The 2015 NATIONAL ASSOCIATION OF REALTORS® Commercial Member Profile

8/21/2019 The 2015 NATIONAL ASSOCIATION OF REALTORS® Commercial Member Profile

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2016 LEADERSHIP TEAM

President

Tom Salomone

President-Elect

Bill Brown

First Vice President

Elizabeth Mendenhall, ABR, ABRM, CIPS, CRB,GRI,PMN, EPRO

Treasurer

Michael McGrew, CRB, CRS

Immediate Past President

Chris Polychron, ABR, CIPS, CRS, GRI

Vice President

Michael Labout, GRI, EPRO

Vice President

Sherri Meadows, CIPS, CRB, GRI, PMN

Chief Executive Officer

Dale Stinton, CAE, CPA, CMA, RCE

NAR Commercial Leadership

2016 Commercial LiaisonDan Wagner

2016 Commercial Committee Chair

Lori Burger, CPM

Senior Vice President, Commercial & Global Services

Janet Branton, CAE, CIPS

Vice President, Commercial & Global Services

Jan Hope, RCE, CIPS

2016 NAR Commercial Member Profile


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NAR RESEARCH STAFF

Lawrence Yun, Ph.D. Chief Economist and Senior Vice President

Caroline Van Hollen Manager, Budget Administration and StrategicPlanning

Paul C. Bishop, Ph.D. Vice President

Stephanie Davis Administrative Coordinator

Ken Fears Director, Regional Economics and Housing Finance

George Ratiu Director, Quantitative and Commercial Research

Danielle Hale Managing Director of Housing Statistics

Scholastica Cororaton Research Economist

Michael Hyman Research Data Specialist

Hua Zhong Data Analyst

Nadia Evangelou Research Economist

Jessica Lautz Managing Director, Survey Researchand Communications

Meredith Dunn Research Communications Manager

Brandi Snowden

Research Survey Analyst

Amanda Riggs Research Survey Analyst

Brian Horowitz Research Survey Analyst



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CONTENTS

Introduction 5

Highlights 7

Chapter 1 9

Chapter 2 29

Chapter 3 54

Chapter 4 89

Methodology 101



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Introduction

The 2016 NATIONAL ASSOCIATION OFREALTORS® Commercial Member Profile details thebusiness and demographic characteristics of NARcommercial members. Commercial members haveexpertise in the field of commercial real estate andhave experience working with many property types.

In 2015, there was a consistent rise in new membersto NAR’s membership across the board. This isevident by the increase of new commercial memberswith less than two years of experience, which nearlydoubled to nine percent up from five percent in 2015.The median years of experience in real estatedropped to 15 years in 2016 from 20 years in 2015, asdid the median years of experience of commercialmembers in commercial real estate to 20 years in2016 down from 25 years in 2015.

With an increase in new commercial members, wesee a shift in the license type of our members. Forty-seven percent of NAR’s commercial membersreported being brokers in 2016, which is down from 59percent in 2015. Licensed sales agents make up 31percent of membership, which is up from 24 percentlast year. Seventeen percent of commercial membershave a broker associate license, which is down from20 percent in 2015. Appraisal license holders accountfor 5 percent, which is consistent with last year.

While the number of transactions decreased slightly in2015, the sales volume increased. In 2015, themedian number of transactions for all commercialmembers was nine, down from 11 in 2014. Twenty-sixpercent reported having one to four transactions and30 percent reported having more than 20 transactions.

The median sales transaction volume in 2015 amongmembers who had a transaction was $2,931,000—anincrease from the median sales transaction volume of$2,916,700 in 2014. Only eight percent of commercialmembers reported not having a transaction at all,

which increased from six percent in 2014, likely due tothe new members in commercial real estate.

The median dollar value of sales transactions in 2015was $541,700, up from $521,700 in 2014. The medianlease transaction volume in 2015 among members



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who reported at least one transaction was $600,000,compared to $500,000 in 2014. The median leasingdollar value for commercial members in 2015 was$221,200, compared to $203,800 in 2014.

Commercial members had a median annual grossincome of $108,800 in 2015, down from $126,900 in2014, which was the highest reported level since2006. A decrease in income may be associated withthe large number of new commercial membersentering the industry.

In 2016, the typical commercial member is 60 yearsold, unchanged from 2015. At 73 percent, the majorityof commercial members are male, down from 75percent last year.



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Highlights

Business Characteristics of NAR CommercialMembers

• Forty-seven percent of NAR’s commercial

members are brokers (down from 59 percent in 2015),and licensed sales agents make up 31 percent (upfrom 24 percent last year).

• Sixty percent (up from 55 percent in 2015)respondents have commercial designations.

• Residential real estate is the most cited primarybusiness specialty of commercial members andinvestment sales is the second most common primaryspecialty. Residential real estate and investment salesare both the most cited secondary business specialty.

• Commercial members typically have been in realestate 20 years, down from 25 years in 2015, and incommercial real estate for 15 years, down from 20years in 2015. They have been members of NAR for15 years, down from 20 years in the previous year.

Business Activities of NAR Commercial Members

• Commercial members completed a median of ninetransactions in 2015, down from 11 in 2014.

• The median sales transaction volume in 2015 formembers who had a transaction was $2,931,000—anincrease from the median sales volume of $2,916,700in 2014.

• The median gross leasing volume was $600,000in 2015—an increase from the $500,000 in 2014.

Business Revenue and Firm Affiliation

• The median gross annual income of commercialmembers was $108,800 in 2015, down from $126,900in 2014 and up from $96,200 in 2013.

• Seventy-nine percent of commercial memberswork at least 40 hours a week.



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• Sixty-five percent of commercial members of NARderived 50 percent or more of their income from allcommercial real estate in 2015.

• Fifty-two percent of members work for a localcommercial real estate firm.

Demographic Characteristics of NAR CommercialMembers

• The median age of commercial members is 60years old, unchanged from 2015.

• Seventy-three percent of the practitioners aremale.

• Sixty-nine percent of commercial members have abachelors’ degree or higher.

• Seventy-six percent of commercial members aremarried.



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Chapter 1

Forty-seven percent of NAR’s commercial membersare brokers (down from 59 percent in 2015), andlicensed sales agents make up 31 percent (up from 24percent last year). Seventeen percent of commercialmembers have a broker associate license (down from20 percent last year) while appraisal license holdersaccount for 5 percent, consistent with last year.

Among the new members to NAR, sales agents madeup the majority at 72 percent of members reportingless than two years of experience. Brokerspredominantly comprised the most seasonedcommercial members at 59 percent of all memberswith 26 years or more of experience, down from 69percent in 2015.

There are five affiliate organizations that confercommercial designations associated with theNATIONAL ASSOCIATION OF REALTORS®. Theyare the Certified Commercial Investment Member(CCIM) Institute, the Institute of Real EstateManagement (IREM), the Society of Industrial andOffice REALTORS® (SIOR), the Accredited LandConsultants (RLI), and the Counselors of Real Estate(CRE). Additionally, NAR confers the CertifiedInternational Property Specialist (CIPS) designation tomembers engaged in international business. Sixtypercent of commercial members report beingunaffiliated with any of these, up from 55 percent in2015. Brokers were the most likely to be members atthe Certified Commercial Investment Member (CCIMInstitute) of any license type.

Eighty-one percent of commercial members cite oneof 18 commercial areas as their primary businessspecialty. Investment sales were the most frequentlymentioned primary commercial real estate specialty ateleven percent again this year.

Commercial members cite residential real estate at 14percent as their secondary business specialty, up from12 percent in the previous year. Investment sales

were the next most frequently mentioned secondaryspecialty at 10 percent (down from 12 percent in2015), followed by land sales and office leasing bothat seven percent. Sales agents are the most likely tospecialize in residential real estate and brokerassociates are the most likely to specialize ininvestment and land sales. Male members are morelikely to specialize in investment and land sales andfemale members are more likely to specialize inresidential real estate.



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Single-family homes were the top investment sales bycommercial members at 57 percent, followed bymulti-family homes with two to five units at 49percent, and land sales at 45 percent.

