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Real estate pay rose by a global average of 2.1% last year, well below the rate of inflation, as difficult market conditions were reflected in subdued pay, particularly in the UK and U.S.
The average global real estate salary was $76,390, according to Macdonald & Co.'s 2023 Salary, Rewards and Attitudes Report. The report surveys the salaries of more than 15,000 real estate professionals around the world.
Median pay in the UK and U.S. was particularly moribund. In the UK, median salaries rose just 0.1% to £60K (just over $70K). In the U.S., the median salary fell from $150K to $145K, although that was partly the effect of currency movements in the way Macdonald measured salaries.
That isn't to say that pay increases were unknown. In the UK, 3 in 5 respondents said they had received a pay rise, with the most common reason cited as an annual pay review. For those who did receive pay rises, the median increase was 9.7%. Macdonald said about 20% of employers globally gave staff a pay rise to offset the increasing cost of living. In the UK, this was an average £4K bump.
For those in the U.S. getting a raise, the average was $13K. Professionals in healthcare real estate were paid the most, but those in the industrial and logistics sectors got the biggest bonuses.
In the UK, the biggest salaries and bonuses went to those working in alternative residential sectors like student housing, senior living or co-living.
The best way to earn more money is to jump ship, the survey found. Those moving to new companies got an average salary bump of 25% globally (23% in the UK). A promotion got workers an average increase of 18%, or 16% in the UK, while an annual pay review led to a 7.3% increase, 6.6% in the UK.
For the first time, the survey looked at how respondents felt hybrid work had affected their career progression and working lives. About two-thirds said the chance to work from home has had no impact, while another 20% said it has had a positive impact.
Of the 17% who said WFH had a negative impact, 30% were at the graduate or junior level, possibly giving credence to the real estate cliché that younger people need to be in the office more.
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