CRE Comp Progression

Let's see what CRE comp progression looks like for everyone. I'll start:

HCOL (not NYC, please specify if NYC since it pays substantially more in CRE)

Base & Bonus

Lending Credit Analyst - Year 1: $50k

Brokerage Senior Analyst - Year 2 (new company): $95k

Principal Side Associate - Year 3 (new company): $150k

Comments (96)

  • Associate 1 in RE - Comm

None were lateral moves so wasn't an issue.

  • Associate 2 in RE - Comm

Lol so this is to show your own comp progression?

  • 1
  • Associate 1 in RE - Comm

Nope, I want to see what progression looks like in CRE, specifically REPE/REITs vs IB and traditional PE.

  • Analyst 2 in CorpFin

Isn't it common sense comp progression is worse than IB and PE?

  • 1
Dallas_Monkey, what's your opinion? Comment below:

Curious if you could give a little more detail. I imagine this is how it goes for most but interested to hear individual accounts. 

Not OP btw 

  • Associate 3 in RE - Comm

Just base->110, 90 (that is right I took a paycut), 110, 125, 155. 90-155 happened within 1.5 years.  A temporary paycut was strategic and was to put me in a place where I could get to 155K base quickly with the base being almost the same as base+bonus (110+50K) I previously got, plus I work fewer hours. 

  • Associate 2 in RE - Comm


LA_RE, what's your opinion? Comment below:

4.5 year salary progression, HCOL. All Base numbers.








thisguyagain, what's your opinion? Comment below:

72 + 25

87.5 + 0 (took bonus in base for mortgage purposes)

130 + 30

160 + 25

185 (current year)

  • Associate 1 in RE - Comm

All-in comp numbers. HCOL. Idk why people are just showing base. You should be making your money in your bonus


$130k (start new job, half year)



$250k (started new job but both paid the same)


  • 2
blu-j, what's your opinion? Comment below:

Wow impressive. What roles were those?

  • Associate 1 in RE - Comm

Debt brokerage -> IB -> REPE

  • 1
  • Associate 2 in PE - Other

Think we're at the same shop for one of your last two jobs because that's exactly how much I made

  • Associate 1 in RE - Comm

Doubt it, my firm is small. I ask friends for comp and I think many top REPE or debt fund pays in the $250-$300k range for associates. Eg the top firms, excluding the strangely high-paying firms like Baupost, blackstone, starwood, Oaktree, etc

Like CIM and Angelo Gordon are a couple others I know that pay that level. These firms all decide comp based on the same surveys / talk to each other so it makes sense that they pay similar 

aggressiveleverage, what's your opinion? Comment below:

Y1 - Debt analyst: 66k + 6k

Y2 - Debt analyst: 72k + 8k

Y3 - Acquisitions Sr. analyst: 90k + 25k (new role)

Y4 - Acquisitions Associate: 150k + 75k (new role)

All in HCOL

  • Analyst 1 in RE - Comm

Are you in REIB? How did you jump to 600?!

  • Intern in AM - Other

Interesting, what are your hours like in REIB UW?

pudding, what's your opinion? Comment below:

Base plus bonus below  HCOL  

0 (full commission role) 




mid year raise to 90

promotion 3 months later to 100 

general raise cycle gets me to 105 

switching teams internally 2 months later gets me to 120 

new job: 120+65 + carry worth about $110K total. Would pay in 5 or so years. Basically counted it as zero  

new job: 150+55 


170 + tbd 

  • Associate 2 in RE - Comm

Yr 1: $65k + $10k

Yr 2: $70k + $20k

Yr 2 (New Job midway through year)): $90k + $25k

Yr 3: $100k + $25k

Yr 4 (New Job): $90k + $25k + promote (didn't end up paying out this year)

Yr 5: $90k + $10k + promote (didn't pay, no salary increase and bonus was low because of COVID)

Yr 6: $120k + $25k + promote (paid $15k this year)

Yr 7: $160k + $100k + promote (will pay $80k this year)

Most Helpful
  • Associate 1 in RE - Other

MCOL City, 2020 grad:

Job 1 (analyst level, non-RE role): 

  • Y0: 77k + 5k signing + 2k stub / TC ~85k
  • Y1: 85k + 15% target bonus / TC ~100k
  • Hypothetical Y2 TC would have been ~115k, Y3 ~130k 

Job 2 (roughly Sr Asso level in strategy-esque role at a bank, switched mid year)

  • Y0: 130k + 20k bonus / TC 150k
  • Y1: 143k + 15% target +  ~7k in equity/bonuses (left before some vested) / TC ~170k 
  • Hypothetical Y2 TC would have been ~180k, Y3 ~190k 

Job 3 (switched late year at approx senior analyst level to a big RE investment shop)

  • Y0: 95k + 15k signing + 10k bonus / TC ~120k
  • Y1: 103k + expecting 20-25k end of year bonus / TC ~125k
  • Hypothetical Y2 comp should come in somewhere around 150-160k I believe, Y3 will be mid 200s assuming promotion 

Jumped around a few roles after college before I found something I was passionate about. Did well in those previous roles (old bosses still joke about bringing me back), but just was bored with the work, even if it paid well and was a better WLB. Happy now as I am in a fun (for me) role with a good mentor and lots of visibility.

  • Analyst 3+ in RE - Comm

First Job (JLL/CBRE; LCOL market)
•    2018: $48k + $7k bonus
•    2019: $55k (left in the fall)

Second Job (boutique debt shop, NYC)
•    2019: $75k, no bonus (left shortly after a year)

Third/Present Job (debt brokerage, NYC)
•    2020: $82.5k + $15k bonus (joined firm in winter and received pro-rated bonus)
•    2021: $86k + $70k bonus
•    2022: $92k + $80k bonus
•    2023: $100k + ??? bonus

  • Analyst 3+ in RE - Comm

My current base is at the cap for non-brokers/support staff. Bonuses usually capped at 100% but cash tips may vary dependent on team and your value to it.