Commercial members of NAR have typically remainedfocused on the commercial side of the business for 15years, down from a median of 20 years in 2015,indicating new members entering the industry. Thetypical commercial member has been involved in realestate in any capacity for 20 years, down from 25years in 2015. The median length of membership inNAR among commercial members is 15 years, downfrom 20 years in 2015. Appraisers and brokers havethe most experience in commercial real estate, at 25years (down from 29 years in 2015) and 23 yearsrespectively (up from 22 years). Sales agents tend tobe the newest to the business at eight years, downfrom 11 years in the previous year.

NAR members that maintain designations have beenactive for varying lengths of time. Members have beenactive the longest of the Society of Industrial andOffice REALTORS® (SIOR) for a median of 33 years.Members have been active the shortest amount oftime with a median of 15 years as CertifiedInternational Property Specialists (CIPS). Brokersreported being members of NAR the longest at amedian of 26 years and sales agents the least amountof time at a median of 10 years.

Men reported being active in any real estate capacity

for a median of 25 years and in commercial real estatefor a median of 20 years. Women have been active inreal estate for a median of 14 years and in commercialreal estate for a median of 11 years.

There are several national and internationalassociations that are tailored for commercial realestate professionals. Thirteen percent of membersbelonged to the International Council of ShoppingCenters (ICSC). An additional four percent ofcommercial members belong to the Building Ownersand Managers Association (BOMA).

Commercial members use a wide variety ofinformation sources when conducting their day-to-daybusiness. Some sources are more popular than othersdue to accessibility, timeliness, cost, and the quality ofthe data. Seventy-five percent of commercialmembers use LoopNet, while forty-three percent useNAR as a source of information, which is consistentwith last year.



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BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

Exhibit 1-1 NAR'S COMMERCIAL MEMBERS BY LICENSE TYPE

Exhibit 1-2 NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY EXPERIENCE

Exhibit 1-3 NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY GENDER

Exhibit 1-4 NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY DESIGNATIONExhibit 1-5 HOLD COMMERCIAL DESIGNATION

Exhibit 1-6 PRIMARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS

Exhibit 1-7 PRIMARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE

Exhibit 1-8 PRIMARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS, BY GENDER

Exhibit 1-9 SECONDARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS

Exhibit 1-10 TYPE OF INVESTMENT SALES PRACTICED

Exhibit 1-11 REAL ESTATE EXPERIENCE OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE

Exhibit 1-12 NAR COMMERCIAL MEMBERS' YEARS OF EXPERIENCE AS COMMERCIAL AGENTS OR BROKERS, BY

LICENSE TYPE

Exhibit 1-13 NAR COMMERCIAL MEMBERS' YEARS OF EXPERIENCE AS COMMERCIAL AGENTS OR BROKERS, BY

DESIGNATION

Exhibit 1-14 REAL ESTATE AND COMMERCIAL REAL ESTATE EXPERIENCES OF NAR'S COMMERCIAL MEMBERS,

BY GENDER

Exhibit 1-15 LENGTH OF MEMBERSHIP IN NATIONAL ASSOCIATION OF REALTORS®, BY LICENSE TYPE

Exhibit 1-16 MEMBERSHIP IN OTHER NATIONAL/INTERNATIONAL ASSOCIATIONS

Exhibit 1-17 INFORMATION SOURCES NAR'S COMMERCIAL MEMBERS USE MOST



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Exhibit 1-1

NAR'S COMMERCIAL MEMBERS BY LICENSE TYPE

(Percentage Distribution)

Broker 47%

Sales Agent 31%

Broker Associate 17%

Appraisal 5%

47%

31%

17%

5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Broker Sales Agent Broker Associate Appraisal

NAR'S COMMERCIAL MEMBERS BY LICENSE TYPE



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Exhibit 1-2

NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY EXPERIENCE


2 years

or less 3 to 5 years

6 to 15

years

16 to 25

years

26 years or

more

Broker 47% 15% 31% 37% 53% 59%

Sales Agent 31 72 50 42 23 15

Broker Associate 17 12 17 19 19 15

Appraisal 5 * 2 1 4 10

* Less than one percent

All Commercial

Members

Real Estate Experience



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Exhibit 1-3

NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY GENDER


Male Female

Broker 47% 51% 43%

Sales Agent 31 25 38

Broker Associate 17 17 18

Appraisal 5 7 1

All Commercial

Members

Gender



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Exhibit 1-4

NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY DESIGNATION


All

Commercial

Members

Counselors of

Real Estate

(CRE)

Accredited

Land

Consultant

(ALC)

Certified

International

Property

(CIPS)

Society of

Industrial

and Office

REALTORS®

(SIOR)

Certified

Property

Manager

(CPM)

Certified

Commercial

Investment

Member (CCIM

)

Hold no

designatio

Broker 47% 50% 51% 42% 73% 60% 58% 41%

Sales Agent 31 14 26 38 7 26 18 37

Broker Associate 17 11 14 19 19 8 19 17

Appraisal 5 25 9 * 1 2 6 5

Total Responding 1,689 30 43 113 71 128 461 1,009




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Exhibit 1-5

HOLD COMMERCIAL DESIGNATION

(Percent of Respondents)

2007 2009 2010 2011 2012 2013 2014 2015 2016

Hold no designation 57% 54% 61% 65% 60% 63% 66% 55% 60%

Certified Commercial Investment

Member (CCIM )

31 34 27 25 29 27 25 28 27

Certified Propery Manager (CPM) 7 8 6 7 7 5 6 9 8

Certified International Property (CIPS) 2 2 3 2 3 6 4 6 7

Society of Industrial and Office

REALTORS® (SIOR)

6 6 6 4 5 4 4 6 4

Accredited Land Consultant (ALC) 3 3 3 2 3 4 4 4 3

Counselors of Real Estate (CRE) 3 3 2 2 2 2 1 2 2



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Exhibit 1-6

PRIMARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS


All

Residential R 19%

Investment S 11

Land Sales 7

Office Leasin 7

Commercial 6

Industrial Bui 5

Retail Leasin 5Retail Buildin 4

Multi-family 4

Office Buildin 3Development 3Commercial 3Industrial Lea 2Consulting 2Multi-family 2Hospitality/R 2

Commercial *

Agriculture *

Other 13

19%

11%

7%

7%

6%

5%

5%

4%

4%

3%

3%

3%

2%

2%

2%

2%

0%

0%

13%

0% 5% 10% 15% 20% 25% 30%

Residential Real Estate

Investment Sales

Land Sales

Office Leasing

Commercial Property Management

Industrial Building Sales

Retail Leasing

Retail Building Sales

Multi-family Building Sales

Office Building Sales

Development

Commercial Appraisal

Industrial Leasing

Consulting

Multi-family Property Management

Hospitality/Resort Sales

Commercial Auctions

Agriculture

Other

PRIMARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS



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Exhibit 1-7

PRIMARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE


Broker

Broker

Associate

Sales

Agent Appraiser

Residential Real Estate 19% 17% 18% 23% 10%

Investment Sales 11 12 14 11 3

Land Sales 7 7 10 8 3

Office Leasing 7 7 5 8 2

Commercial Property Management 6 6 4 8 1

Industrial Building Sales 5 5 8 5 *

Retail Leasing 5 5 7 5 *

Retail Building Sales 4 4 5 5 3Multi-family Building Sales 4 4 8 4 2Office Building Sales 3 4 3 3 *Development 3 4 2 3 1Commercial Appraisal 3 * * * 54Industrial Leasing 2 3 2 3 *Consulting 2 3 1 1 5

Multi-family Property Management 2 3 1 2 *

Hospitality/Resort Sales 2 2 1 1 *

Commercial Auctions * * * * *Agriculture * * * * *

Other 12 11 12 11 9


All

Commercial

Members

Licensed As



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Exhibit 1-8

PRIMARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS, BY GENDER


Male Female

Residential Real Estate 19% 15% 25%

Investment Sales 11 13 7

Land Sales 7 8 7

Office Leasing 7 6 10

Commercial Property Management 6 5 8

Industrial Building Sales 5 6 4

Retail Leasing 5 5 7

Retail Building Sales 4 5 2

Multi-family Building Sales 4 5 4

Office Building Sales 3 4 4

Development 3 3 1

Commercial Appraisal 3 4 1

Industrial Leasing 2 3 2

Consulting 2 3 1

Multi-family Property Management 2 2 2

Hospitality/Resort Sales 2 2 2

Commercial Auctions * * *

Agriculture * * *Other 12 10 14


All

Commercial

Members

Gender



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Exhibit 1-9

SECONDARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS


Residential Real Estate 14%

Investment Sales 10

Land Sales 7Office Leasing 7Retail Leasing 6Retail Building Sales 6Office Building Sales 5Multi-family Building Sales 5Industrial Building Sales 5Commercial Property Man 5Industrial Leasing 5

