Survey reveals that corporate real estate executives received pay increases in 2010 and anticipate more in 2011
HONG KONG, March 23, 2011 /PRNewswire-Asia/ -- Nearly two thirds (64%) of the participants in a comprehensive global survey of senior level corporate real estate executives reported that they received an increase in their base salary last year, according to CoreNet Global, the leading professional association for corporate real estate, which administered the survey along with FPL Associates.
The survey results which were announced today in conjunction with the CoreNet Global Summit taking place at the Kowloon Shangri-La Hotel in Hong Kong, revealed that 74% of those who took part in the survey expect to receive an additional increase in their salaries for the respective 2010/2011 annual fiscal period.
Commenting on the survey results, Mr. Jeremy Banoff, Senior Managing Director of FPL Associates stated, "Although this is a positive sign and consistent with broader real estate professionals industry wide, it is important to note that such increases are taking place on relatively reduced levels from the previous year and, as such, compensation has not yet been fully restored to pre-global financial crisis levels."
"This growth in compensation is, however, an indicator that the corporate real estate function is valued within organizations and that, overall, a positive trend is upon us," comments CoreNet Global Board Member Mr. Mike Zamora.
"Real estate and workplace management is directly tied into overall corporate strategy as it is a centre of efficiency and savings. As a result, corporate real estate managers are seen appropriately by senior level management as integral to a company's overall financial performance."
According to Mr. Zamora, the survey was conducted in late 2010 among 275 companies that lease or own corporate real estate, 48 percent of which have operations and / or staff in Asia. In the report, CoreNet Global charts base salaries and bonuses or incentive based compensation for 19 key positions in corporate real estate.
The report highlights that the average base salary for a "Head of Corporate Real Estate" is approximately US$ 175,000, and the average total annual compensation for that position is just under US$ 200,000.
In addition, when calculating "annual incentives," the results show that 48% of those surveyed felt that the company's performance was the largest determinant of the award rather than individual performance (33%).
The findings also reveal that a large majority of participants, notably 90%, are eligible to receive an annual incentive cash bonus.
The results of CoreNet Global's compensation study are being released today to coincide with the association's annual Asian Summit which, this year, is taking place in Hong Kong.
Attended by over 400 of the world's most influential corporate real estate leaders, the event to be officiated by Ms Carrie Lam, Secretary for Development for the Hong Kong Special Administrative Region (HKSAR) Government, is for the first time to be broadcast live to an audience attending a special "Summit Connect" programme on March 24 in India.
The reach of the Summit is also for the first time being extended through remote online conferencing capabilities, enabling registered users from around Asia and throughout the world to enjoy the convenience of viewing the conference sessions at their desktops.
For details on how to obtain a copy of CoreNet Global's compensation report, please visit www.corenetglobal.org.
Editor's Notes
CoreNet Global is the world's leading association for corporate real estate (CRE) and workplace professionals, service providers, and economic developers. Today, we operate in five global regions, namely Asia, Australia, Europe, Latin America and North America.
Our 7,000 members, who represent nearly half of the Forbes Global 2000 and 70% of Fortune 100 companies, meet locally, globally and virtually to develop networks, share knowledge, learn and advance professionally.
Throughout the Asia-Pacific, we have active chapters operating across the region including Australia, mainland China, Hong Kong, India, Korea, Japan, New Zealand, Singapore and the Philippines. For more information, please visit www.corenetglobal.org.
CONTACT:
Betty Chan, CoreNet Global
Tel: +852-2910-7931
Mobile: +852-6014-1961
Email: bchan@corenetglobal.org
Janet Middlemiss, JEM Worldwide Ltd.
Tel: +852-2857-3832
Mobile: +852-9195-7829
Email: janet@jemworldwide.com
