CEL & Associates, Inc.
2009 National Real Estate Compensation Survey
All Companies - Consolidated Results
Position			Potential	Actual
	Base Salary		Bonus	Bonus
	Range (1)		as % of Salary	as % of Salary (2)
	High	Median	Average	Average
Corporate Positions
Executive
Chief Executive Officer	$598,200	$443,400	104.1%	86.3%
President	$562,900	$410,200	97.9%	71.3%
Chief Operating Officer/COO	$461,900	$340,200	76.0%	57.1%
Chief Investment Officer	$468,200	$362,200	100.5%	76.3%
CFO/Top Finance Executive	$349,500	$261,800	67.1%	56.2%
Corporate
Top Business Development Executive	$284,900	$204,100	70.9%	48.6%
Regional Business Development Officer	$248,500	$158,000	47.7%	27.7%
Top Human Resources Executive	$169,600	$122,600	33.4%	26.2%
Human Resources Manager	$99,200	$81,200	16.3%	12.1%
Human Resources Generalist	$64,000	$52,400	11.8%	6.8%
Payroll Manager/Specialist	$74,300	$56,300	12.0%	8.3%
Benefits Manager/Specialist	$74,300	$62,400	12.1%	10.4%
General Counsel	$322,900	$256,300	52.5%	45.7%
Top MIS Executive/IT Director	$174,700	$131,100	27.1%	22.4%
Network Administrator	$89,900	$76,000	11.7%	9.2%
Corp. Comm./Investor Relations Exec	$181,300	$140,200	40.8%	23.5%
Research Director	$150,200	$104,500	30.2%	20.0%
Training Director/Manager	$113,000	$89,500	19.0%	14.8%
Accounting/Finance
Finance Director/Manager	$201,700	$146,600	32.5%	26.4%
Treasurer	$195,200	$132,600	28.1%	23.1%
Head of Risk Management	$145,700	$116,900	25.8%	20.0%
Controller	$153,800	$113,000	27.1%	18.8%
Accounting Manager	$94,800	$83,900	15.7%	12.3%
Accounting Supervisor	$84,500	$73,300	14.0%	9.1%
Senior Accountant	$70,000	$63,200	12.6%	7.3%
Accountant	$55,100	$48,300	9.2%	5.6%
Property Accountant - Senior	$69,200	$62,000	11.7%	8.3%
Property Accountant	$58,200	$49,000	9.7%	6.1%
Financial Analyst	$86,500	$70,900	14.0%	11.0%
Tax Manager	$139,300	$109,600	20.2%	13.4%
Office/Industrial Positions
Executive
Top Division Executive	$283,000	$229,400	75.8%	60.0%
Top Regional Executive	$276,400	$202,300	61.6%	51.5%
Acquisitions
Top Acquisitions Executive	$233,700	$185,600	57.1%	40.0%
Acquisitions Associate	$118,100	$95,400	31.4%	20.0%
Asset Mgmt.
Top Asset Management Executive	$238,000	$187,300	45.5%	37.2%
Portfolio Manager	$136,800	$108,500	28.1%	23.0%
Senior Asset Manager	$130,400	$110,900	35.2%	18.8%
Asset Manager	$115,900	$87,500	26.1%	14.0%
Property Mgmt.
Top Property Management Executive	$214,500	$155,900	38.7%	30.1%
Regional Property Manager	$132,500	$109,300	35.8%	22.1%
Senior Property Manager	$104,100	$92,300	14.8%	11.5%
Property Manager (<500,000 sq.ft.)	$84,600	$69,300	15.2%	9.0%
Property Manager (500,001-1M sq.ft.)	$104,600	$79,500	17.9%	10.8%
Property Manager (>1,000,000 sq.ft.)	$143,700	$105,900	24.1%	10.1%
Assistant Manager	$55,200	$48,000	11.2%	7.7%
Corporate Facility Manager	$111,000	$83,700	16.4%	14.8%
Top Facility Security Manager	$117,400	$82,500	18.0%	14.0%
Operations Manager	$101,500	$78,000	16.5%	11.0%
Regional Portfolio Engineer	$119,800	$92,000	25.1%	19.5%
Maintenance Supervisor	$78,600	$63,900	9.3%	6.2%
Maintenance Engineer	$52,600	$44,000	11.8%	8.0%
Leasing
Top Leasing Executive	$195,100	$158,200	79.7%	40.0%
Senior Leasing Executive	$151,600	$109,900	65.4%	29.4%
Typical Leasing Agent	$99,300	$62,200	53.2%	20.5%
Project Mgmt.
Development Executive	$242,700	$190,900	52.5%	38.0%
Development Manager	$155,400	$112,600	28.7%	21.5%
Project Manager	$126,600	$103,100	24.0%	16.0%
Project Analyst	$86,300	$65,800	30.1%	18.1%
Construction Executive	$179,900	$142,500	38.0%	25.0%
Construction Manager	$126,000	$103,900	19.1%	14.2%
Construction Onsite Manager	$100,700	$80,800	14.4%	9.3%
Residential Positions
Executive
Top Division Executive	$295,700	$222,700	64.0%	49.5%
Top Regional Executive	$293,700	$222,900	57.4%	48.5%
Acquisitions
Top Acquisitions Executive	$242,000	$190,600	67.0%	46.0%
Acquisitions Associate	$101,000	$83,800	40.2%	22.0%
Asset Mgmt.