Development 4

Consulting 3

Multi-family Property Man 2

Hospitality/Resort Sales 1

Commercial Appraisal 1

Agriculture 1

Commercial Auctions *

Other 6

All

Commer

14%

10%

7%

7%

6%

6%

5%

5%

5%

5%

5%

4%

3%

2%

1%

1%

1%

0%

6%

0% 5% 10% 15% 20%

Residential Real Estate

Investment Sales

Land Sales

Office Leasing

Retail Leasing

Retail Building Sales

Office Building Sales

Multi-family Building Sales

Industrial Building Sales

Commercial Property Management

Industrial Leasing

Development

Consulting

Multi-family Property Management

Hospitality/Resort Sales

Commercial Appraisal

Agriculture

Commercial Auctions

Other

SECONDARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS



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BUSINESS ACTIVITY OF NAR'S COMMERCIAL MEMBERS

Exhibit 1-10

TYPE OF INVESTMENT SALES PRACTICED


All

Commerci

al

Members

Hospitals/Medical/Dental 7%

Hospitality/Resorts 7%

Mixed Use/Flex Spaces 25%

Industrial 31%

Office Space 41%

Retail Space 41%

Multi-Family (5 or more

units) 43%

Land 45%

Multi-Family (2-5 units) 49%

Single-Family 57%0% 10% 20% 30% 40% 50% 60% 70%

Hospitals/Medical/Dental

Hospitality/Resorts

Mixed Use/Flex Spaces

Industrial

Office Space

Retail Space

Multi-Family (5 or more units)

Land

Multi-Family (2-5 units)

Single-Family

7%

7%

25%

31%

41%

41%

43%

45%

49%

57%

TYPE OF INVESTMENT SALES PRACTICED



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Exhibit 1-11

REAL ESTATE EXPERIENCE OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE


Broker

Broker

Associate

Sales

Agent Appraiser

1 year or less 4% 1% 4% 9% *

2 years 3 1 1 8 *

3 years 3 1 3 6 1

4 years 2 2 2 4 1

5 years 2 2 3 3 *

6 to 10 years 14 9 16 20 5

11 to 15 years 14 12 16 17 2

16 to 25 years 18 21 20 14 15

26 to 39 years 27 33 22 16 45

40 or more years 13 17 14 4 31

Median (years) 20 26 20 11 32


Licensed AsNAR's

Commercial

Members



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Exhibit 1-12


Broker

Broker

Associate

Sales

Agent Appraiser

1 year or less 9% 3% 6% 17% 18%

2 years 5 3 2 11 *

3 years 3 2 3 7 1

4 years 4 2 4 7 2

5 years 3 3 4 3 *

6 to 10 years 13 12 14 16 9

11 to 15 years 14 12 20 15 1

16 to 25 years 18 23 19 10 23

26 to 39 years 22 30 22 12 22

40 or more years 9 13 8 3 23

Median (years) 15 23 15 8 25


Licensed AsAll

Commercial

Members

NAR COMMERCIAL MEMBERS' YEARS OF EXPERIENCE AS COMMERCIAL AGENTS OR BROKERS, BY LICENSE TYPE



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Exhibit 1-13

NAR COMMERCIAL MEMBERS' YEARS OF EXPERIENCE AS COMMERCIAL AGENTS OR BROKERS, BY DESIGNATION


All

Commercial

Members

Counselors

of Real

Estate (CRE)

Accredited

Land

Consultant

(ALC)

Certified

International

Property

(CIPS)

Society of

Industrial

and Office

REALTORS®

(SIOR)

Certified

Property

Manager

(CPM)

Certified

Commercial

Investment

Member

(CCIM )

Hold no

designation

1 year or less 6% 14% 5% 9% 1% 8% 2% 11%

2 years 4 * * 8 * 5 3 6

3 years 4 * 5 4 * 1 2 4

4 years 4 * 7 1 * 1 2 5

5 years 3 * * 6 * 2 2 4

6 to 10 years 13 14 7 12 3 5 10 16

11 to 15 years 17 * 7 16 7 9 14 13

16 to 25 years 20 18 14 19 13 25 24 15

26 to 39 years 21 25 41 18 54 31 31 18

40 or more years 9 29 14 8 23 13 10 8

Median (years) 15 26 27 15 33 25 21 12




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Exhibit 1-14

REAL ESTATE AND COMMERCIAL REAL ESTATE EXPERIENCES OF NAR'S COMMERCIAL MEMBERS, BY GENDER


Male Female Male Female

1 year or less 3% 5% 6% 11%

2 years 3 2 4 5

3 years 2 5 2 6

4 years 2 3 3 6

5 years 2 5 3 6

6 to 10 years 12 19 12 15

11 to 15 years 12 18 12 18

16 to 25 years 19 21 20 15

26 to 39 years 30 20 25 17

40 or more years 17 4 13 2

Median (years) 25 14 20 11

Experience as Commercial Agent

or BrokerReal Estate Experience



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Exhibit 1-15

LENGTH OF MEMBERSHIP IN NATIONAL ASSOCIATION OF REALTORS®, BY LICENSE TYPE


Broker

Broker

Associate

Sales

Agent Appraiser

1 year or less 6% 4% * 13% 1%

2 years 4 2 2 8 1

3 years 4 2 3 7 2

4 years 4 2 3 8 *

5 years 3 3 2 4 4

6 to 10 years 13 12 9 17 5

11 to 15 years 17 14 25 18 7

16 to 25 years 20 21 23 13 28

26 to 39 years 21 28 20 11 28

40 or more years 9 13 9 2 21

Median (years) 15 26 16 10 25


Licensed AsNAR's

Commercial

Members



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Exhibit 1-16

MEMBERSHIP IN OTHER NATIONAL/INTERNATIONAL ASSOCIATIONS


2007 2009 2010 2011 2012 2013 2014 2015 2016

International Council of Shopping Centers (ICSC) 33% 14% 37% 37% 45% 33% 34% 34% 13%

Building Owners and Managers Association (BOMA) 9 6 12 16 15 8 8 12 4

The Appraisal Institute 9 5 20 18 16 11 11 10 4

The Urban Land Institute (ULI) 8 4 16 13 13 8 9 10 3

National Association of Industrial & Office

Properties (NAIOP)

11 5 13 13 12 6 7 8 3

CREW Network 5 2 10 7 8 5 5 7 2

U.S. Green Building Council (USGBC) NA NA NA 10 8 4 2 4 2

The International Real Estate Federation (FIABCI) NA NA 7 3 3 4 1 1 1

CoreNet Global 3 1 3 6 3 3 2 3 1American Hotel and Lodging Association (AHLA) NA NA NA 3 2 2 2 1 1

Royal Institution of Chatered Surveryors (RICS) NA NA 6 3 3 2 2 3 1

National Multi-Housing Council (NMHC) 1 1 7 4 4 2 2 3 *

Association of Foreign Investors in Real Estate

(AFIRE) NA NA NA 1 1 1 1 * *

American Resort Development Association (ARDA) NA NA NA 1 2 1 * * *

International Facilities Management Association

(IFMA)

1 1 * 2 *

1 1 1 *

American College of Real Estate Lawyers (ACREL) NA NA 1 * * * 1 * *

The American Institute of Architects (AIA) NA NA NA 1 1 * * * *

Other 34 41 12 50 10 42 41 36 8


NA=Data not available



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Exhibit 1-17

INFORMATION SOURCES NAR'S COMMERCIAL MEMBERS USE MOST


LoopNet 75%

NAR 43

CoStar In-House Research 35

Xceligent 23

Catalyst 17

CommercialSearch.com 15

Third Party Aggregators (Craig's List,

Apartments.com, Realtors.com 15

Local CIE 12REIS 11

CCIM/Net 6

Real Capital Analytics 6

CIMLS 6

CBRE Econometrics Advisors (formerly Torto

Wheaton Research) 4

Real Estate Research Corporation 3

COMMREX 2

Portfolio Strategy (formerly Property Portfolio

Research) *Rosen Consulting Group *

Plunkett Research *

Other 8


All Commercial

Members



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Chapter 2

In 2015, the median number of transactions for allcommercial members was nine, down from 11 in2014. Twenty-six percent reported having one to fourtransactions and 30 percent reported having morethan 20 transactions. Brokers typically had the mosttransactions and sales agents had the least. Nearly aquarter (24 percent) of members with less than twoyears of experience reported having no transactions in2015, compared to only three percent of memberswith three to five years of experience that had notransactions in the same year. Members with 16 ormore years of experience typically had the mosttransactions.

