CORPORATE REAL ESTATE EXECUTIVES RECEIVE PAY INCREASES
CoreNet Global Cites Increasing Strategic Importance of Managing Real Estate Portfolios, Convergence with IT, HR Functions
ATLANTA, GA (FEBRUARY 12, 2014) – In a recent survey of corporate real estate executives at large corporations globally, 76 percent reported that their base salary increased from 2012 to 2013, and 79 percent projected further increases in 2014. The average increase in base salary from 2012 to 2013 was 6 percent, according to a survey conducted by CoreNet Global and FPL Associates.
Also, forty-five percent projected an increase in cash incentives and bonuses in 2013 compared to 2012, while 50 percent had reported an increase in 2012 compared to 2011.
Long term incentive compensation also increased for many of the respondents. Thirty-four percent reported increases in long term incentives in 2013 compared to 2012, with 61 percent reporting no changes. A year earlier, 44 percent had reported an increase in long-term incentives compared to the prior year.
Correspondingly, investment activity increased. Forty-two percent of the respondents an increase in acquisitions in 2013 compared to 2012.
Participants reported receiving an assortment of “perks.” In addition to car allowances, participants receive the most money, on an average and median annual basis, to cover parking and cell phones/wireless email.
“As the workplace, human resources and information technology become further entwined, corporate real estate continues to evolve into a more strategic corporate function,” said Angela Cain, Chief Executive Officer of CoreNet Global. “That evolution, in addition to the economic recovery, is resulting in higher pay for a vast majority of corporate real estate and asset managers, as reflected in our survey.”
In the third quarter of 2013, FPL Associates worked with CoreNet Global to develop a questionnaire for the purpose of gathering compensation information relevant to internal CRE organization employees in the current market. The questionnaire included a number of questions that have become standard to the CoreNet Global Compensation Survey, to allow for comparisons to prior years’ studies and to identify trends.
For this year’s survey, 291 end user members provided thorough responses, classifying them as participants. FPL gathered all of the responses, clarified additional information, as needed, from participants, and then analyzed the data to develop this summary report.
About CoreNet Global
CoreNet Global is the world’s leading professional association for corporate real estate (CRE) and workplace executives, service providers and economic developers. CoreNet Global’s 8,000 members, who include 70% of the top 100 U.S. companies and nearly half of the Global 2000, meet locally, globally and virtually to develop networks, share knowledge, learn and thrive professionally. For more information, please visit www.corenetglobal.org
About FPL Associates L.P.
FPL Associates, a member of the FPL Advisory Group family of companies, provides a range of specialized compensation and management consulting solutions to a select group of related industries. As part of its compensation services, FPL Associates assists clients in the assessment, design, and implementation of compensation programs for professionals and board members. The company specializes in crafting performance management and reward systems that align management interests with the achievement of strategic business objectives. For more information please visit www.fplassociates.com