2022 Comp Thread RE

Let's hear where comp numbers are coming out to if you have them yet. I would post mine to get us started but have yet to receive.

  1. Firm type/risk profile (repe, lifeco, developer, etc / core, core+, value add, ground up dev, etc)
  2. Market in which you are located
  3. AUM range
  4. Title & YoE
  5. 2022 Base
  6. Expected bonus %
  7. Add'l comp

Comments (118)

  • VP in RE - Comm
Jan 11, 2022 - 9:28am

REPE (LP)
Major NE city
Funds are below $1B
Director (acquisitons): 8 years of experience
$200k base
$100k bonus
$2mm in long term carried interest between all active funds

Jan 11, 2022 - 3:29pm

This is solid, congrats on the carry - just a few questions if you don't mind me asking

1. Is that 8 years of experience straight out of U/G?

2. How many hours on average would you estimate?

3. How long has it taken for your carry to reach that number and when do you think it will materialize?

- for context on this, I'm trying to get a sense of how long "long term" carry actually is, or simply put how long it typically takes to actually cash out on it. Im sure it varies based on numerous factors

4. Did you start in acquisitions or a different vertical?

Sorry for the interview and thanks in advance for any response!

  • VP in RE - Comm
Jan 11, 2022 - 4:06pm

No problem happy to help:

1. Yes - 8 years of experience since UG. Still in my 20s.

2. 45-50 hours. But I travel almost every week for a night or two, so not sure if you count the overnights (mostly dinners and drinks w/ brokers or GPs)

3. Half of my carry is tied up in funds that were invested 2-3 years ago, and is currently paying out into the next 2-3 years (so 6 year full horizon). Given that they are mostly multifamily assets, I consider that cash at this point. It will likely outperform given where the market is. The other half is currently being deployed. I should mention that on that first half, I renegotiated my % interest about 3 years into working for the company.

4. I started at JLL as an analyst on a investment sales team (mostly focused on industrial)

Jan 11, 2022 - 11:32am

Developer

BOS/DC/LA Tier Market

AUM? No clue. Pipeline of maybe $1.5-2B I guess but these types of numbers are worthless in development

5.5 YOE

$135k Base

$105k Bonus + Carry which currently equates to about $30k/year in additional comp and increasing as more deals are added to that pool

Great hours & lifestyle, basically a chill 40-45 hrs/week job outside of closings

Jan 11, 2022 - 2:11pm

Lifeco (debt production)

MCOL city (like most lifecos if we're being honest)

$12.5B loan book

AVP - 5.5yrs - recently promoted from analyst role

$130,000 base

12.5% bonus

Comp is light on face value, but hours aren't bad - rarely more than 40-50/wk

  • Analyst 1 in RE - Comm
Jan 11, 2022 - 2:24pm

That bonus seems low. For reference, my analyst bonus target is 20% (NML/NYL)

What's the size of the LifeCo?

Jan 19, 2022 - 8:05pm

Spot on...

1. Office Research Analyst - NE Secondary Market

2. One of the Top Tier Brokerages

3. 7 months YOE straight out of UG

4. $60K base

5. $1.5K bonus (rip lol)

6. 40-50 hours 

Made it clear when I got hired that I intend to be a broker 2-3 years from now, learning a lot and feeling slightly relaxed that I'm on salary for the time being...I feel poor compared to everyone in this thread though haha

Jan 11, 2022 - 6:13pm
  1. Developer (multifamily)
  2. Smaller west coast market but develop in the major western metros
  3. Not sure, $2B or so pipeline 
  4. Analyst, 1.5 YOE
  5. $85K
  6. 20%? Guess we'll see
  7. $5K signing and another $2.5K for Christmas even though I just started
  8. Maybe 40 hrs/week, lifestyle is great.
Jan 13, 2022 - 7:18pm

I spent 5 years at an LP equity firm and then the last 4 years at current shop. 

I would part of it was right place right time. The firm I joined has seen tremendous growth and great returns. Our latest fund is 6x larger than the fund size when I first started. I also has done very well in my role started as an associate and now cover an entire region. 

