- Dennis Norman
By: Dennis Norman
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Median sales volume in 2008 was down nearly 10 percent since 2006 resulting in a 13.6 percent decline in median income
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Commercial leasing volume increased 33 percent from 2006 to 2008
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The median number of transactions in 2008 was eight, the same as 2006
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Transaction volume for commercial members was $2,024,900 in 2008, down from $2,248,700 in 2006.
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Sixty-five percent of commercial Realtors® reported a volume greater than $1 million and nearly a quarter of them had a transaction volume of $50 million or more in 2008.
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The median income in 2008 for commercial Realtors® was $99,900, down from $115,600 in 2006. Brokers median income was $129,500 and sales agents $70,100
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Commercial Realtors® in the business for two years or less earned a median income of $30,200, those with three to five years experience earned $63,700 and for six to fifteen years the median was $94,700 while members in the business for 16 years of more earned $147,700.
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The median dollar volume of sales transactions in 2008 was $544,100.
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The median square footage of sales transactions in 2008 was 14,000
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Leasing dollar value for commercial members was typically $128,900 in 2008.
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The median square footage of leasing transactions in 2008 was 4,300
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Nearly nine in 10 commercial Realtors® work full time. Only 11 percent of members work part time.
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Land sales were identified by sixteen percent of the commercial Realtors® as their primary business specialty. Thirteen percent identified office leasing as their primary business specialty, nine percent multifamily building sales, nine percent industrial building sales, eight percent commercial property management.
Realtors® Commercial Alliance Committee chair Robert Toothaker said that, despite the fact that commercial real estate activity has suffered, the typical NAR commercial member was doing slightly better than might be expected. “Because most of our members are involved in transactions of under $5 million, the decline in business was not quite as sharp as the drop in investment-grade transactions,” he said. “The flow of funds from regional banks hasn’t slowed as dramatically, leaving some credit available for commercial transactions; however, credit has tightened further in 2009, and continues to curtail commercial real estate lending activity. NAR continues to advocate on behalf of its commercial members to increase liquidity to commercial real estate and ensure overall economic recovery.”
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