The 2014 NAR Commercial Member Profile, released earlier this week, reports that Realtors® who practice commercial real estate saw an increase in sales transaction volume and medium gross annual income last year. NAR commercial members who were surveyed conduct all or part of their activity in commercial sales, leasing, brokerage and development for land, office and industrial space, multifamily, and retail buildings, as well as property management. Highlights from this year’s report can be found below:
BUSINESS CHARACTERISTICS OF NAR COMMERCIAL MEMBERS
- Fifty-eight percent of commercial members reported having a broker license and 26 percent reported having a sales agent license.
- Thirty-four percent of respondents are members of any of several commercial affiliated institutes, councils or societies.
- Investment sales are the most cited primary specialty of commercial members and is the top ranked secondary specialty area. Land sales are the second most common primary and secondary specialty area.
- Commercial members typically have been in real estate 25 years, in commercial real estate 15 years, and members of NAR 18 years.
BUSINESS ACTIVITIES OF NAR COMMERCIAL MEMBERS
- Commercial members completed a median of eight transactions in 2013.
- The median sales transaction volume in 2013 for members who had a transaction was $2,554,700—an increase from $2,507,700 in 2012.
- The median gross leasing volume was $431,600 in 2013—a decrease from the $476,400 in 2012.
BUSINESS REVENUE AND FIRM AFFILIATION
- The median gross annual income of commercial members was $96,200 in 2013, an increase from $90,200 in 2012. The median gross annual income of commercial members has increased for the past four years.
- Eighty percent of commercial members work at least 40 hours a week.
- Sixty-two percent of commercial members of NAR derived 50 percent or more of their income from all commercial real estate in 2013.
- Fifty-seven percent of members work for a local commercial real estate firm.
DEMOGRAPHIC CHARACTERISTICS OF NAR COMMERCIAL MEMBERS
- The median age of commercial members is 59-years-old.
- Seventy-seven percent of the practitioners are male.
- Sixty-four percent of commercial members have a bachelors’ degree or higher.
For more information on the latest Commercial Member Profile, visit: http://www.realtor.org/reports/commercial-member-profile