The median sales transaction volume in 2015 amongcommercial members who had a transaction was$2,931,000—an increase from the median salesvolume of $2,916,700 in 2014. Only eight percent ofcommercial members reported not having atransaction at all, which increased from six percent in2014. Brokers typically had a higher sales transactionvolume than sales agents. Experience in commercialreal estate and real estate overall both play a factor inthe sales transaction volume.

The median dollar value of sales transactions in 2015was $541,700, up from $521,700 in 2014. Agents withless than two years of experience had a median dollarvalue of sales transactions of $375,000 compared tothose with 26 years or more that had $760,900.Brokers had a higher median dollar value of salestransactions than broker associates and sales agentsat $620,000 compared to $444,400.

The median lease transaction volume in 2015 amongmembers who reported at least one transaction was$600,000, compared to $500,000 in 2014. Twenty-three percent of commercial members reported nothaving a lease transaction all year, up from 17 percentin 2014. Thirty percent of sales agents reportedhaving no transactions compared to only 19 percent ofbrokers. Brokers also had higher lease transaction

volumes than both broker associates and salesagents.

The median leasing dollar value for commercialmembers in 2015 was $221,200, compared to$203,800 in 2014. Brokers had higher dollar valuesper lease transaction compared to broker associates



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and sales agents. The leasing dollar value alsoincreased with years of experience as a commercialreal estate agent or broker.

The typical size of sales transactions in 2015 was13,109 square feet, down from 15,000 in 2014.Brokers typically sold larger properties than salesagents. The typical size of leasing transactions wastypically 4,500 square feet, down from 4,700 in 2014.Leasing size was fairly even among brokers, brokerassociates, and sales agents.

Commercial members who manage propertiestypically managed 50,000 total square feetrepresenting 17 total spaces in 2016, down from75,000 square feet and 20 spaces managed in 2015.Commercial members typically manage 20,000 totaloffice square feet representing five total offices in2016, down from 25,000 total office square feetrepresenting eight offices in the previous year.

Sixty-five percent of all commercial members didn’thave any international transactions in 2015, downfrom 68 in 2014. Nineteen percent of commercialmembers reported an increase in internationaltransactions (which is consistent with last year), whileonly one percent had a decrease. Fourteen percent ofcommercial members reported that internationaltransactions stayed about the same.



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Exhibit 2-1 NUMBER OF COMMERCIAL TRANSACTIONS, 2015

Exhibit 2-2 NUMBER OF COMMERCIAL TRANSACTIONS, 2015, BY EXPERIENCE

Exhibit 2-3 NUMBER OF COMMERCIAL TRANSACTIONS, 2015, BY DESIGNATION

Exhibit 2-4 SALES TRANSACTION VOLUME IN 2006-2015, BY LICENSE TYPE

Exhibit 2-5 SALES TRANSACTION VOLUME IN 2015, BY EXPERIENCEExhibit 2-6 SALES TRANSACTION VOLUME IN 2015, BY DESIGNATION

Exhibit 2-7 TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY LICENSE TYPE

Exhibit 2-8 TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY EXPERIENCE

Exhibit 2-9 TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY DESIGNATION

Exhibit 2-10 TYPICAL SIZE (IN SQUARE FEET) OF SALES TRANSACTIONS IN 2015, BY LICENSE TYPE

Exhibit 2-11 TYPICAL SIZE (IN SQUARE FEET) OF SALES TRANSACTIONS IN 2015, BY DESIGNATION

Exhibit 2-12 LEASE TRANSACTION VOLUME (GROSS LEASE DOLLARS) 2006-2015, BY LICENSE TYPE

Exhibit 2-13 LEASE TRANSACTION VOLUME (GROSS LEASE DOLLARS) 2006-2015, BY DESIGNATION

Exhibit 2-14 TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY LICENSE TYPE

Exhibit 2-15 TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY EXPERIENCE

Exhibit 2-16 TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY DESIGNATION

Exhibit 2-17 TYPICAL SIZE (IN SQUARE FEET) OF LEASING TRANSACTIONS IN 2015, BY LICENSE TYPE

Exhibit 2-18 TYPICAL SIZE (IN SQUARE FEET) OF LEASING TRANSACTIONS IN 2015, BY DESIGNATION

Exhibit 2-19 TYPICAL OFFICE SPACE MANAGED, AMONG MEMBERS WHO MANAGE PROPERTIES, BY LICENSE TYPE

Exhibit 2-20 TYPICAL SIZE (IN SQUARE FEET) OF LEASING TRANSACTIONS IN 2015, BY DESIGNATION

Exhibit 2-21 INTERNATIONAL COMMERCIAL TRANSACTIONS, 2015, BY LICENSE TYPE

Exhibit 2-22 INTERNATIONAL COMMERCIAL TRANSACTIONS, 2015, BY DESIGNATION



32/104


Exhibit 2-1

NUMBER OF COMMERCIAL TRANSACTIONS, 2015


Broker

Broker

Associate

Sales

Agent

None 7% 3% 5% 9%

1 to 4 26 23 29 32

5 to 9 19 20 19 21

10 to 14 13 13 10 14

15 to 19 7 9 8 6

20 or more 30 32 28 19

Median (transactions) 9 12 12 8

All

Commercial

Members

Licensed As



33/104


Exhibit 2-2

NUMBER OF COMMERCIAL TRANSACTIONS, 2015, BY EXPERIENCE


2 years or

less

3 to 5

years

6 to 15

years

16 to 25

years

26 years

or more

None 7% 24% 3% 5% 5% 5%

1 to 4 26 36 38 29 20 19

5 to 9 19 18 24 19 17 21

10 to 14 13 8 12 13 13 15

15 to 19 7 1 4 8 11 8

20 or more 30 13 19 26 35 33

Median (transactions) 9 8 12 13 17 16

Experience as a Commercial Real EstateAgent or BrokerAll

Commercial

Members



34/104


Exhibit 2-3

NUMBER OF COMMERCIAL TRANSACTIONS, 2015, BY DESIGNATION


All

Commercial

Members

Counselorsof Real

Estate

(CRE)

AccreditedLand

Consultant

(ALC)

CertifiedInternational

Property

(CIPS)

Society of

Industrialand office

Real Estate

(SIOR)

CertifiedProperty

Manager

(CPM)

Certified

CommercialInvestment

Member

(CCIM)

Hold n

designat

None 7% 5% 5% 6% 2% 9% 4% 9%

1 to 4 26 19 16 27 3 17 15 33

5 to 9 19 10 5 21 8 13 17 21

10 to 14 13 14 27 12 25 18 14 10

15 to 19 7 10 11 7 16 5 12 6

20 or more 30 43 35 27 46 38 39 22

Median (transactions) 9 18 16 11 17 17 16 8



35/104


Exhibit 2-4

SALES TRANSACTION VOLUME IN 2006-2015, BY LICENSE TYPE


Broker

Broker

Associate Sales Ag

Less than $100,000 15% 18% 8% 9% 8% 7% 7% 5% 6% 7% 4% 10%

$100,000 to $249,999 4 4 6 5 5 5 5 4 4 5 4 11

$250,000 to $499,999 5 5 7 8 5 8 5 6 5 5 4 8

$500,000 to $999,999 7 7 9 10 10 9 9 8 9 8 7 11

$1,000,000 to $1,999,999 17 15 13 16 12 14 12 13 14 12 15 16

$2,000,000 to $4,999,999 17 26 24 23 23 27 29 28 27 29 30 21

$5,000,000 or more 35 24 14 15 17 21 24 31 27 31 32 20

No transactions NA NA 19 15 22 9 9 6 8 7 4 10

Median (including those with

"no transactions") NA NA $1,067,000 $1,282,100 $1,058,300 $1,857,100 $2,103,400 $2,285,700 $2,444,400 $2,620,700 $3,200,000 $1,000,

