analysts at developers are comped lower. this is not due to any fault of the person but rather the nature of development firms where so much of equity is tied into the bricks. is this true and do you happen to know comps for a real estate analyst at a developer in NYC? Do you have a range of comps from huge developers like Extell to smaller ones like Silverstein
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I am the program manager for the USC MRED program. We produce an employment report each year for our graduates. (I can't post links yet, but just do a Google search for "USC Lusk Employment Report".)
My experience has been that salaries between real estate investment shops and development companies are in a similar range.
Thanks a lot for this man. Would love to speak with you at some time in the future if possible.
Silverstein is hardly a small developer in the grand scheme of things.
your REPE-esque shops will pay ~2x for an equivalent position at a development shop (or more if its a smaller dev. firm)
Thats not true at all
idk, ive seen development comp range from 75-150k for associates and some of the top repe firms at 200k so you do the math
One thing I would like to mention is that working for developers could be very good long-term. If you have a desire to stay in development, you could do really well if you find the right firm. I'll give you an example. My friend's older brother is at a mid level RE developer. They specialize in multifamily and have probably developed around $250 million worth of projects in the last 3 years. So they are not the big guys, but they are small fish either. Anyways he started working as an analyst right out college. He is now 29 and a junior partner. The firm only has like 15 employees, but as junior partner I believe he now owns a small percentage of some of the projects that they own. Last I heard the existing project values were $175 million. Even assuming he just has a 1% partner stake, that is a $1.75 million interest that will provide a perpetual cash flow stream. Keep in mind he gets a salary, dont know how much this is though. Obviously PE firms give carry as well, but developers fare much better. Especially with cap rates so low, these guys are knocking out 30%+ annual returns. We recently worked with a developer building a Class A multifamily project near downtown Austin. The total construction cost to them was like $40 million. The appraised value is $84 million. The return on cost for them is like 11%, but with cap rates at 5%-6%, you are talking about a 100% upside.
Sorry for my rant or if it went off topic.
silverstein is not small by any means. just take a look at some of their projects. entry-level analyst comps at huge developers can range anywhere from 50K - 70K.
there is a difference in comp between developers in urban markets compared to those that focus on the suburbs. huge difference.
I think associates at Hines make $100k-$150k. A lot of them are former bankers. Even some of the mid-tier developers have their analyst and associates make $100k+. Hours are also way better than IBD.
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