35th Annual Report with Record Levels of Compensation Data from the Market
BETHESDA, MD., Oct. 8, 2024
Leading real estate consulting firm RCLCO | CEL Compensation Advisors announced today the release of the 35th annual National Real Estate Compensation & Benefits Survey. The nearly 600-page survey covers trends and salaries for the industrial, office, retail, rental residential, for-sale residential, and investment management sectors, including public and private companies engaged in development, construction, investment, management, leasing, and other key real estate functions. The 2024 Survey boasts the most company participants to date, with 435 real estate companies providing data, thus deepening the comprehensive reach of the Survey. It captures over 153,000 incumbents across 263 positions from around the U.S.
“We are excited to share that this year’s survey includes a number of additional questions, positions, and data breakouts,” said Lucy Bertsch, co-head of RCLCO’s Compensation Consulting Practice. “Based on market trends and participant feedback, new information includes the separation of office and industrial sectors, the inclusion of the for-sale residential asset class, and detailed data on parental leave policies. We hope participants find value in these enhancements and the overall breadth of data in the 2024 report.”
In addition to detailed position-level compensation data, the report highlights key compensation structure and workforce trends within the industry. Despite current market conditions, the majority of participants reported making salary increases in 2024, with a companywide average increase of 4.0%. On the other hand, annual bonuses saw a more meaningful impact in light of industry challenges; participants reported an average annual bonus achievement of 86% of target levels. Looking ahead, companies are expecting similar compensation adjustments in 2025, with an average companywide merit increase of 4.2%.
Informed by RCLCO & CEL’s unparalleled understanding of real estate data and trends and paired with industry best practices gleaned from relationships with hundreds of real estate industry companies, the survey results have become the gold standard for companies committed to creating performance recognition and reward programs that align leaders and their teams, allowing for the successful attraction and retention of best-in-class talent, the cornerstone of success in the real estate industry. With over 500-pages covering compensation trends, benefits, compensation policies, long-term incentive structures, and detailed information/statistical (quartile) breakout of compensation results on a position-by-position basis, the survey results are stratified by company size (employees), company type (public and private), specialization, region, and metropolitan area.
The entire report can be purchased here. Inquiries into RCLCO’s compensation consulting services that leverage this comprehensive data can be directed to Lucy Bertsch at lbertsch@rclco.com.
ABOUT RCLCO | CEL COMPENSATION ADVISORS
RCLCO | CEL Compensation Advisors was formed from the 2023 partnership of RCLCO Real Estate Consulting and CEL Compensation Advisors, LLC (CEL), which expands and enhances its industry-leading talent advisory practice, building on CEL’s annual Real Estate Compensation & Benefits Survey and its compensation consulting practice, and RCLCO’s management consulting and executive search practices. Today RCLCO | CEL Compensation Advisors releases the results of the 2024 Survey, providing comprehensive compensation and benefit data of employees of 435 real estate companies.
Since 1967, RCLCO has been the “first call” for real estate developers, investors, the public sector, and non-real estate companies and organizations seeking strategic and tactical advice regarding property investment, planning, and development. RCLCO leverages quantitative analytics and a strategic planning framework to provide end-to-end business planning and implementation solutions at an entity, portfolio, or project level. With the insights and experience gained almost six decades and thousands of projects, RCLCO brings success to all product types across the United States and around the world. RCLCO is organized into three overlapping and reinforcing service areas: real estate economics, management consulting, and advisory services for institutional investors through RCLCO Fund Advisors. RCLCO is headquartered in Bethesda, MD and has offices in Austin, TX, Denver, CO, Los Angeles, CA, New York, NY and Orlando, FL.
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