2.3: Part III- Corporate Real Estate Careers
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)Corporate Real Estate Careers
One type of commercial real estate is corporate real estate, which has its own distinct focus and characteristics. Corporate real estate specifically deals with properties owned or leased by corporations to support their own business operations. These properties can include office buildings, manufacturing facilities, warehouses, data centers, and even land for development. The primary purpose of corporate real estate is to provide space where a corporation's employees can work, produce goods, store inventory, or conduct other business activities. For example, Amazon warehouses, Best Buy stores, and restaurant chains like McDonald's all rely on their corporate real estate divisions to support their activities. The example below tells about asset manager Lily Lu’s job duties.
Lily Lu sipped her Beanie's Coffees iced latte, the familiar taste a welcome jolt before a jam-packed day. As Beanie's Coffees regional asset manager, Lily wasn't brewing coffee, she was brewing opportunities. Today's mission: scout new locations for Beanie's aggressive expansion plans.
First, Lily combed through demographic data. She pinpointed high-traffic areas with a good mix of residents and young professionals – Beanie's ideal clientele. Traffic patterns and competitor analysis followed, to ensure that the new cafes wouldn't be overshadowed by existing coffee giants. Lily even checked the possibility of drive-thru options in some locations.
By afternoon, Lily hit the road, visiting potential sites. She assessed everything – parking availability, accessibility, potential rent costs, and importantly, the overall "vibe." Would the space resonate with Beanie's warm, inviting atmosphere? Back at her desk, Lily crunched the numbers, factoring in rent, renovation costs, and projected sales based on her research. By the end of the day, Lily had a shortlist of promising locations, ready to present to the Beanie's expansion team. Finding the perfect blend of location, cost, and customer potential – that was the magic of an asset manager, and Lily was ready to work her caffeine-fueled magic.
Corporate real estate focuses on the specific needs and strategies of individual corporations. This might involve optimizing space utilization, reducing costs, supporting employee productivity, or aligning real estate decisions with the corporation's overall business objectives.
For example, a corporation might decide to lease office space in a downtown skyscraper for their staff or purchase a warehouse facility near a major transportation hub to streamline distribution operations. These decisions are made based on factors like location, cost, space requirements, and long-term business goals. Here are a few examples:
Amazon operates vast networks of warehouses and distribution centers strategically located around the world to facilitate its e-commerce operations. These warehouses serve as hubs for storing inventory, processing orders, and shipping products to customers. Amazon's corporate real estate team plays a crucial role in selecting and managing these facilities, ensuring they are positioned to optimize delivery times and meet customer demand efficiently.
Best Buy, a major electronics retailer, relies on corporate real estate for its chain of stores across the United States and beyond. Best Buy's corporate real estate strategy involves selecting retail locations that attract foot traffic, provide ample space for showcasing products, and align with the company's brand image. The real estate team works to negotiate leases, design store layouts, and manage the properties to enhance the customer shopping experience.
Similarly, restaurant chains like McDonald's depend on corporate real estate for their locations worldwide. McDonald's strategically selects sites for its restaurants based on factors like population density, traffic patterns, and proximity to other businesses. The corporate real estate team negotiates leases or purchases properties, designs restaurant layouts, and oversees construction to ensure each location meets McDonald's standards for quality, efficiency, and customer service.
These examples illustrate how corporate real estate is a vital component of commercial real estate, focusing on properties used by corporations to conduct their business activities.
In summary, while corporate real estate is a subset of commercial real estate, it is distinct in its focus on properties used by corporations for their own business purposes, such as acquisition (purchasing) and disposition (selling). The departments or divisions that do this also manage the land and the improvements (buildings) owned by the corporation.
Another type of corporation that acquires and disposes of real estate is a bank or mortgage lender. When they make loans to borrowers who later default, the lenders have to foreclose on the real estate. Then, the assets become part of their real estate owned (REO) departments while they process the sale of the properties. These banks and lenders hire many people to work on acquisitions and dispositions as part of their REO process, and they are trained to follow many timelines and regulations, both state and federal.
