Real Estate Development Manager (Commercial) Salary
Commercial Real Estate Development Managers in the United States take home an average $88K per year. In the world of Commercial Real Estate Development Managers, total cash compensation can vary between $51K and $151K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $31K and $23K, respectively. Career length and the particular city each impact pay for this group, with the former having the largest influence. Commercial Real Estate Development Managers who took the survey are largely men, dominating at 84 percent. Work is enjoyable for Commercial Real Estate Development Managers, who typically claim high levels of job satisfaction. Medical benefits are awarded to a large number, and a majority earn dental coverage. This snapshot results from replies to PayScale's salary survey.
Job Description for Real Estate Development Manager (Commercial)
Commercial real estate development managers oversee large new real estate developments, as well as major renovation projects. Developers perform a large number of tasks, such as establishing project budgets, developing project specifications in collaboration with clients, contractors and vendors, and working with human resources professionals to interview and hire staff. The manager must have strong project-management skills to supervise a large number of employees performing a diverse range of tasks; they must ensure these staff members are completing all tasks associated with development within budget, project specifications and established timelines.Read More...
Additionally, the manager must collaborate with clients throughout the development process, providing them with updates and responding to questions and concerns. Real estate development managers must conduct quality control throughout the project's lifetime, as well as ensure their workers follow Occupational Safety and Health Administration (OSHA) regulations and their company’s safety directives, rules and guidelines at all times. Regular work at the job site is typically required, and commercial real estate development managers may need to occasionally travel to clients' offices.
Employers often require that commercial real estate development managers possess at least a bachelor’s degree in marketing, architecture, management or another relevant field. Substantial experience in commercial real estate development is generally required as well. Commercial real estate development managers must have strong budget- and project-management skills, as well as be proficient with basic office software such as the Microsoft Office suite.
Real Estate Development Manager (Commercial) Tasks
- Develop site plans, including evaluating current conditions, estimating, and projecting future value.
- Identify target markets and provide key data, estimates and pricing information.
- Complete all paperwork to submit, lease, purchase, review titles, survey, and construct site plans.
- Act as an expert in zoning, permits, property assessment, leases, contracts, and real estate finance.
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Popular Skills for Real Estate Development Manager (Commercial)
Job skills reported by Commercial Real Estate Development Managers are limited. Those who have experience with Contract Negotiation, Project Management, and Financial Analysis can expect to be compensated well for these skills. It is often found that people who know Contract Negotiation are also skilled in Financial Analysis.
Pay by Experience Level for Real Estate Development Manager (Commercial)
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Commercial Real Estate Development Managers with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. The average inexperienced worker's salary is approximately $83K, and people with five to 10 years of experience bring in more at around $95K on average. Six-figure salaries surface after one to two decades on the job — experienced professionals in this group reap a six-figure median of $114K. More than 20 years of experience mean a somewhat bigger median paycheck of $122K, but it's not much more than what less experienced people make.
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Key Stats for Real Estate Development Manager (Commercial)
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