Compensation increases expected to continue in 2024 despite economic uncertainty
Bethesda, Maryland, November 30, 2023 /PRNewswire/ — RCLCO Real Estate Consulting, a leading consulting firm, today announced the release of a comprehensive guide to compensation and benefits in the real estate sector. RCLCO & CEL Real Estate Compensation and Benefits Survey. The approximately 500-page study covers the industrial, office, retail, residential, advisory and brokerage/services sectors, including public and private companies engaged in investment, management, development, construction, leasing, and other key real estate functions. Covers trends and salaries. . Approximately 140,000 incumbents fill 200 positions across the United States at more than 365 participating companies.
“This 2023 study is the first released under RCLCO’s new partnership with CEL Compensation Advisors, but the 34th studyth Annual reports have been published since CEL began its investigation in 1989.” adam ducker, CEO of RCLCO. “The CEL Real Estate Compensation & Benefits Survey has become the industry’s most popular and trusted compensation and benefits benchmarking source, and our recent partnership helps our clients achieve strategic, effective and lasting real estate benefits. We can strengthen our mission of helping people make better decisions through the expansion of our compensation consulting practice. ”
In addition to detailed job-level compensation data, the report highlights that the labor market for commercial real estate talent remains tight despite relief from capital market downturns in the commercial real estate industry. There is. 85% of companies surveyed reported difficulty finding skilled talent to fill some positions. Despite market headwinds, 67% of companies predicted they would continue hiring. As deal volumes slow, the percentage of companies hiring in transaction-related roles has declined significantly year-over-year, with the percentage of companies hiring in development, acquisition, and development roles decreasing by 10%. In contrast, employment in wealth management was flat year over year, reflecting companies prioritizing wealth workouts.
Compensation growth has slowed since the heady period immediately after COVID-19, but companies expect pay growth to continue next year. Respondents predict an average growth rate of 4.9% in achievements in 2024, which is still well above the pre-COVID long-term average of 3.4%. The survey highlights other aspects of the labor market that have changed since the pandemic. An average of 42% of employees surveyed work remotely part of the time.
Based on RCLCO & CEL’s unparalleled understanding of real estate data and trends, as well as industry best practices gleaned from relationships with hundreds of real estate industry companies, the findings of this study inform performance evaluation and the creation of aligned compensation programs. It has become the gold standard for companies working on We can unite leaders and their teams to succeed in attracting and retaining best-in-class talent, the cornerstone of success in the real estate industry. Covering nearly 500 pages of compensation trends, benefits, compensation policies, long-term incentive structure, and detailed information/statistics (quartiles) breakdown of compensation results by job title, the findings are broken down by company size (number of employees) ). ), company type (public and private), specialty, region, and metropolitan area.
The full report can be purchased here. For more information about RCLCO’s compensation consulting services powered by this comprehensive data, please contact Josh Bolen in [email protected].
About RCLCO
Since 1967, RCLCO Real Estate Consulting has been the “first call” for real estate developers, investors, public institutions, and non-real estate companies seeking strategic and tactical advice on real estate investment, planning, and development. RCLCO leverages quantitative analytics platforms and strategic planning frameworks to deliver end-to-end business planning and implementation solutions at the entity, portfolio, or project level. With insights and experience gained over 55 years and thousands of projects, RCLCO brings success to all types of products around the world. US And around the world. Internally, RCLCO Management Consulting focuses on organizational consulting, strategic planning, capital, portfolio, operating strategy, real estate company executive search, and now compensation consulting. RCLCO’s head office is Bethesda, MarylandWe have an office in. Los Angeles, California, Orlando, Florida, Austin, Texasand denver, colorado For more information about RCLCO, please visit www.rclco.com.
About CEL Compensation Advisor
Since its founding in 1994, CEL Compensation Advisors, a division of CEL & Associates, Inc., has become the leading compensation advisor to real estate companies nationwide. Covering the office, industrial, retail, multifamily and advisory sectors, CEL Compensation Advisors’ insights, decades of experience, data, advice and guidance make it a valuable resource for real estate companies nationwide. Aiming to accelerate continued growth and opportunity, our partnership with RCLCO brings additional resources and opportunities to the nation’s largest real estate and benefits database.
Source RCLCO