Corporate Real Estate Careers
Corporate professionals usually work for medium to large publicly traded companies, that is, companies whose stock is sold on the stock market. Large corporations, such as Fortune 500 companies (the 500 largest companies in the United States as ranked by Fortune Magazine), own real estate where their offices, warehouses, stores, and other facilities are located.
While these companies are not primarily real estate sales firms, they operate a separate department for their real estate holdings, employing staff responsible for researching, evaluating, and assisting with various aspects of real property, including acquisition (purchase), development, management, and disposition (selling). Familiar examples include Starbucks with its numerous retail locations, Apple with its expansive headquarters campus in Silicon Valley, Microsoft with its numerous office buildings in downtown Seattle, and Amazon with its extensive network of warehouses worldwide.
Firms such as these offer a wide variety of career positions for their real estate operations. Refer to the Resources section for this module for a comprehensive list of career positions, as well as their qualifications, pay rates, and duties. The following list includes some common corporate job titles.
- Real Estate Financial Modeling Analyst
- Real Estate Development Analyst
- Asset Manager for corporation or mortgage lender
- Asset Manager for commercial property management company
- Commercial or Investment banker
- Commercial Real Estate Appraiser (General Appraiser)
- Real Estate Appraiser (work at a bank or corporation)
- Real Estate Attorney
- Escrow Officer
- Title Officer
- Real estate consultant: counseling and research
- Construction and building inspector
Settlement, Escrow, and Title Careers
Some students interested in real estate are not yet prepared to begin as a self-employed independent contractor. Rather, they may prefer having the stability of a regular monthly income and full medical / retirement benefits which title and escrow positions offer. The most effective method to finding this type of office position is often informal networking.
Title insurance and escrow functions are essential components of the real estate transaction. Positions in the title insurance and real estate settlement industry include sales representative, accountant, title officer, escrow officer, entry level assistant, and clerk positions. Customarily, the positions include full-time employees with benefits, working a traditional Monday through Friday schedule in an office setting.
Both title and escrow careers revolve around the legal and accounting aspects of the real estate transactions, so both legal and bookkeeping or accounting backgrounds are helpful in this field. However, formal education and degrees are typically not required. Sales positions require experience in proactively contacting prospective clients, networking, and following up. Legal and accounting positions need to demonstrate experience with reading contracts and recognizing details. Customer service positions are always important because of the interaction with many clients and business professionals.
Escrow and Settlement Career Positions
Escrow holders handle settlements of real estate transactions and serve as the neutral third party to receive deposits of contracts and funds. As settlement agents, they draw the legal documents involved in closing the transaction. Escrow holders are also responsible for the final accounting of the transaction and disbursement of the funds to all the appropriate parties. Because escrow holders are responsible for buyer and seller funds held in trust accounts, a Department of Justice background check is usually a prerequisite.
For Escrow representatives in California, certifications for the following positions are available through the California Escrow Association. Link: https://www.ceaescrow.org
- Certified Escrow Technician
- Certified Escrow Officer
- Certified Senior Escrow Officer
- Certified Mobile Home Specialist
- Certified Bulk Sale Specialist
- Certified Escrow Instructor
Title Insurance Career Positions
Title company employees have the responsibility of issuing title insurance policies that protect the buyers' and lenders' rights to the property. Positions may include title officer, assistant, payoff clerk, attorney, underwriter, and office administrator. Title and escrow employees work closely together in assisting the seller to deliver clear title to the buyer. Because the title companies often handle earnest money deposits, mortgage loan payoffs, and other funds, a background and/or credit check may also be required for these positions.
