July 19, 2004—Salaries for corporate real estate professionals rose an average of eight percent in 2003, according to a survey of more than 1,200 corporate real estate executives recently released by CoreNet Global, a global professional association for corporate real estate and workplace professionals. The survey also found that corporate real estate professionals earned an average of $158,000 in 2003, and generally earned more than $100,000 annually.
The top real estate officer at US corporations received average annual compensation of $233,000, while salaries in this category ranged from $66,000 to $1.2 million. Top real estate officer is defined as the person in command of the commercial real estate function within a company, with heavy strategic and operational responsibility.
The survey also found that 71 percent of the respondents reported a position of Second Level Real Estate Director/Manager or higher. This represents a 10 percent increase in reporting of these position levels since the last time a comparable study was completed three years ago, says CoreNet.
In addition, respondents reported that they have been employed in the corporate real estate industry an average of 14 years.
“The corporate real estate profession, as we conclude from our survey, is healthy both in terms of overall compensation and in importance to the organization. These conclusions support CoreNet Global’s position that the real estate function is becoming more strategic and highly valued within major corporations as they seek to increase efficiencies and reduce overlap in the workplace,” said Peggy Binzel, CoreNet Global’s chief executive officer.
The study was conducted by independent research firm Knowledge Systems & Research (KS&R) to ensure confidentiality. The study is available for online orders from CoreNet Global or by calling 404/589-3200. The price for CoreNet Global members is $100 per copy; $175 for non-members. Member and non-member survey respondents will receive a discounted price of $50 for one copy.