Median (excluding those with

"no transactions") $2,248,700 $2,024,900 $1,767,900 $1,722,200 $2,010,500 $2,507,700 $2,554,700 $2,916,700 $2,931,000 $3,451,600 $3,312,500 $1,666,

Licensed As

20152013201220082006 2009 2010 2011 2014



36/104


Exhibit 2-5

SALES TRANSACTION VOLUME IN 2015, BY EXPERIENCE


2 years or

less

3 to 5

years

6 to 15

years

16 to 25

years

26 years

or more

2 years or

less

3 to 5

years

6 to 15

years

16 to 25

years

26 ye

or mo

Less than $100,000 25% 10% 6% 7% 3% 20% 8% 5% 6% 3%

$100,000 to $249,999 6 5 3 3 4 5 7 3 5 3

$250,000 to $499,999 8 14 7 4 3 9 9 6 6 3

$500,000 to $999,999 8 9 11 6 9 9 13 10 6 8

$1,000,000 to $1,999,999 14 15 18 14 12 14 22 14 12 12

$2,000,000 to $4,999,999 14 20 27 30 29 18 22 27 29 32

$5,000,000 or more 5 17 23 33 33 8 17 30 32 33

No transactions 21 9 5 4 8 18 4 7 6 7

Median (including those

with "no transactions") $200,000 $1,200,000 $2,000,000 $3,200,000 $3,137,900 $444,400 $1,409,100 $2,555,600 $2,931,000 $3,312

Median (excluding those

with "no transactions") $550,000 $1,411,800 $2,321,400 $3,600,000 $3,593,800 $909,100 $1,565,200 $3,178,600 $3,300,000 $3,676

Experience as a Commercial Real Estate

Agent or BrokerReal Estate Experience



37/104


Exhibit 2-6

SALES TRANSACTION VOLUME IN 2015, BY DESIGNATION


Counselorsof Real

Estate

(CRE)

AccreditedLand

Consultant

(ALC)

Certified

InternationalProperty

Specialists

(CIPS)

Society of

Industrial &Office Real

Estate

(SIOR)

CertifiedProperty

Manager

(CPM)

Certified


Member

(CCIM)

Hold

design

n

Less than $100,000 6% * 8% 8% * 6% 4% 7%

$100,000 to $249,999 4 5 3 4 2 6 4 4

$250,000 to $499,999 5 * * 3 2 4 5 6

$500,000 to $999,999 9 5 3 9 3 9 6 10

$1,000,000 to $1,999,999 14 11 16 10 6 4 11 16

$2,000,000 to $4,999,999 27 21 29 21 19 22 26 27

$5,000,000 or more 27 42 40 33 62 30 41 20

No transactions 8 16 3 11 6 19 4 7

Median (including those with "no

transactions") $2,444,400 $3,857,100 $3,000,000 $2,714,300 $6,935,500 $2,272,700 $3,846,200 $2,000,0Median (excluding those with "no

transactions") $2,931,000 $5,000,000 $4,069,000 $3,500,000 $7,272,700 $3,392,900 $4,222,200 $2,193,5


All

Commercial

Members



38/104


Exhibit 2-7

TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY LICENSE TYPE


Broker

Broker

Associate Sales Agent

Less than $100,000 7% 6% 5% 10%

$100,000 to $249,999 14 12 15 19

$250,000 to $499,999 27 26 31 27

$500,000 to $999,999 24 25 21 23

$1,000,000 to $1,999,999 12 14 12 9

$2,000,000 to $4,999,999 9 9 9 6

$5,000,000 or more 5 5 4 5

Median $541,700 $620,000 $491,900 $444,400

AllCommercial

Members

Licensed As



39/104


Exhibit 2-8

TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY EXPERIENCE


2 years or

less

3 to 5

years

6 to 15

years

16 to 25

years

26 years or

more

Less than $100,000 7% 19% 6% 7% 5% 5%

$100,000 to $249,999 14 18 25 15 15 9

$250,000 to $499,999 27 26 31 29 30 24

$500,000 to $999,999 24 14 23 25 26 23

$1,000,000 to $1,999,999 12 6 7 12 13 16

$2,000,000 to $4,999,999 9 9 3 7 7 13

$5,000,000 or more 5 5 3 4 2 7Median $541,700 $375,000 $403,200 $491,400 $500,000 $760,900



Commercial

Members



40/104


Exhibit 2-9

TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY DESIGNATION


Counselors

of Real

Estate (CRE)

AccreditedLand

Consultant

(ALC)

Certified


Specialists

(CIPS)

Society of


Estate

(SIOR)

CertifiedProperty

Manager

(CPM)

CertifiedCommercial

Investment

Member (CCIM)

Hold n

designat

Less than $100,000 7% 13% 3% 6% 2% 11% 5% 8%

$100,000 to $249,999 14 6 6 10 3 11 11 18

$250,000 to $499,999 27 19 29 28 3 18 24 29

$500,000 to $999,999 24 13 34 25 40 19 29 21

$1,000,000 to $1,999,999 12 6 17 12 17 16 14 11

$2,000,000 to $4,999,999 9 19 * 6 25 7 11 9

$5,000,000 or more 5 19 6 10 9 11 5 3

Median $541,700 $961,500 $676,500 $620,000 $1,117,600 $763,200 $672,400 $456,9


All

Commercial

Members



41/104


Exhibit 2-10

TYPICAL SIZE (IN SQUARE FEET) OF SALES TRANSACTIONS IN 2015, BY LICENSE TYPE


Broker

Broker

Associate

Sales

Agent

5,000 or less 35% 34% 36% 38%

5,000 to 24,999 37 38 40 35

25,000 to 49,999 9 11 8 8

50,000 to 99,999 5 5 6 5

100,000 to 249,999 5 6 1 3

250,000 to 499,999 2 1 1 3

500,000 to 999,999 2 1 2 21,000,000 or more 1 1 1 1

Median 13,100 13,400 12,000 11,900

All

Commercial

Members

Licensed As



42/104


Exhibit 2-11

TYPICAL SIZE (IN SQUARE FEET) OF SALES TRANSACTIONS IN 2015, BY DESIGNATION


Counselorsof Real

Estate

(CRE)

AccreditedLand

Consultant

(ALC)

Certified


Specialists

(CIPS)

Society ofIndustrial &

Office Real

Estate (SIOR)

CertifiedProperty

Manager

(CPM)

CertifiedCommercial

Investment

Member (CCIM)

Hold no

designat

5,000 or less 35% 19% 27% 33% 11% 18% 26% 42%

5,000 to 24,999 37 13 29 30 38 46 44 34

25,000 to 49,999 9 6 * 15 20 10 12 8

50,000 to 99,999 5 19 9 5 14 10 7 4

100,000 to 249,999 5 38 6 7 13 8 5 3

250,000 to 499,999 2 * 3 2 2 3 2 2

500,000 to 999,999 2 * 3 1 2 * 1 2

1,000,000 or more 1 * 15 1 * * 1 1

Median 13,100 81,900 20,900 16,300 26,300 18,900 15,900 9,700


All

Commercial

Members



43/104


Exhibit 2-12

LEASE TRANSACTION VOLUME (GROSS LEASE DOLLARS) 2006-2015, BY LICENSE TYPE


2006 2008 2009 2010 2011 2012 2013 2014 2015 Broker

Broker

Associate

Sal

AgeLess than $100,000 45% 39% 18% 24% 17% 18% 20% 18% 14% 12% 14% 18

$100,000 to $249,999 12 12 9 11 11 12 13 13 13 12 14 1

$250,000 to $499,999 11 11 6 9 8 10 9 11 9 9 9 8

$500,000 to $999,999 9 11 7 8 8 11 10 10 11 12 11 1

$1,000,000 to $1,999,999 9 9 7 7 8 10 9 10 9 9 14 8

$2,000,000 to $4,999,999 7 10 7 7 9 11 6 12 11 16 9 8

$5,000,000 or more 8 8 4 6 6 7 9 9 8 11 4 6

No transactions NA NA 42 25 34 21 24 17 23 19 23 30

Median (including those

with "no transactions") NA NA $45,000 $118,400 $93,100 $230,500 $169,200 $295,500 $250,000 $444,400 $239,300 $127

Median (excluding those

with "no transactions") $183,300 $244,300 $330,200 $145,000 $402,100 $476,400 $431,600 $500,000 $600,000 $800,000 $535,700 $437

Note: For multi-year lease terms, respondents included the total multi-year lease value. E.g., 3 year

lease that is $500,000 per year, should be recorded as $1,500,000.

