Real Estate Development Manager (Commercial) Salary
Commercial Real Estate Development Managers in the United States can expect to earn an average of $88K per year. In the world of Commercial Real Estate Development Managers, overall cash allowance can occasionally include more than $30K from bonuses and, in some exceptional cases, $23K from profit sharing, causing incomes to vary widely between $49K and $151K. Career length and the particular city each impact pay for this group, with the former having the largest influence. The vast majority of Commercial Real Estate Development Managers (82 percent) survey respondents are men. Most Commercial Real Estate Development Managers like their work and job satisfaction is high. Medical benefits are awarded to a large number, and more than half earn dental coverage. This snapshot results from replies to PayScale's salary survey.
|Salary||$47,012 - $130,490|
|Bonus||$1,750 - $30,201|
|Profit Sharing||$0.00 - $22,846|
|Total Pay (||$49,106 - $151,485|
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.
Popular Skills for Real Estate Development Manager (Commercial)
Survey takers who work as Commercial Real Estate Development Managers usually report a few specific skills. Those who have experience with Contract Negotiation, Project Management, and Financial Analysis can expect to be compensated well for these skills. Most people who know Contract Negotiation also know 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.
Experience is an important factor influencing the compensation of Commercial Real Estate Development Managers. Individuals who have worked for fewer than five years bring in approximately $80K on average. Those in the five-to-10 year range can expect an average that is only a touch bigger at $96K. Those with 10 to 20 years of experience under their belts can expect their paychecks to flourish around the six-figure median of $116K. Survey participants who have worked for more than two decades report bringing in $147K on average.
Pay Difference by Location
Surpassing the national average by 13 percent, Commercial Real Estate Development Managers in Washington receive some of the highest pay in the country. Commercial Real Estate Development Managers will also find cushy salaries in New York (+5 percent), San Francisco (+3 percent), Los Angeles (+3 percent), and Houston (+2 percent).
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Key Stats for Real Estate Development Manager (Commercial)
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