About the RoleIndustrious signs new landlord partnerships every year, and the number is growing as our business development team expands. Before any of those deals move forward, someone has to check that it holds together: that the assumptions are sound, that the start date, budgets, rent, pricing, and returns all track, and that the figures from design and construction have carried through correctly. As a Real Estate Associate on our Real Estate Transactions team that will be your job!
You will underwrite assigned deals in Excel, explain what drives their returns, and flag where a deal is tight, whether on pricing, occupancy, or CapEx. Our business development colleagues make the call on whether a deal goes ahead, and your analysis is what they rely on to make it well. You will work with Design, Construction, Finance, and other teams to make sure every number is right, supporting several business development colleagues as deal flow shifts.
Our approach to underwriting is different from a traditional real estate shop, and we will teach it to you. In your first few months you will get close review and clear guidance while you learn how we work. You will also join at a good time: the team is growing, new roles are being added, and we are underwriting a new product, so there is real room to learn, ask questions, and grow with us.
Success here means accurate work. The team trusts your numbers, your flags are clear, and any mistake you make happens once, not twice.
What Might Your Day Look LikeYour morning starts with a new deal from one of our business development colleagues. You go through the model piece by piece: the start date, the budget, the rent and revenue share assumptions, the cash flows, the IRR, and the margin the location is expected to earn per rentable square foot. The returns look fine at first, but pricing is tighter than it seems, so you note it clearly with the number that would need to change.
Late morning, updated figures arrive from Design and Construction. You check that they have flowed into the model correctly. One CapEx figure does not match the construction budget, so you confirm the right number with the construction team before it goes any further.
In the afternoon, you walk your business development colleague through the deal: what the returns look like, where the risk sits, and which assumptions matter most. They decide what happens next. Then priorities shift, and another colleague needs support on a deal heading to Investment Committee, so you move over and check that every figure in the review material ties back to the underwriting.
Before you wrap up, you update your trackers and checklists so the team knows where every deal you are supporting stands.
What You Will Own- Underwrite assigned deals in Excel, checking every assumption and making sure each component, from start date and budgets to pricing and IRR, tracks.
- Explain each deal's returns clearly, including IRR, cash flows, P&L, and margin, so business development can make an informed decision.
- Flag where a deal is tight, on pricing, occupancy, CapEx, OpEx, rent, or revenue share, and where it may need more support.
- Make sure figures from Design, Construction, and Finance carry through accurately into the deal.
- Support deal reviews and Investment Committee materials with numbers that hold up to scrutiny.
- Support several business development colleagues across their deal flow, moving between priorities as needs change.
- Keep the trackers and checklists that help the team stay accurate as deal volume grows.
You Will Love This Role If...- You are curious about real estate and want to understand why a deal works, not just what the model says.
- Getting it right matters more to you than getting it fast, and when you make a mistake, you build a check so it does not happen again. That is Drives Excellence (#hands) in practice.
- You enjoy tracing a problem to its source: which variable breaks the deal, and what would need to be true for it to work. That is Problem Solving (#head).
- You can explain a model in plain terms, so colleagues understand the conclusion without having to decode the spreadsheet. That is Communication (#heart).
- You adapt well when priorities change, and you are comfortable supporting several colleagues at once.
- You want to learn a new approach to underwriting on a growing team where there is room to develop.
This Role Is Probably Not for You If...- You want to make the final call on deals yourself. Business development owns that decision, and your role is to make sure it is well informed.
- You find detailed checking draining. This role covers a high volume of deals, and the standard is accuracy every time.
- You prefer settled processes. We are underwriting a new product, so some of how we work is still taking shape, and priorities can move quickly.
- You prefer to work on your own. Much of the role depends on working with other teams, managing expectations, and meeting shared deadlines.
What We Are Looking For- Strong Excel skills: IRR and time value of money, financial statements, EBITDA, pivot tables, and Goal Seek, with the ability to explain how a model works and why each piece fits.
- Hands-on experience analyzing or underwriting deals, ideally in real estate, or in finance with a genuine interest in real estate.
- A track record of accurate work across a high volume of tasks, with work that holds up to review.
- A record of working well across teams, managing expectations, and delivering to deadlines.
- Nice to have: exposure to leases, landlords, or office and flexible workspace, and progress toward a designation such as the CFA or CPA. You do not need Argus or prior knowledge of our underwriting approach.
Compensation & BenefitsThe base salary for this role is $110,000 - $120,000, depending on experience, skills, and role alignment. This role is also eligible for an annual bonus and participation in our long-term incentive program. But compensation is only part of the story.
At Industrious, we believe a good workplace supports the whole person. Not just the work they do. Our benefits are designed to give people the stability, flexibility, and room to grow that make a career sustainable.
Our benefits include:
- Heavily subsidized medical, dental, and vision plans to support you and your family
- Flexible paid time off, to maintain balance
- Paid parental leave to help you welcome a new child and focus on what matters most
- Annual professional development grants so you can keep learning and growing
- 401(k) retirement savings program to support long-term financial wellbeing
- Wellness initiatives and additional employee support programs
Specific benefits may vary by role, location, and eligibility requirements.
If you are curious about real estate and care about getting the numbers right, we would love to hear from you. Our process includes an Excel underwriting case that you will present and talk through, so you can show us how you think.