Licensed As



44/104


Exhibit 2-13

LEASE TRANSACTION VOLUME (GROSS LEASE DOLLARS) 2006-2015, BY DESIGNATION


Counselorsof Real

Estate

(CRE)

AccreditedLand

Consultant

(ALC)

Certified


Specialists

(CIPS)

Society of


Estate

(SIOR)

CertifiedProperty

Manager

(CPM)

CertifiedCommercial

Investment

Member (CCIM)

Hold no

designati

Less than $100,000 14% * 23% 18% 3% 11% 11% 17%

$100,000 to $249,999 13 8 10 6 * 7 13 14

$250,000 to $499,999 9 * 7 11 3 7 8 10

$500,000 to $999,999 11 * 7 10 10 10 13 10

$1,000,000 to $1,999,999 9 * 7 10 13 5 11 10

$2,000,000 to $4,999,999 11 38 20 9 23 21 20 7

$5,000,000 or more 8 23 3 7 41 23 12 3

No transactions 23 31 26 28 7 17 13 29Median (including those with "no

transactions") $250,000 $2,868,400 $115,000 $115,000 $3,826,100 $900,000 $692,300 $142,90

Median (excluding those with "notransactions") $600,000 $4,127,300 $444,400 $535,700 $4,040,000 $2,230,800 $533,300 $375,00


All

Commercial

Members

Note: For multi-year lease terms, respondents included the total multi-year lease value. E.g., 3 year lease that is $500,000 per year, should

be recorded as $1,500,000.



45/104


Exhibit 2-14

TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY LICENSE TYPE


All Commercial

Members Broker

Broker


Less than $100,000 29% 28% 25% 34%

$100,000 to $249,999 26 26 31 24

$250,000 to $499,999 17 18 20 15

$500,000 to $999,999 12 12 11 12

$1,000,000 to $1,999,999 7 8 5 7

$2,000,000 to $4,999,999 6 6 8 6

$5,000,000 or more 2 2 * 2

Median $221,200 $226,900 $221,000 $200,000


Licensed As



46/104


Exhibit 2-15

TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY EXPERIENCE


2 years or

less

3 to 5

years

6 to 15

years

16 to 25

years

26 years or

more

Less than $100,000 29% 59% 46% 27% 24% 23%

$100,000 to $249,999 26 20 26 31 24 25

$250,000 to $499,999 17 7 15 17 22 17

$500,000 to $999,999 12 3 5 13 14 14

$1,000,000 to $1,999,999 7 2 3 5 7 11

$2,000,000 to $4,999,999 6 2 5 6 7 8

$5,000,000 or more 2 5 * 1 1 3Median $221,200 $84,700 $123,100 $211,300 $272,800 $279,400



Commercial

Members



47/104


Exhibit 2-16

TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY DESIGNATION


Counselors

of Real

Estate (CRE)

AccreditedLand

Consultant

(ALC)

Certified


Specialists

(CIPS)

Society of


Estate

(SIOR)

CertifiedProperty

Manager

(CPM)

CertifiedCommercial

Investment

Member (CCIM)

Hold n

designa

Less than $100,000 29% * 22% 35% * 25% 21% 36%

$100,000 to $249,999 26 22 26 22 21 19 27 27

$250,000 to $499,999 17 11 22 20 11 21 20 15

$500,000 to $999,999 12 22 4 7 28 15 14 9

$1,000,000 to $1,999,999 7 22 13 6 16 5 8 7

$2,000,000 to $4,999,999 6 22 13 8 15 11 7 4

$5,000,000 or more 2 * * 2 11 2 1 1

Median $221,200 $886,300 $272,800 $202,200 $821,400 $321,400 $275,000 $178,3


All

Commercial

Members



48/104


Exhibit 2-17

TYPICAL SIZE (IN SQUARE FEET) OF LEASING TRANSACTIONS IN 2015, BY LICENSE TYPE


Broker

Broker

Associate

Sales

Agent

5,000 or less 56% 55% 55% 56%

5,000 to 24,999 33 34 34 34

25,000 to 49,999 5 6 5 5

50,000 to 99,999 2 1 5 4

100,000 to 249,999 1 1 1 2

250,000 to 499,999 1 1 * *

500,000 to 999,999 * * * *

1,000,000 or more * 1 * *Median 4,500 4,600 4,600 4,500


AllCommercial

Members

Licensed As



49/104


Exhibit 2-18

TYPICAL SIZE (IN SQUARE FEET) OF LEASING TRANSACTIONS IN 2015, BY DESIGNATION


Counselors

of Real

Estate (CRE)

AccreditedLand

Consultant

(ALC)

Certified


Specialists

(CIPS)

Society ofIndustrial &

Office Real

Estate (SIOR)

CertifiedProperty

Manager

(CPM)

Certified


Member

(CCIM)

Hold no

designati

5,000 or less 56% 33% 52% 51% 16% 59% 49% 63%

5,000 to 24,999 33 44 26 37 48 32 40 28

25,000 to 49,999 5 11 9 7 23 3 7 4

50,000 to 99,999 2 11 9 2 9 4 2 1

100,000 to 249,999 1 * * 3 4 * 1 1

250,000 to 499,999 1 * * * * 1 1 *

500,000 to 999,999 * * * * * * * *

1,000,000 or more * * 4 * * * * *

Median 4,500 12,700 4,800 4,900 19,200 4,200 5,500 4,000


All

Commercial

Members



50/104


Exhibit 2-19

TYPICAL OFFICE SPACE MANAGED, AMONG MEMBERS WHO MANAGE PROPERTIES, BY LICENSE TYPE

(Medians)

All Commercial

Members Broker

Broker


Total typical square feet managed 50,000 50,000 40,000 50,000

Total typical number of spaces managed 17 20 14 16

Total typical office square feet managed 20,000 25,000 10,000 13300

Total typical number of offices managed 5 5 6 7

Licensed As



51/104


Exhibit 2-20

TYPICAL SIZE (IN SQUARE FEET) OF LEASING TRANSACTIONS IN 2015, BY DESIGNATION

(Medians)

Counselors

of Real

Estate

(CRE)

Accredited

Land

Consultant

(ALC)

Certified

International

Property

Specialists

(CIPS)

Society of

Industrial &

Office Real

Estate

(SIOR)

Certified

Property

Manager

(CPM)

Certified

Commercial

Investment

Member (CCIM)

Hold n

designa

Total typical square feet managed 50,000 120,000 49,000 25,000 149,000 400,000 82,300 30,50

Total typical number of spaces managed 17 4 10 9 15 45 20 15

Total typical office square feet managed 20,000 135,000 40,00 8,300 400,000 197,300 31,800 10,00

Total typical number of offices managed 5 4 4 5 5 18 7 4

All

Commercial

Members



52/104


Exhibit 2-21

INTERNATIONAL COMMERCIAL TRANSACTIONS, 2015, BY LICENSE TYPE


Broker

Broker

Associate Sales Agent Appraisal

No international transactions 65% 70% 60% 55% 88%

An increase in international

transactions from previous year 19 16 23 27 5

About the same 14 12 15 17 7

A decrease in international

transactions from previous year 1 1 2 1 *


Licensed As

All Commercial

Members



53/104


Exhibit 2-22

INTERNATIONAL COMMERCIAL TRANSACTIONS, 2015, BY DESIGNATION


Counselorsof Real

Estate

(CRE)

AccreditedLand

Consultant

(ALC)

Certified


Specialists

(CIPS)

Specialist of


Estate

(SIOR)

CertifiedProperty

Manager

(CPM)

CertifiedCommercial

Investment

Member (CCIM)

Hold no

designati

No international transactions 65% 67% 55% 40% 56% 73% 65% 67%

An increase in international

transactions from previous year 19 17 19 33 28 13 22 19

About the same 14 17 21 24 14 13 13 13

A decrease in international

transactions from previous year 1 * 5 3 1 1 1 1


All

Commercial

Members

Designation



54/104

Chapter 3

Commercial members had a median annual grossincome of $108,800 in 2015, down from $126,900 in2014 which was the highest reported level since 2006.

