NEW YORK, March 31, 2016 – The International Council of Shopping Centers (ICSC) has published the 2015 ICSC North American Retail Real Estate Compensation Survey, which highlights the optimism that prevailed in 2015 as companies hired staff, sweetened bonuses and boosted salaries.
The 240-page report provides overall positive insights into salaries, bonuses, long-term compensation and additional fundamentals for nearly 100 positions in retail real estate ranging from junior to C-suite level.
“The rise in wages and jobs is a welcome sign and speaks to the current strength in the retail real estate industry,” said Tom McGee, president and CEO, ICSC. “This industry has seen a solid growth trajectory coming out of the 2008 recession and the overall fundamentals are very strong. The rise in salaries and jobs suggests the industry believes in the continued momentum of overall growth,” he added.
Roughly 77 percent of the surveyed companies said they raised salaries last year, at an average increase of 3.6 percent. Looking forward, nearly 70 percent of the respondents plan to keep raising salaries this year, indicating sustained confidence.
“Particularly for real estate companies, compensation tends to be directly tied to performance,” said Josh R. Anbil, a senior managing director at compensation consulting firm FPL Associates. “The survey results indicate that 2015 was a strong year for the industry. This drove increases in salaries and bonuses, as well as expanded eligibility for long-term incentives.”
Cash bonuses increased at more than half (56 percent) of the participating companies. Nearly 90 percent of the respondents were in hiring mode last year, with demand particularly strong for specialists in property management, leasing and accounting. Demand was also high for construction and development experts.
Sponsored by ICSC and conducted by FPL Associates L.P., the 2015 ICSC North American Retail Real Estate Compensation Survey is designed to provide retail real estate companies with competitive compensation levels and current information regarding the design, features, and administration of compensation programs. In particular, this report provides information for three major facets of compensation: base salary (2015), annual incentive award value (for calendar/fiscal year 2014), and long-term incentive award value (for calendar/fiscal year 2014) for positions commonly found in member organizations. About 80 percent of the participating companies are private.
The print edition is available for sale at $2995.00 for members and $4995.00 for non-members. The report can also be purchased via telephone, product ID 008, at +1 301-362-6900 or online here.
About ICSC
Founded in 1957, ICSC is the global trade association of the shopping center industry. Its more than 70,000 members in over 100 countries include shopping center owners, developers, managers, investors, retailers, brokers, academics, and public officials. The shopping center industry is essential to economic development and opportunity. They are a significant job creator, driver of GDP, and critical revenue source for the communities they serve through the generation of sales taxes and the payment of property taxes. These taxes fund important municipal services like firefighters, police officers, school services, and infrastructure like roadways and parks. Shopping centers aren’t only fiscal engines however; they are integral to the social fabric of their communities by providing a central place to congregate with friends and family, discuss community matters, and participate in and encourage philanthropic endeavors. For more information about ICSC visit www.icsc.com and for the latest news from ICSC and the industry go to www.thecenterofshopping.com.