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It has been a good year for corporate real estate executives at large global corporations in Hong Kong. Not only have their salaries been increasing steadily from 2013, but they are also expected to grow in the upcoming period.
89% of respondents in a survey, by CoreNet Global and FPL Associates, reported their base salary increased from 2013 to 2014, while 86% projected further increases to compensation in 2014.
“The average total annual cash compensation for a head of corporate real estate globally was $231,197 in 2014, compared to $209,693 in 2013, an increase of more than 10%,” the report stated.
Of the 47% of respondents that have operations in Asia, 44% saw an increase in annual incentives from 2012-2013 and 51% expect an increase in annual incentives from 2013-2014.
More than three out of five (63%) of those who have businesses in Asia also saw an increase in long-term incentives from 2012-2013, while 34% stated they expect an increase in long-term incentives from 2013-2014.
“For several years now, we have been seeing compensation growing in our profession,” Angela Cain, CEO of CoreNet Global, said. “We believe these increases are the direct result of corporate real estate professionals assuming more strategic roles and taking on more leadership positions within the corporation.”
“Effective management of corporate real estate now encompasses finance, technology, workplace and often the corporate brand itself.”
Long-term incentives also increased for many of the respondents, as more than half (57%) reported increases in 2013 over 2012, while 41% projected an increase in 2014 over 2013.
Participants also reported receiving an assortment of perks, with the most amount of money received for home office expenses.