,2K Tweet

1,1K Followers

331 Following

Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

Your top candidate is interviewing somewhere else, and your offer wasn't the problem. Here's what happened to one VP of Development candidate: Three interviews. By round two, they were already discussing his first 90 days. The hiring manager said, 'We want you.' Then nothing.

Your top candidate is interviewing somewhere else, and your offer wasn't the problem.

Here's what happened to one VP of Development candidate:

Three interviews. By round two, they were already discussing his first 90 days.

The hiring manager said, 'We want you.'

Then nothing.
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

Climbing the ladder isn't the fastest path to $300K in CRE anymore. Heading into 2026, these 3 levers are: 1. Scarcity A specialty care lender told us he makes $800K. His edge? He's one of five people in the country who can do what he does. But you can create your own

Climbing the ladder isn't the fastest path to $300K in CRE anymore. Heading into 2026, these 3 levers are:

1. Scarcity

A specialty care lender told us he makes $800K. His edge? He's one of five people in the country who can do what he does.

But you can create your own
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

Offering carry in your deals is a great way to compete for top CRE talent. It’s also where I see too many offers fall apart—right at the finish line. Here’s what happens: A candidate gets excited about the upside. They ask follow-up questions. The answers are vague. To a top

Offering carry in your deals is a great way to compete for top CRE talent. It’s also where I see too many offers fall apart—right at the finish line.

Here’s what happens: A candidate gets excited about the upside. They ask follow-up questions. The answers are vague.

To a top
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

A promotion is supposed to be a reward. Sometimes it's a trap. Here's how we see it play out: A PE client promoted their junior analyst to senior after 18 months. On paper, it was the obvious call. The analyst was crushing it—building models, running scenarios, delivering under

A promotion is supposed to be a reward. Sometimes it's a trap. Here's how we see it play out:

A PE client promoted their junior analyst to senior after 18 months. On paper, it was the obvious call. The analyst was crushing it—building models, running scenarios, delivering under
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

Executive turnover is at record highs, yet the world's largest CRE firm just promoted 3 leaders with long tenures—and is on track for record earnings. That firm is CBRE, and this news gives us a glimpse into their talent strategy. It's not an accident. Adam Saphier joined as a

Executive turnover is at record highs, yet the world's largest CRE firm just promoted 3 leaders with long tenures—and is on track for record earnings.

That firm is CBRE, and this news gives us a glimpse into their talent strategy. It's not an accident.

Adam Saphier joined as a
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

We've debriefed with thousands of CRE candidates after interviews. The thing that turns them off just as often as below-market comp is this: Interview questions that feel like canned trivia. Candidates don't just notice—they draw conclusions: "If this is how they interview,

We've debriefed with thousands of CRE candidates after interviews. The thing that turns them off just as often as below-market comp is this:

Interview questions that feel like canned trivia.

Candidates don't just notice—they draw conclusions: "If this is how they interview,
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

The most expensive hire isn't the one you pay top dollar for. It's the one you didn't need full-time in the first place. Last year, a client came to us after hiring a $150-200K analyst. Deal flow? Maybe 20 hours of real work per week (I wish I was exaggerating). They're not

The most expensive hire isn't the one you pay top dollar for. It's the one you didn't need full-time in the first place.

Last year, a client came to us after hiring a $150-200K analyst. 

Deal flow? Maybe 20 hours of real work per week (I wish I was exaggerating).

They're not
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

Is it worth it to live in NYC? Here’s the money angle for CRE acquisitions people: Our team spent the last month analyzing compensation data across the roles we filled in 2025, and we started with acquisitions roles to create the 2026 Acquisitions Compensation & Hiring Guide.

Is it worth it to live in NYC? Here’s the money angle for CRE acquisitions people:

Our team spent the last month analyzing compensation data across the roles we filled in 2025, and we started with acquisitions roles to create the 2026 Acquisitions Compensation & Hiring Guide.
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

CRE acquisitions pros are expecting 25-50% bonus haircuts. That's actually good news for them (and bad news for employers—not for the reason you'd think). For 3 years, employers have held the upper hand in the talent market. Deal flow has been down. Open roles scarce.

CRE acquisitions pros are expecting 25-50% bonus haircuts. That's actually good news for them (and bad news for employers—not for the reason you'd think).

For 3 years, employers have held the upper hand in the talent market.