  • Analyst 1 in RE - Comm
Jan 11, 2022 - 8:50pm

Everytime I see these comp threads I am more inclined to leave development for REPE …. Sigh , maybe I should delete my account.

  • Analyst 1 in RE - Comm
Jan 11, 2022 - 9:45pm

Not sure I know anymore than you do. First year analyst in development. I mean just look at some of the comp the REPE people here are pulling in here with 4 plus years experience. Idk if I'll hit that on the development side in 4 years. Not much more to it. Although, as someone else pointed out, a lot of the people posting here may be the ones that are really on the higher end of comp. So can't necessarily take all this info as a holistic representation. grass is always greener type of situation. Junior development comp just isn't great. Now people on this website say that as you progress farther and gain more experience, development comp can start scaling quickly. I'll believe it when I'm the beneficiary of that.

  • VP in RE - Other
Jan 18, 2022 - 12:49pm

What do you do in the agency debt shop? Production? Seems like high comp for underwriting/screening because I have seen people in those groups earn half of your total comp  at 1-3 yrs exp lol

  • Analyst 3+ in RE - Comm
Jan 18, 2022 - 4:37pm

No production, just efficient and top bucket. Have interviewed elsewhere for similar positions and been quoted 88k-195k so have to agree the range is wide and team specific

  • Analyst 3+ in RE - Res
Jan 12, 2022 - 10:57am

1. Co-GP Fund

2. Nationwide

3. $200-$400 MM Fund

4. 5 YOE

5. 130k

6. 30% bonus

7. Very light hours, except in the middle of closing. Still a <40 hours a week job. 

Not happy with my compensation but I'm in a low COL city and the hours are very light.  

Jan 12, 2022 - 12:33pm
  1. REPE - Acquisitions
  2. SoCal 
  3. $2b
  4. Associate (3.5 YOE) (sole associate working directly under head of acq)
  5. $103k (5% increase in base into 2022)
  6. 30k bonus two years running 
  7. Hours: ~60-70/wk 

How do you guys feel about this comp?

  • Analyst 1 in RE - Comm
Jan 12, 2022 - 2:13pm

Bonus seems low.. should be 50-70% especially in SoCal

  • Associate 1 in RE - Comm
Jan 12, 2022 - 3:06pm
  1. REPE (GP)
  1. SF but Remote
  2. 1B AUM
  3. Associate 2.5 YoE
  4.  72k
  1. 80%
  2. None

Getting pay bump this week, but unsure of what it will be, carry should be given as well. We're a small firm with only 3 people on acquisitions, so most comp is incentive based. Hoping base goes up to $100k with the next pay bump. I only work about 40-60 hours a week depending if we are closing on a deal.

Jan 17, 2022 - 3:41pm

What's your desire to work in real estate in SF? It's one of the worst places to work in real estate. The firms don't pay enough relative to the huge cost of living from tech workers. I could never get ahead working in SF. You have public sector employees (admins, janitors) pulling in the same $$ as an analyst. It doesn't sound like much has changed from when I worked in the city. Why put up with it? 

  • Analyst 3+ in RE - Comm
Jan 12, 2022 - 3:22pm

Anyone here an Associate on an institutional brokerage team?

Jan 13, 2022 - 9:44am

1. REPE (multifamily)

2. San Francisco

3. No idea

4. Asset Management Analyst, 0 years real estate experience (2.5 years tax/accounting/consulting experience)

5. $85k base

6. Not sure, somewhere between 10-20% depending on performance?

7. None that I know of, I start next Tuesday

Jan 13, 2022 - 10:19pm
  1. REPE Acquisitions (Multifamily)
  1. Large Secondary Market (Dallas, Atlanta, Phoenix)
  1. +/- $500mm AUM
  1. Associate w/ 2 years experience
  1. $85k
  1. 50% Bonus
  1. 45-50 hours per week
Most Helpful
Jan 14, 2022 - 12:56pm

See below for my comp range:

  1. Firm type/risk profile - Investment Manager & Developer (Boutique)
  2. Market in which you are located - West Coast
  3. AUM range - $1.5 B +/-
  4. Title & YoE - Director of Investments; 10 years from UG
  5. Average Hours - normal weeks = 50 hours. Occasionally (e.g. live deal) add another 10 - 15. Analyst days, on average, I was closer to 65 - 70..
  6. 2021 Compensation - $380,000, broken out as: $210,000 base, $70,000 bonus, and $100,000 carry*.
  7. 2022 Compensation - $250,000 base + 35% +/- bonus + potential carry* (if deals are realized).

