Wage and Benefit Survey: Commercial Properties
Commercial Properties
For a copy of the survey, please email Jeanne Clarke, jclarke@aoba-metro.org
EXECUTIVE SUMMARY
The Apartment and Office Building Association of Metropolitan Washington (AOBA) re-established its annual wage and benefit survey in 1994 as a service to the national capital area asset and property management industries and conducted surveys on its own in 1995 and 1996. In 1998, AOBA joined forces with the Property Management Association (PMA) to expand the scope and reach of the survey as one of the major projects undertaken by the PMA-AOBA Alliance Committee. The survey has evolved into an extremely valuable membership and industry benefit. The 2007 results include six years of salary and bonus data. Property management organizations responsible for the management of 379 office buildings, comprising in excess of 54 million square feet of commercial space, completed survey questionnaires. Generally, salaries increased across the board at varying degrees. The average reported salary increase corporate wide was 4.08%. Survey results for Lease Administrators, CFOs, Chief Engineers and Office Administrative Assistants reflect a decline in average salary from 2006 figures. The figures for financial operations are also skewed somewhat by REITs. CFOs of publicly traded companies need different skill sets and experience levels to comply with regulatory burdens that are not part of the daily responsibilities or requirements of a privately held company. Salaries of REIT and publicly held financial staff tended to be considerably higher at the more senior levels than at privately held companies. In almost all other categories, however, there was not a difference in compensation levels among employees of privately versus publicly held companies.
Participation was voluntary. To help assure the confidentiality of survey respondents, members were advised to insert completed survey forms in an unmarked envelope, place that envelope in a second envelope that identified the respondent's name and address and mail the package to an independent consultant not affiliated with a real estate organization or a member. AOBA and PMA thank all of the firms that provided data for the survey and encourage those that did not participate in 2007 to include their data in the 2008 survey. This report’s value is tied proportionally to the number of firms that participate. The results should be used for informational purposes only.