Top Asset Management Executive	$197,300	$158,200	45.5%	29.5%
Portfolio Manager	$150,400	$126,200	22.9%	15.3%
Senior Asset Manager	$140,100	$112,100	27.7%	18.5%
Asset Manager	$108,500	$88,700	18.8%	11.0%
Property Mgmt.
Top Property Mgmt. Executive	$231,200	$168,600	43.5%	36.0%
Regional Vice President	$163,900	$138,300	30.3%	21.0%
Regional Property Manager	$99,500	$87,700	32.7%	18.0%
District Manager	$86,700	$78,200	17.9%	12.5%
Senior Property Manager	$83,500	$70,600	17.5%	11.5%
On-Site Community Mgr (<300 units)	$53,800	$44,700	14.4%	9.3%
On-Site Community Mgr (>300 units)	$64,700	$57,600	15.0%	10.1%
Assistant Manager	$40,100	$33,500	10.6%	6.4%
Maintenance Supervisor	$50,400	$44,800	9.3%	5.6%
Maintenance Engineer	$36,800	$31,900	7.7%	4.5%
Leasing
Typical Leasing Representative	$34,100	$27,000	13.9%	7.9%
Project Mgmt.
Development Executive	$252,900	$195,600	50.1%	38.0%
Development Manager	$158,800	$126,100	35.7%	21.5%
Project Manager	$118,500	$102,700	26.0%	14.9%
Project Analyst	$78,300	$67,000	21.0%	12.1%
Construction Executive	$220,900	$154,600	44.4%	31.5%
Construction Manager	$128,900	$88,000	18.0%	12.0%
Construction Onsite Manager	$111,900	$83,500	15.9%	9.6%
Retail Positions
Executive
Top Division Executive	$377,600	$265,400	68.1%	55.2%
Top Regional Executive	$325,100	$250,600	56.5%	47.4%
Acquisitions
Top Acquisitions Executive	$271,200	$204,500	54.0%	35.3%
Acquisitions Associate	$134,300	$99,300	40.7%	30.2%
Asset Mgmt.
Top Asset Management Executive	$286,500	$218,300	51.8%	40.0%
Portfolio Manager	$171,500	$149,700	46.5%	32.0%
Senior Asset Manager	$186,200	$127,800	37.0%	27.2%
Asset Manager	$144,200	$115,100	19.7%	15.0%
Property Mgmt.
Top Property Management Executive	$205,900	$163,600	38.0%	28.0%
Regional Property Manager	$156,500	$139,200	33.0%	24.0%
Senior Property Manager	$120,600	$90,800	17.0%	11.5%
Property Mgr (<300,000 sq.ft.)	$82,100	$72,700	14.6%	6.9%
Property Mgr (300,001-500,000 sq.ft.)	$90,100	$73,500	14.0%	9.8%
Property Mgr (500,001-750,000 sq.ft.)	$120,700	$84,800	16.0%	11.0%
Assistant Manager	$58,000	$48,300	11.4%	7.2%
Mall Manager (>750,000 sq.ft.)	$149,200	$103,300	27.6%	16.7%
Marketing Manager	$92,100	$70,500	16.6%	10.2%
Regional/Portfolio Engineer	$159,900	$132,600	20.9%	15.0%
Maintenance Supervisor	$68,500	$62,400	12.7%	8.0%
Maintenance Engineer	$46,000	$37,200	7.3%	4.8%
Leasing
Top Leasing Executive	$274,400	$208,500	58.5%	38.5%
Senior Leasing Executive	$174,700	$146,000	41.0%	21.2%
Typical Leasing Agent	$120,900	$88,900	28.6%	14.5%
Project Mgmt.
Development Executive	$316,800	$248,500	60.0%	36.4%
Development Manager	$140,900	$116,900	30.6%	18.0%
Project Manager	$146,000	$108,900	31.3%	12.2%
Project Analyst	$103,200	$65,100	23.5%	13.6%
Construction Executive	$227,200	$176,300	30.1%	21.5%
Construction Manager	$128,100	$103,100	17.1%	10.0%
Construction Onsite Manager	$92,800	$80,000	15.0%	7.3%
(1) High = 75th percentile, Median = 50th percentile
(2) CEL & Associates, Inc. has intentionally excluded salary and/or extraordinary annual bonus awards from this table in order to not distort the results.
Source: CEL & Associates, Inc. / CEL Compensation Advisors, LLC.  Survey completed 1Q 2009.
CEL & Associates, Inc. / CEL Compensation Advisors, LLC ©2009 National Real Estate Compensation and Benefits Survey - All Rights Reserved.
Not to be referenced or reproduced without permission in writing:
CEL & Associates, Inc. / CEL Compensation Advisors, LLC, 12121 Wilshire Blvd., Suite 204, Los Angeles, CA 90025
Tel: 310.571.3113, Fax: 310.571.3117, E-mail: comp@celassociates.com