Deal flow has been down. Open roles scarce.
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

Folks who just found me: I'm Tyler, I run Bullpen (and now, OnDeck) — which only exist because I killed the original. 1,000+ CRE hires later, here's how it happened: I started in 2018 after walking away from the stability of an investment banking career. The original idea? A

Folks who just found me: I'm Tyler, I run Bullpen (and now, OnDeck) — which only exist because I killed the original. 1,000+ CRE hires later, here's how it happened:

I started in 2018 after walking away from the stability of an investment banking career.

The original idea? A
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

Everyone's asking how much CRE lending is coming back. CREFC Miami this week made one thing clear: that's the wrong question. The conference drew record attendance — 2,440 people. FHFA announced a 20% bump in GSE lending caps. Trepp projects $130B+ in CMBS issuance. The volume

Everyone's asking how much CRE lending is coming back. CREFC Miami this week made one thing clear: that's the wrong question.

The conference drew record attendance — 2,440 people. FHFA announced a 20% bump in GSE lending caps. Trepp projects $130B+ in CMBS issuance.

The volume
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

Development and construction leaders: Get ready to lose your top candidate to Big Tech. Here's what we're seeing: The construction industry needs 800,000+ workers over the next two years. Associated Builders and Contractors just released the data. Bisnow did the math — 85% of

Development and construction leaders: Get ready to lose your top candidate to Big Tech.

Here's what we're seeing:

The construction industry needs 800,000+ workers over the next two years. Associated Builders and Contractors just released the data. Bisnow did the math — 85% of
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

The brokers dominating AI real estate today built relationships with tech firms before they left the coworking space. One broker wrote the playbook, and Newmark just hired her to run it. In 2011, most landlords wanted 3-5 year leases from tenants with credit history. Jenny Haeg

The brokers dominating AI real estate today built relationships with tech firms before they left the coworking space. One broker wrote the playbook, and Newmark just hired her to run it.

In 2011, most landlords wanted 3-5 year leases from tenants with credit history.

Jenny Haeg
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

The CRE asset management career path has a reputation for lower compensation and capped upside. That's not the full picture. Stable, yes. Good work-life balance, probably. Want to build real wealth? Go into acquisitions. That's the conventional wisdom—and it's only half right.

The CRE asset management career path has a reputation for lower compensation and capped upside.
That's not the full picture.

Stable, yes. Good work-life balance, probably. Want to build real wealth? Go into acquisitions.

That's the conventional wisdom—and it's only half right.
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

The CRE market is separating strategic thinkers from order-takers, especially in asset management. 5 questions reveal which you're interviewing (or which you are): Most candidates worry about preparing for technical questions. Few prep for these. "How would you defend an

The CRE market is separating strategic thinkers from order-takers, especially in asset management. 5 questions reveal which you're interviewing (or which you are):

Most candidates worry about preparing for technical questions. Few prep for these.

"How would you defend an
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

Connor Teskey joined Brookfield at 24. At 31, he pitched a $4.8B M&A deal nobody asked him to. That pitch changed everything: If you lead a team, this story should make you think. Connor Teskey was running Brookfield's renewables business when he decided to study Oaktree

Connor Teskey joined Brookfield at 24.
At 31, he pitched a $4.8B M&A deal nobody asked him to.
That pitch changed everything:

If you lead a team, this story should make you think.

Connor Teskey was running Brookfield's renewables business when he decided to study Oaktree
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

One CRE loan. $4.5MM. Modified five times. It just killed a $261MM bank. Nobody flagged it: Illinois regulators seized Metropolitan Capital Bank & Trust on January 30th — the first FDIC-insured bank failure of 2026. The largest bank failure in Illinois since 2017. The collapse

One CRE loan.
$4.5MM. Modified five times.
It just killed a $261MM bank. Nobody flagged it:

Illinois regulators seized Metropolitan Capital Bank & Trust on January 30th — the first FDIC-insured bank failure of 2026.

The largest bank failure in Illinois since 2017.

The collapse
Tyler Kastelberg (@tylerkastelberg) 's Twitter Profile Photo

Everyone tells burned-out CRE owners the same thing. Sell. 1031 into NNN. Collect rent passively. Relax. Not so fast. There's another option: That trade sounds elegant on paper. Fewer tenants, fewer headaches, tax deferral. Here's what people need to start thinking about:

Everyone tells burned-out CRE owners the same thing.
Sell. 1031 into NNN. Collect rent passively. Relax.
Not so fast. There's another option:

That trade sounds elegant on paper. Fewer tenants, fewer headaches, tax deferral.

Here's what people need to start thinking about: