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CRE executives expect pay raise this year

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Sixty-four percent of participants in a survey of senior corporate real estate and workplace executives said they received a pay increase last year, according to CoreNet Global.

National Real Estate Investor also reported that 74 percent of survey respondents indicated that they expect to receive a pay raise during their companies’ 2010-11 fiscal period.

“Clearly this is a positive sign and consistent with broader real estate professionals industrywide,” said Jeremy Banoff, senior managing director at FPL Associates, which co-administered the survey.

The survey, which was conducted late last year, took into account 275 companies that lease or own corporate real estate. In compiling its report, CoreNet tracked base salaries and bonuses or incentive-based compensation for 19 key positions in corporate real estate.

It found that the average base salary for a head of corporate real estate is about $175,000, and the average total annual compensation for that position is a little less than $220,000.

Forty-eight percent of survey respondents said they believed that their respective companies’ performance was the largest determining factor in their awards, rather than individual performance.

Banoff said the compensation for executive-level real estate professionals has yet to be fully restored to pre-recession levels.

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