Manager - Research Commercial Real Estate

What You'll Do

We are currently seeking a Manager-Research for our Commercial Real Estate (CRE) team.

In this role, you will work directly with the Senior Director of Real Estate Research and Strategy to develop and communicate a forward-looking, data-driven view of global commercial real estate (CRE) markets across cycles. You will partner across portfolio teams on capital allocation strategies. Your responsibilities will include, but are not limited to, the following:

• Develop house views on the state of the global and U.S. CRE cycle by integrating top-down macroeconomic analysis with bottom-up asset and sector insights.
• Support investment committees with clear, defensible research narratives and data-backed conclusions.
• Interpret cross-asset signals (e.g., Treasuries, REITs, credit markets) to inform real estate allocation decisions.
• Maintain relative value frameworks between public and private as well as equity and debt.
• Author and present quarterly and thematic research, market outlooks, and cycle updates for internal and external audiences.

Who You Are

What you need:

• Bachelor’s degree with an emphasis in finance, economics, accounting, math, statistics, or similar technical field.
• 2 plus years of research or investment banking experience; working knowledge of CRE
• An understanding of the relationships between macroeconomics, real estate market fundamentals and how they impact investment performance.
• Strong quantitative and analytical background, with the ability to interpret complex datasets and models
• Strong written and verbal communication skills, ideally with experience presenting to institutional audiences.

Skills That Will Help You Stand Out

• Master’s degree and / or CFA designation preferred.
• An understanding of macroeconomic and capital markets dynamics.
• Comfort working in a dynamic, transaction-driven environment with short turnaround times.
• Ability to operate effectively with incomplete information and adapt analytical frameworks accordingly.
• Coding skills, such as Python, R, SQL, Stata, or SAS.

Salary Range Information

Salary ranges below reflect targeted base salaries. Non-sales positions have the opportunity to participate in a bonus program. Sales positions are eligible for sales incentives, and in some instances a bonus plan, whereby total compensation may far exceed base salary depending on individual performance. Actual compensation for all roles will be based upon geographic location, work experience, education, licensure requirements and/or skill level and will be finalized at the time of offer.

Salary Range

$110200 - $130000 / year

Salary Details

The following salary ranges reflect market-specific compensation for this position. Candidates will be evaluated to determine the appropriate job skills and experience.

• Des Moines, Iowa: $110,200 - $130,000 / year
• Chicago, Illinois: $127,000- $150,000 / year

Time Off Program

Flexible Time Off (FTO) is provided to salaried (exempt) employees and provides the opportunity to take time away from the office with pay for vacation, personal or short-term illness. Employees don’t accrue a bank of time off under FTO and there is no set number of days provided.

Pension Eligible

No

Additional Information

Work Location:

This position will be located in either Des Moines, Iowa or Chicago, Illinois

Work Environment

This role offers in-office, hybrid (blending at least four office days in a typical workweek).

Work Authorization/Sponsorship

At this time, we're not considering candidates that need any type of immigration sponsorship now or in the future or those needing work authorization for this role. (This includes, but is not limited to students on F1-OPT, F1-CPT, J-1, etc.)

Nonimmigrant WorkersandGreen Card for Employment-Based Immigrants

Investment Code of Ethics

For Principal Global Investors positions, you’ll need to follow an Investment Code of Ethics related to personal and business conduct as well as personal trading activities for you and members of your household. These same requirements may also apply to other positions across the organization.

Experience Principal

At Principal, we value connecting on both a personal and professional level. Together, we’re imagining a more purpose-led future for financial services – and that starts with you. Our success depends on the unique experiences, backgrounds, and talents of our employees. And we support our employees the same way we support our customers: with comprehensive, competitive benefit offerings crafted to protect their physical, financial, and social well-being. Check out ourcareers siteto learn more about our purpose, values and benefits.

Principal is an Equal Opportunity Employer

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.

Posting Window

We will accept applications for 3 full days following the Original Posting Date, after which the posting may remain open or be removed based upon applications received. If we choose to post the job again, we will accept additional applications for at least 1 full day following the Most Recently Posted Date. Please submit applications in a timely manner as there is no guarantee the posting will be available beyond the applicable deadline.

Date First Posted (TTF)

3/23/2026

Latest Post Date: Careers - US

4/27/2026