If the wages of the commercial real estate industry’s top professionals is any indication, than the industry appears to be in the early stages of a recovery.
At least that’s what a new survey of corporate real estate executives suggests.
Nearly two-thirds, a total of 64 percent, of the participants in a comprehensive global survey of senior level corporate real estate and workplace executives reported that they received an increase in their base salary last year, according to CoreNet Global, a professional association for corporate real estate.
CoreNet along with FPL Associates administered the survey.
The survey also found that 74 percent of survey respondents said that they expect to receive another increase in their company’s 2010/2011 annual fiscal periods.
“Clearly this is a positive sign and consistent with broader real estate professionals industry wide”, said Jeremy Banoff, senior managing director at FPL Associates. “However it is important to note that such increases are taking place on relatively reduced levels from the prior year, and as such, compensation has not yet been fully restored to the pre-global financial crisis levels.”
The survey was conducted in late 2010 among 275 companies that lease or own corporate real estate.
The average base salary for a head of corporate real estate is about $175,000, according to the report.