Find out more about the title industry:
- California Land Title Association: Link https://www.clta.org
- American Land Title Association: https://www.alta.org
Corporate Real Estate Careers: Job Duties
Some corporate jobs that attract aspiring real estate professionals are listed in the table below along with their duties. Again, refer to the Resources section for more details.
|
Job Title |
Duties |
|
Construction Manager |
Manages construction projects for new buildings, renovations, or expansions, coordinating contractors, budgets, and timelines. |
|
Corporate Real Estate Manager/Director |
Develops and implements real estate strategies aligned with corporate goals, oversees property acquisitions, and manages the overall real estate portfolio. |
|
Environmental Health and Safety Manager |
Ensures compliance with environmental and safety regulations, implementing policies to maintain a safe and healthy work environment. |
|
Escrow officer |
Complete transaction between buyer and seller; collect/disburse closing funds; get grant deed recorded. |
|
Facilities Manager |
Manages the physical infrastructure of corporate facilities, ensuring they meet safety, regulatory, and operational standards. |
|
Leasing Manager |
Negotiates leases with tenants, manages lease agreements, and ensures optimal occupancy rates for corporate properties. |
|
Property Manager |
Oversees the day-to-day operations of corporate properties, including leasing, maintenance, and tenant relations. |
|
Real Estate Analyst |
Responsible for analyzing market trends, property values, and financial data to assist in real estate decision-making. |
|
Real Estate Asset Manager |
Manages a portfolio of properties, focusing on maximizing value, mitigating risks, and achieving investment objectives. |
|
Real estate attorney |
Handle legal documents in role as litigator for real estate transactions. |
|
Real estate development analyst |
Research and identify new development locations for the company. |
|
Real estate financial modeling analyst |
Conducts research, calculates financial analysis, and evaluates real estate market trends. |
|
Space Planner/Designer |
Designs and plans interior space layouts to optimize functionality, efficiency, and employee productivity. |
|
Transaction Manager |
Facilitates property transactions, including purchases, sales, and leases, ensuring compliance with legal and financial requirements. |
Corporate Real Estate Careers: Compensation
Corporate real estate employees generally receive a salary along with benefits, including stock options, vacation pay, and sick time, and may also receive annual bonuses based on their performance or company profitability. These corporate professionals are rarely paid hourly or as independent contractors (paid per job completed).
Corporate Real Estate Careers: Working Hours and Locations
Corporate real estate professionals work during typical business hours 8:00 am to 5:00 pm, Monday through Friday, but may also travel and work on projects after hours. Corporate employees paid monthly salary may be expected to work more than standard 40 hours per week and often work 50-60 hours each week.
Corporate positions are primarily available in major metropolitan areas. Offices in the west are usually located in large cities like Los Angeles, San Diego, San Francisco, Phoenix, or Seattle, whereas east coast offices are commonly found in Washington D.C., New York, Philadelphia, and Boston. Other geographic locations include Chicago and Minneapolis in the Midwest, and Atlanta, Houston, Dallas, and Miami in the South.
Sample Corporate Career Positions with Compensation Ranges
Real Estate Development Analyst at Catalyst Experiential
Job responsibilities of a real estate development analyst include assisting in the identification and pursuit of new development locations. Primary duties include market analysis, financial analysis, investment underwriting, and due diligence; review of local zoning ordinances, zoning maps, and amendments. This analyst will also be responsible for analyzing regional traffic and demographic data, aggregating municipal data, to build municipal intelligence packages and identify appropriate parcels of land. Requires demonstrated proficiency in Excel modeling and all other aspects of Microsoft Office and Google Earth; experience with other GIS mapping platforms such as ArcGIS is a plus. Bachelor’s degree in Business, Finance, Economics, Real Estate, Engineering or related field is required. Located in Pennsylvania with a salary range of $61,000 to $94,000, according to GlassDoor in 2024. Reference: Catalyst Experiential Real Estate Development Analyst
Land Acquisition Director at Microsoft
Responsibilities of the land acquisition director include researching and coordinating opportunities to secure land by a comprehensive understanding of current land use and navigation of the conversion process through zoning/entitlement. Additionally, the role involves accelerating market growth through proactive engagement with pre-construction activities in the NORAM [North American] regions. Duties may include: evaluate, select, negotiate, and recommend acquisition structures for approval; negotiate effectively across private owners, municipalities, and institutions; investigate land use processes within strategic locations to understand and develop an execution plan to deliver zoned/entitled land to downstream teams; manage alternative acquisition structures for land including tasks which can range from site identification and critical offsite requirements to municipal collaboration for pre-construction work; and coordinate with development, engineering, construction, project managers and legal teams, to enable evaluation of acquisition targets. Requires a bachelor's degree in business management, real estate, project management, or related field. This Real Estate Portfolio Management IC6 position is based in Redmond, Washington, and other locations. The typical base pay range for this role is $124,800 - $292,200 per year, depending on geographic location, according to Microsoft in 2024. Reference: Land Acquisition Director at Microsoft
Real Estate Controller - New Acquisition/Multifamily at a National Real Estate Firm
National real estate and property management company seeks a Real Estate Controller for new acquisition of multifamily properties. Duties include maintain and control accounting system, accounting closing process, journal entries, reconciliation, analysis of GL accounts, variance analysis, audit, budget, cash management, bank relationship, industry requirements, and financial reports. This is a supervisory position that requires management experience. A bachelor's degree in accounting, finance or business administration required. Multifamily property accounting experience is also required. Based out of Los Angeles, the salary range is $135,000 to $160,000 per year in 2024. Reference: Real Estate Controller - New Acquisition/Multifamily.
