Real Estate Development Manager (Commercial) Salary
Average pay for Commercial Real Estate Development Managers in the United States is more than reasonable, with annual salaries pushing past the six-figure mark ($96K). In the world of Commercial Real Estate Development Managers, total cash compensation can vary between $50K and $160K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $30K and $23K, respectively. Career duration and the particular city each impact pay for this group, with the former having the largest influence. Medical benefits are awarded to almost all, and more than half earn dental coverage. Job satisfaction is reported as high by the vast majority of workers. Commercial Real Estate Development Managers who took the survey are largely men, dominating at 80 percent. The data in this summary comes from the PayScale salary survey.
|Salary||$49,833 - $150,324|
|Bonus||$1,987 - $31,139|
|Profit Sharing||$0.00 - $74,658|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$50,709 - $163,662|
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. (Copyright 2017 PayScale.com)
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.
Real Estate Development Manager (Commercial) Job Listings
Popular Skills for Real Estate Development Manager (Commercial)
Commercial Real Estate Development Managers who responded to the survey indicated only a few skills that they use on the job. Those who have experience with Contract Negotiation, Project Management, and Financial Analysis can expect to be compensated well for these skills. Skills that pay less than market rate include Financial Analysis and Project Management. Most people skilled in Contract Negotiation are similarly competent in 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
For those looking to make money, Commercial Real Estate Development Managers in Washington enjoy an exceptional pay rate, 19 percent above the national average. Commercial Real Estate Development Managers will also find cushy salaries in New York (+1 percent). Falling short of the national average by 3 percent, the area with the worst salaries is Phoenix. Two other places where employers salaries are below the median are Seattle and Houston (2 percent lower).
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Key Stats for Real Estate Development Manager (Commercial)
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