*My carry is finally starting to pay out. I received $100K in 2021 and am hoping we harvest another fund in 2022. Irrespective of time, total carry I've been given should be around $1.0M. Could take 5 years before I realize all of this, but discussions are that I will continue to grow with the company as we raise more funds /acquire more deals.

Jan 14, 2022 - 9:16pm

Sure, it's 1.0% on all funds. No, you do not have to be a Director to earn carry. You just have to be with the firm for a certain number of years to become eligible (e.g. 3 years), and once eligible, you then have to be awarded by the founding partners. Then it has to vest. We are a small shop and do not hire directly out of UG. So because of this, Analysts / Senior Analysts wouldn't ever get it (as expected). At my company, I have seen an Associate get promoted to Senior Associate, and at this point, they got awarded carry. But then it has to vest and if you leave before it vests, you forfeit it all.

  • Associate 1 in RE - Comm
Jan 14, 2022 - 1:25pm
  1. Firm type/risk profile One of the larger national Multi-family Developers
  2. Market in which you are located: Texas
  3. Title & YoE: Associate, 4 YOE
  4. 2022 Base $85k
  5. Expected bonus % Deal Dependent, expecting around $20k-30k 
  6. Add'l comp: Reasonable Hours

Thread has me feeling a bit underpaid but I guess most of the posts are in Gateway markets. 

  • Associate 2 in RE - Comm
Jan 15, 2022 - 2:38pm
  1. Acquisitions (Data Center, LifeSci, Industrial, Office)
  1. Large Secondary Market (Dallas, Phoenix, Austin)
  1. Large
  1. Associate w/ 4 years experience
  1. $125k
  1. 30% Bonus (target but could be higher/lower depending on performance...shocker right)
  • Investment Analyst in RE - Comm
Jan 15, 2022 - 8:17pm

Vertically integrated investor/developer

Tier 1 market

$30B+

Investment Analyst - 0 YoE

$100k

20% guaranteed bonus

Discretionary bonus (performance based and an unknown amount as of right now 🥲)

Jan 17, 2022 - 3:49pm

1. REPE Senior Housing

2. Large Secondary Market ( Atlanta, Dallas, Phoenix)

3. +/- $500MM AUM

4. Underwriting Associate, (Just finished first year)

5. $60K Base

6. Got a 5% Bonus after first year

7. N/A

Great hours and lifestyle, 40 hrs/week, Company culture unmatched

Jan 18, 2022 - 12:57pm
  1. Large Investment Manager with $30 Billion in Real Estate (Core+ and Debt Fund)
  2. Regional office/tertiary city 
  3. Debt fund: $5 billion of committed capital 
  4. Originator, 11 years of experience (6 years research/underwriting and 5 years origination)
  5. 150k (130k in 2021)
  6. 100-150% cash bonus (120% in 2021)
  • Associate 2 in RE - Comm
Jan 19, 2022 - 1:20pm
  1. Owner / Operator  - Value Add Industrial
  2. Tier 2 - Midwest City
  3. ~1 Billion AUM (All internal capital)
  4.  Senior Associate 6 YoE - Acquisitions
  5. 120k 
  6. 50k 
  7. No carry
  8. Hours: 40-50, with the occasional 60. 
  • Analyst 1 in RE - Comm
Jan 19, 2022 - 6:06pm

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  • Analyst 1 in RE - Comm
Jan 20, 2022 - 4:51pm

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Total Avg Compensation

January 2022 Investment Banking

  • Director/MD (5) $604
  • Vice President (23) $377
  • Associates (149) $242
  • 2nd Year Analyst (85) $153
  • 3rd+ Year Analyst (15) $150
  • Intern/Summer Associate (65) $144
  • 1st Year Analyst (296) $142
  • Intern/Summer Analyst (226) $90