A decrease in income may be associated with thelarge number of new commercial members enteringthe industry. Brokers and appraisers tend to report thehighest median annual incomes, while sales agentsreport the lowest among licensees. Those with lessthan two years of experience reported a medianannual income of $43,400 in 2015, down from$67,200 in 2014; those with more than 26 years ofexperience reported a median annual income of$165,400 in 2015, up from $162,800 in 2014. Menreported a median annual income of $129,200compared to women at $81,300. Agents that workedless than 20 hours reported a median annual incomeof $21,600 and those that worked 60 hours or morereported a median annual income of $163,200.

Seventy-nine percent of commercial membersreported working at least 40 hours a week, down from82 percent last year. Appraisers and brokers workedthe most hours compared to sales agents whoreported working fewer hours per week. Men andwomen reported working roughly the same number ofhours per week. Agents with six to 15 years ofexperience reported working the most hours per week,while agents with less than two years of experienceand 26 years or more of experience worked the least.

Most commercial members are compensated on acommission basis. Consistent with last year, 42percent of commercial members are compensatedthrough a percentage split commission, whereby thecommission is split between the sales/leasingrepresentative and the broker or broker’s office. Overhalf of broker associates and sales agents work on apercentage commission split, whereas 42 percent ofappraisals work on a fee-for-service basis. Morefemales work on a percentage commission split thanmales and males tend to work on a 100 percentcommission basis. Agents with three to five years of

experience reported the highest rate of commissionsplit at 53 percent; whereas agents with six to 15years of experience reported the highest rate of 100percent commission compensation structure.

Sixty-five percent of NAR’s commercial membersderive 50 percent or more of their annual income fromthe real estate industry. The median amount ofincome from commercial activity that agents reported



55/104

is 75 percent. Appraisers and brokers derive more oftheir income from commercial activity compared tobroker associates and sales agents. Twelve percent offemales said they had no income from commercialactivity compared to only four percent of men. Womenderived a greater share of their income from othersources than men. The median amount of incomewomen brought in from all types of commercialactivities was 59 percent, compared to men whoderived 76 percent of their income from commercialactivities. The total amount of income an agentderives from commercial activity increases withexperience.

A total of 70 percent of commercial members derived50 percent or more of their income in 2015 fromcommercial sales. Broker associates and sales agentsderived more from commercial sales for their incomethan brokers and appraisers. Commercial sales alsocontributed to the annual income of women more sothan men. Agents with less work experience reliedmore heavily on commercial sales for their incomethan agents with more experience.

Thirteen percent of respondents did not derive incomefrom commercial real estate leasing in 2015. Only 27percent derived at least half to all of their income fromleasing properties in 2015. Fifty percent of appraisershad no income from leasing activity. Forty-one percentof commercial members drew no income fromproperty management activity. Property managers’activity increases with years of experience.

The majority—52 percent—of commercial membersreported working in a firm that is local, consistent withlast year. More brokers worked in a local firm thanbroker associates. In each firm, there were likely moreresidential than commercial brokers and agents at 46percent, slightly up from 44 percent in 2015. Aboutone third of firms had commercial agents only, thesame as last year. Brokers were more likely to work ata firm that had commercial agents only, whereasbroker associates worked at firms that had moreresidential agents than commercial brokers and

agents. Forty percent of all commercial members in2016 work at a firm that has between two and fivecommercial sales agents, leasing agents, or brokers,up from 24 percent last year. Twenty percent reportedthat they were the only commercial agent in the firm.Fifty-three percent of appraisers are the only appraiserin their firm, compared to only seven percent of brokerassociates.



56/104

Twenty-nine percent of commercial members work inan area with a population base of 249,999 or less, and29 percent also work in an area where the populationbase is 2,000,000 or more people.

Ninety percent of commercial members earned somepersonal income from commercial real estateinvestments, up from 87 percent last year. Twenty-twopercent of commercial members made at least 50percent of their personal income from their personalinvestment in commercial real estate, up from 18percent in 2015.

Three-fourths (75 percent) of commercial membersnoted that they had seen an increase of businessesopening in their community in the last year. Fifty-sixpercent said that they did not see an increase ofbusinesses closing in their communities. Two-thirds(63 percent) also reported that more businesses areopening in their communities than closing. NARcommercial members thus have the perception thatbusiness is on the rise and there is local economicdevelopment occurring in their markets.

Sixty-five percent of members reported that they werenot involved in the transfer of ownership and control ofa business. Only two percent of commercial membersare registered with the Securities and ExchangeCommission (SEC) or the local state's securitiesregulator as a Mergers and Acquisition (M&A) broker-dealer.



57/104


Exhibit 3-1 INCOME FROM REAL ESTATE ACTIVITIES—ANNUAL GROSS PERSONAL INCOME, 2006-2015, BY LICENS

TYPE

Exhibit 3-2 INCOME FROM REAL ESTATE ACTIVITIES—ANNUAL GROSS PERSONAL INCOME, 2015, BY GENDER,

EXPERIENCE, AND WORK HOURS

Exhibit 3-3 INCOME FROM REAL ESTATE ACTIVITIES—ANNUAL GROSS PERSONAL INCOME, 2015, BY DESIGNATIO

Exhibit 3-4 HOURS WORKED PER WEEK, BY LICENSE TYPE

Exhibit 3-5 HOURS WORKED PER WEEK, BY GENDER AND EXPERIENCE

Exhibit 3-6 COMPENSATION STRUCTURES FOR NAR'S COMMERCIAL MEMBERS, 2015, BY LICENSE TYPE

Exhibit 3-7

COMPENSATION STRUCTURES FOR NAR'S COMMERCIAL MEMBERS, 2015, BY GENDER AND EXPERIEN

Exhibit 3-8 COMPENSATION STRUCTURES FOR NAR'S COMMERCIAL MEMBERS, 2015, BY DESIGNATION

Exhibit 3-9 SHARE OF ANNUAL INCOME FROM ALL TYPES OF COMMERCIAL ACTIVITIES, 2015, BY LICENSE TYPE

Exhibit 3-10 SHARE OF ANNUAL INCOME FROM ALL TYPES OF COMMERCIAL ACTIVITIES, 2015, BY GENDER AND

EXPERIENCE

Exhibit 3-11 SHARE OF ANNUAL INCOME FROM ALL TYPES OF COMMERCIAL ACTIVITIES, 2015, BY DESIGNATIONExhibit 3-12 SHARE OF ANNUAL INCOME FROM COMMERCIAL SALES ACTIVITY, 2015, BY LICENSE TYPE