The site below from Adventures in CRE may also be used as a reference for comparing salaries and earnings in various corporate real estate fields.
Reference:
Additional Real Estate-Related Positions
- Real Estate Investment Analyst: Analyzes potential real estate investments, assesses financial viability, and makes recommendations to investors.
- Real Estate Development Manager: Oversees the development of real estate projects from conception to completion, including planning, financing, and construction.
- Property Manager: Manages residential or commercial properties on behalf of owners, handling leasing, maintenance, and tenant relations.
- Construction Project Manager: Manages construction projects, ensuring they are completed on time, within budget, and to the required quality standards.
- Real Estate Technology Consultant: Specializes in implementing and advising on technology solutions for real estate businesses, including property management software and AI-driven analytics tools.
- Corporate Real Estate Manager: Manages a company's real estate portfolio, including acquisition, leasing, and disposition of properties to support business operations and strategic goals.
- Real Estate Investment Trust (REIT) Analyst: Works for a REIT to analyze potential real estate investments, assess market trends, and provide recommendations for portfolio management.
- Corporate Facilities Manager: Oversees the maintenance, operations, and safety of a corporation's facilities, ensuring efficient and effective use of space.
These additional positions highlight the diverse opportunities within real estate-related industries and the various skills and expertise required.
Corporate Real Estate Careers: Employment Qualifications
The following sections explain licensing requirements and other qualifications such as education, experience, skills, strengths, and characteristics in the corporate real estate sales industry.
Real Estate License
Because corporations hire professionals as employees, real estate licenses are usually not required for career positions. Compare this to commercial real estate positions that engage independent contractors and require state and/or national licensing. As mentioned above, corporate careers typically do not require a real estate salesperson or broker license from the DRE, but the license may prove to be an advantage when applying.
Education and Experience
The main qualification often required for corporate real estate jobs is a college degree, typically a bachelor’s degree in real estate, business, economics, finance, investing, or accounting. A master’s degree, such as a Master of Business Administration (MBA), may be preferred by employers for some positions. Most corporate positions at the top of the pay scale will require extensive experience in the field. Job applicants lacking on-the-job experience are sometimes hired into entry-level positions while they train and learn the job duties. Also, corporate employees do not necessarily need experience selling commercial property to be hired in an acquisition or disposition department.
Skills, Strengths, and Characteristics
Required strengths include integrity, logical and analytical processing, strategic thinking, initiative, Excel® skills, customer service, perseverance. These are needed to succeed in the corporate real estate field. While some career positions are solitary, others involve working closely with partners or participating in team projects. Characteristics of successful corporate professionals include the ability to communicate with a wide variety of people, problem-solving skills, strong critical thinking, and analytical skills.
Practice Zone
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Visit GlassDoor.com and Indeed.com. Find two commercial and two corporate real estate careers named or described in this module. Review the descriptions and answer these questions: Which job duties appeal most to you? Why? Which career positions do you think might be in higher demand for employment in your geographic area in the next five years? How much compensation would you expect to earn annually? |