Real Estate Development Manager (Commercial) Salary
Commercial Real Estate Development Managers in the United States take home approximately $92K annually on average. Total cash compensation to Commercial Real Estate Development Managers bottoms out near $49K and approaches $157K on the high end; the biggest paychecks include approximately $30K from bonuses and almost $23K from profit sharing. Experience level is the biggest factor affecting pay for this group, followed by geography. Job satisfaction is high and work is enjoyable for most Commercial Real Estate Development Managers. Men account for the majority of Commercial Real Estate Development Managers who responded to the questionnaire — 82 percent to be exact. Most report receiving medical coverage from their employers and more than half collect dental insurance. This report is based on answers to PayScale's salary questionnaire.
|Salary||$47,635 - $147,408|
|Bonus||$1,515 - $30,235|
|Profit Sharing||$0.00 - $22,846|
|Total Pay (||$49,280 - $157,166|
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)
Just a handful of professional skills are reported by Commercial Real Estate Development Managers who took the survey. 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)
Pay by Experience for a Real Estate Development Manager (Commercial) has a positive trend. An entry-level Real Estate Development Manager (Commercial) with less than 5 years of experience can expect to earn an average total compensation of $80,000 based on 55 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Real Estate Development Manager (Commercial) with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $97,000 based on 43 salaries. An experienced Real Estate Development Manager (Commercial) which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $116,000 based on 39 salaries. A Real Estate Development Manager (Commercial) with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $148,000 based on 17 salaries.
Pay Difference by Location
Surpassing the national average by 21 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 (+2 percent). Trailing the national average by 2 percent, Phoenix is the market with the smallest paychecks.
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Key Stats for Real Estate Development Manager (Commercial)
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