Real estate pros specializing in commercial real estate are seeing an increase in gross income and sales volume, according to the
National Association of REALTORS®’ 2017 Commercial Member Profile, released Wednesday.
The median gross annual income for 2016 was $120,900, an 11 percent increase from the $108,800 income reported in 2015, according to the report, based on a survey of nearly 2,000 NAR members who conduct all or part of their business in the sales and leasing of land, office, industrial space, multifamily, retail, and property management.
Brokers and appraisers tend to report the highest median annual incomes. Perhaps unsurprisingly, commercial practitioners with more experience reported higher incomes than those newer to the business. Practitioners with less than two years of experience reported a median annual income of $31,500 in 2016; members with more than 26 years of experience reported a median annual income of $162,200.
“There has been an uptick in REALTOR® members who choose to specialize in commercial real estate at the same time as commercial professionals report improvements in the market and their business activity,” says William E. Brown, NAR president. “A stronger commercial market is a good indicator of a growing economy, so the outlook is positive for commercial members in the year ahead.”
Commercial practitioners also reported an increase in their sales volume for 2016. The median sales transaction volume among commercial REALTORS® who had a transaction was $3.5 million, up from $2.9 million in 2015. Just 7 percent of commercial members surveyed reported not having any transactions, down from 8 percent the year prior.
