Summer Intern - Supervision & Regulation, Commercial Real Estate

What You Will Do

Intern Projects

The intern will assist on preparing a commercial real estate lease index using CompStak data. CompStak has signed lease data on 1.3 million leases across the US including by property type. Existing lease indices are simplistic and only one paper does a repeat lease index. This paper did not index lease rates by property type or geography. We will create a more granular and effective lease index.

The goal is to publish a paper, but this index could also be useful for other FRB applications. Could be used in modeling of CRE values/risk or in monitoring. The intern's primary task will be cleaning and preparing the data. We will start running a model if there is time.

Project timeline:

• Weeks 1-2: Introduction to CRE, lease indices, and data. I don't expect the intern will be familiar with CRE, so this will be a "training" period.
• Weeks 3-5: Data work and cleaning. Identifying repeat leases will be challenging. The data does identify renewals, but what if the tenant signs a new lease for a different floor in the same building? And other such questions.
• Weeks 5-10: Begin working on the model and exploring feasibility. Will have a set of figures/chart/tables I request the intern create, and I will guide them through that.

What You Have

• A master's or PhD student pursuing a degree related to Economics, Finance, or Real Estate. Other fields related to the ones listed are also encouraged to apply.

Required Skills:

• Experience in Python, Stata, and MS Office Suite.

Preferred Competencies:

• Verbal and written communication skills

• Problem solving skills

• Attention to detail is needed to make sure that the data work has been performed correctly

• Organizational skills to annotate and document their work such that others can pick up where the project left off

• Ability to work well independently with little supervision, the project manager will be available to assist

• Strong presentation and communication skills to share what they have completed concisely and effectively

Additional Information:

The Federal Reserve Bank of Philadelphia takes your information privacy seriously. Federal Reserve Bank of Philadelphia staff will only email you from the "@phil.frb.org" domain or through the Workday system "rb@myworkday.com". If you are initially contacted by phone, feel free to request that the caller provide you with their email address to validate their identity. If you have any questions about the validity of someone who contacts you regarding this position, please email the Talent Acquisition team at TalentAcquisition@phil.frb.org.

We are an equal opportunity employer committed to hiring the best candidates and to providing equal employment opportunity to all persons without regard to race, color, religion, sex, pregnancy, national origin, age, genetic information, disability, military service, or any other basis protected by law.

We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment. If you need assistance or an accommodation due to a disability, please email us at TalentAcquisition@phil.frb.org.

All Federal Reserve Bank of Philadelphia employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the

Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.

You will be required to complete a background investigation including drug testing as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be drug screened for the presence of marijuana. Any hiring decision based on a background investigation will be made following an individualized assessment that is job-related and consistent with business necessity and applicable law. Employment may not begin until the Bank accepts the results of the background investigation.

All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.

Certain eligibility rules apply. You will provide work authorization to prove your eligibility to work in the United States.

The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

By applying to this position, you agree you will be available to work on-site in a full-time capacity.

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