Only way to get higher base is if you are truly a career analyst for one specific team/broker. I have a few at my firm who are in their 40s or older who I presume have a $150-200k base + less than standard bonus percentage.

willwork4bananas, what's your opinion? Comment below:

what's the split for base, bonus, carry in your years 7-9? that's a pretty huge jump so just curious to know when your carry kicked in and what amount it was annually. thanks!

Porschephile, what's your opinion? Comment below:

Brokerage analyst years

Y1: $60k base + $132k bonus (team went absolutely ham that year)

Y2: $62k base + $72k bonus

Y3: $64k base + $84k bonus

Y4: Left brokerage; stub year

REIT senior associate years (I like to call this the "promotional discount" period)

Y4: $90k base, $12k bonus

Y5: $92k base, $12k bonus

Y6: $104.5k base, $30k bonus

REIT VP years (same company, they decided they like me)

Y7: $200k base, $50k bonus, $40k restricted stock

Y8: $210k base, ???TBD bonus, $30k restricted stock

The REIT job and the comp cut was a bit of a leap of faith but in hindsight I am so glad I did it. Brokerage at a top capital markets team was an absolute meat grinder and I do not miss the hours or the work at all.

  • 5
Juntao, what's your opinion? Comment below:

Thanks, really helpful when comparing the sell side and the buy side.

What were the brokerage hours like? I am assuming HCOL market?

Porschephile, what's your opinion? Comment below:

You bet, glad to help. Brokerage hours were not bad by banking standards (think like 70 per week on average) but pretty bad by real estate standards. The worst part about it for me though was working for clients. Not all were bad, but after seeing both sides I'd rather be the client than work for clients any day of the week. It just takes a different attitude and adds a dog and pony show component to what would normally be simple tasks. Edit to add: yes correct HCOL market.

Juntao, what's your opinion? Comment below:

70 isn't too brutal considering you were an analyst. I hear you, I'm sure you don't miss the tedious tasks that make no sense.

  • Associate 1 in RE - Comm

I thought CMBS markets were basically shut down in 2022? Am I wrong ?

jameshooker402, what's your opinion? Comment below:

waiting for more updates about it........

ImpAmp, what's your opinion? Comment below:

Analyst Year 1-1.5 72K base + 12K Bonus

Analyst Year 2 (New Job) 110K base + 15% Bonus

Associate/Team Lead Year 3 129K base + 20-25% Bonus + 3K Revenue Share

Neblos, what's your opinion? Comment below:

This thread in a HCOL and many of my friends who are 3 years out of college are clearing +$300k in different investment roles that aren't RE (retail, tech, energy PE)


  • 2
  • Analyst 1 in RE - Comm

Same. Are you in RE ? How much are you making / what are your plans. I can't stomach the low pay of this industry tbh. I work at a very well known RE shop and get paid 100k including bonus first year. Work about 70 hours a week and have been reminded a few times how the firm is making an investment in me. I like RE, but I also like finance in general and think I could do well in other non RE , traditional finance roles. Probabaly would need to get an MBA. Issue is I already have a MRED. not sure how much more time I can waste in school

  • 1
  • Analyst 1 in RE - Comm

Have to pick the right firms to work for. I just signed a 140-160k total comp REPE analyst role out of college

  • Associate 2 in PE - Other

The RE forum skews towards smaller unknown shops and family offices in middle to low cost of living areas. Not completely sure why that is but I can guarantee none of these numbers are from NYC megafunds.

  • Analyst 1 in RE - Comm

Bump. NYC UMM/MF pay in line with IB and PE. Maybe a 20% discount because it's RE but still clearing 250k at Associate levels. Most of these comments are not representing that.

Neblos, what's your opinion? Comment below:

In RE at a very large shop in a HCOL. Expecting mid-2's this year. However, friends in other industries at much smaller firms are making that as their base at my same level. You just won't hear about it since not many of those types who are comfortable in their roles making that much at 70 hours a week will come here to post about it. 


  • 2
  • Incoming Analyst in RE - Comm

Bank analyst



Debt broker analyst



Bank portfolio manager



Bank lender





  • VP in RE - Comm

Regional Bank



National Brokerage (CB/JLL)



National REPE (30B+ AUM)






National REPE (300B+ AUM)

y10-185+50%+LTIP(another 20% of TC)

  • Associate 1 in RE - Comm





  • Associate Director in RE - Comm

Year 1 - $80k

Year 2 - $100k 

Year 3 - $120k 

Year 4 - $135k 

Year 5 - $150k

Year 5 - $175k

Year 6 - $200K

Year 7 - $325K

Year 8 - $875K

  • Associate 1 in RE - Comm

I don't think people making $200k should expect to make $875k in two years. There's usually 6-8 more years in between those numbers, even for successful people

  • Associate 2 in RE - Comm

How much of the $875k is from a promote check? Is that a yearly expectation or once every few years?

  • Associate Director in RE - Comm

50% Promote / 50% Cash Comp. Expectations for next 5 year around $1M per year with promote - 50% / cash comp 50%. Some years will have promote some years will not. 

  • 1
IcedxTaro, what's your opinion? Comment below:

Are these salaries strictly W2 related or are there broker salaries for CRE in this thread?

  • Analyst 1 in RE - Comm

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mrtt34, what's your opinion? Comment below:

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analystdays, what's your opinion? Comment below:

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