Exhibit 3-13

SHARE OF ANNUAL INCOME FROM COMMERCIAL SALES ACTIVITY, 2015, BY GENDER AND EXPERIENC

Exhibit 3-14 SHARE OF ANNUAL INCOME FROM COMMERCIAL SALES ACTIVITY, 2015, BY DESIGNATION

Exhibit 3-15 SHARE OF ANNUAL INCOME FROM COMMERCIAL LEASING ACTIVITY, 2015, BY LICENSE TYPE

Exhibit 3-16 SHARE OF ANNUAL INCOME FROM COMMERCIAL LEASING ACTIVITY, 2015, BY GENDER AND

EXPERIENCE

Exhibit 3-17 SHARE OF ANNUAL INCOME FROM COMMERCIAL LEASING ACTIVITY, 2015, BY DESIGNATION

Exhibit 3-18 SHARE OF ANNUAL INCOME FROM COMMERCIAL PROPERTY MANAGEMENT ACTIVITY, 2015, BY LICE

TYPE

Exhibit 3-19 SHARE OF ANNUAL INCOME FROM COMMERCIAL PROPERTY MANAGEMENT, 2015, BY GENDER AND

EXPERIENCE

Exhibit 3-20

SHARE OF ANNUAL INCOME FROM COMMERCIAL PROPERTY MANAGEMENT, 2015, BY DESIGNATION

Exhibit 3-21 COMMERCIAL FIRM AFFILIATION

Exhibit 3-22 FIRM CHARACTERISTICS, BY LICENSE TYPE

Exhibit 3-23 FIRM COMPOSITION, BY LICENSE TYPE

Exhibit 3-24 NUMBER OF ACTIVE COMMERCIAL SALES/LEASING AGENTS OR BROKERS, OR PROPERTY MANAGEME

PROFESSIONALS IN THE FIRM, BY LICENSE TYPE

Exhibit 3-25 POPULATION BASE IN THE MARKET WHERE REAL ESTATE IS PRACTICED, BY LICENSE TYPE

Exhibit 3-26 PERSONAL INVESTMENT IN COMMERCIAL REAL ESTATE AS A PERCENTAGE OF PERSONAL INCOME IN2015, BY LICENSE TYPE

Exhibit 3-27 INCREASE OF BUSINESSES CLOSINGS IN YOUR COMMUNITY WITHIN THE LAST YEAR

Exhibit 3-28 INVOLVED IN ANY TRANSACTIONS CONNECTED WITH THE TRANSFER OF OWNERSHIP AND CONTROL O

BUSINESS

Exhibit 3-29 MARKET CONDITIONS OF BUSINESSES WITHIN THE LAST YEAR

Exhibit 3-30 INVOLVED IN ANY TRANSACTIONS CONNECTED WITH THE TRANSFER OF OWNERSHIP AND CONTROL O

BUSINESS

Exhibit 3-31 REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC) AND/OR LOCAL STATE'S

SECURITIES REGULATOR AS A MERGERS AND ACQUISITION (M&A) BROKER-DEALER



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Exhibit 3-1

INCOME FROM REAL ESTATE ACTIVITIES—ANNUAL GROSS PERSONAL INCOME, 2006-2015, BY LICENSE TYPE


2011 2012 2013 2014 2015Broker

Broker

Associate

Sales

Agent App

Less than $25,000 11% 13% 23% 19% 14% 12% 12% 9% 12% 8% 7% 21% 8

$25,000 to $49,999 11 12 16 16 15 13 14 10 12 8 10 20 1

$50,000 to $99,999 24 25 28 30 29 31 26 24 24 23 26 26 2

$100,000 to $249,999 33 34 23 28 30 32 33 39 34 36 42 25 3

$250,000 to $499,999 13 12 7 6 9 9 11 12 13 18 11 6 1

$500,000 to $1,000,000 5 3 2 2 2 2 3 3 3 5 3 2

More than $1,000,000 2 1 * 1 1 1 1 2 1 1 1 1

Median $115,600 $99,900 $68,600 $76,500 $86,000 $90,200 $96,200 $126,900 $108,800 $145,800 $125,000 $67,300 $13

*Less than one percent

20082006 2009 2010

Licensed As



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Exhibit 3-2

INCOME FROM REAL ESTATE ACTIVITIES—ANNUAL GROSS PERSONAL INCOME, 2015, BY GENDER, EXPERIENCE, AND WORK HOURS


Male Female2 yearsor less

3 to 5years

6 to 15years

16 to 25years

26 yearsor more

Less than20 hours

20 to 39hours

40 to 59hours

60 hor m

Less than $25,000 12% 11% 13% 36% 10% 11% 11% 5% 58% 21% 9% 6%

$25,000 to $49,999 12 11 17 19 24 14 7 7 12 21 12 9

$50,000 to $99,999 24 21 32 25 30 25 23 21 12 25 27 1

$100,000 to $249,999 34 36 31 16 29 37 37 39 14 26 37 3

$250,000 to $499,999 13 16 5 4 5 11 16 20 4 6 13 2

$500,000 to $1,000,000 3 4 1 * 2 2 5 5 * 1 3 7

More than $1,000,000 1 1 * * * * 1 2 * 1 1 2

Median $108,800 $129,200 $81,300 $43,400 $76,700 $100,000 $136,500 $165,400 $21,600 $66,000 $108,100 $163



Agent or Broker

All

CommercialMembers

Gender Work Hours



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Exhibit 3-3

INCOME FROM REAL ESTATE ACTIVITIES—ANNUAL GROSS PERSONAL INCOME, 2015, BY DESIGNATION


Counselorsof Real

Estate

(CRE)

AccreditedLand

Consultant

(ALC)

CertifiedInternational

Property

(CIPS)

Society of

Industrial andOffice

REALTORS®

(SIOR)

CertifiedProperty

Manager

(CPM)

Certified


Member

(CCIM)

Hold no

designation

Less than $25,000 12% 7% 9% 18% 2% 11% 6% 15%

$25,000 to $49,999 12 * 3 12 2 4 8 16

$50,000 to $99,999 24 20 21 21 4 22 23 26

$100,000 to $249,999 34 40 24 26 38 47 38 32

$250,000 to $499,999 13 27 30 17 34 12 19 10

$500,000 to $1,000,000 3 7 12 4 18 3 6 1

More than $1,000,000 1 * * 3 2 1 2 *

Median $108,800 $186,300 $206,300 $97,600 $279,400 $141,500 $151,300 $86,500


All

Commercial

Members



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Exhibit 3-4

HOURS WORKED PER WEEK, BY LICENSE TYPE


Broker

Broker

Associate

Sales

Agent Appraisal

Less than 20 hours 4% 4% 4% 5% 3%

20 to 39 hours 16 16 19 18 6

40 to 59 hours 57 58 62 53 56

60 hours or more 22 22 16 24 35

All

Commercial

Members

Licensed As



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Exhibit 3-5

HOURS WORKED PER WEEK, BY GENDER AND EXPERIENCE


Male Female

2 years

or less

3 to 5

years

6 to 15

years

16 to 25

years

26 years

or more

Less than 20 hours 4% 4% 4% 7% 5% 4% 3% 4%

20 to 39 hours 16 15 17 19 15 13 16 18

40 to 59 hours 57 58 54 57 61 59 58 56

60 hours or more 22 23 25 17 19 24 23 23

Experience as a Commercial Real EstateAgent or Broker

All

Commercial

Members

Gender



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Exhibit 3-6

COMPENSATION STRUCTURES FOR NAR'S COMMERCIAL MEMBERS, 2015, BY LICENSE TYPE


Broker

Broker

Associate

Sales

Agent Appraisal

Percentage commission split 42% 31% 56% 56% 16%

100% commission 35 41 33 30 20

Fee for service 5 5 * 1 42

Salary plus a share of profits 5 6 2 3 11

Straight salary 5 4 2 6 5

Commission plus a share of profits 4 6 4 2 5

Commission plus salary 4 5 3 3 1

Share of profits only 1 2 * * 1


Licensed AsAll

Commercial

Members



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Exhibit 3-7

COMPENSATION STRUCTURES FOR NAR'S COMMERCIAL MEMBERS, 2015, BY GENDER AND EXPERIENCE


Male Female

2 years

or less

3 to 5

years

6 to 15

years

16 to 25

years

26 ye

or mo

Percentage commission split 42% 38% 49% 44% 53% 46% 37% 37%

100% commission 35 39 29 33 30 38 34 35

Fee for service 5 5 2 7 2 1 6 6

Salary plus a share of profits 5 4 3 4 2 4 7 6

Straight salary 5 3 7 8 4 3 6 4

Commission plus a share of profits 4 4 3 1 2 3 4 7

Commission plus salary 4 4 7 2 6 3 5 4Share of profits only 1 2 * 1 1 1 1 2



All

Commercial

Members

Gender



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Exhibit 3-8

COMPENSATION STRUCTURES FOR NAR'S COMMERCIAL MEMBERS, 2015, BY DESIGNATION


Counselors

of Real

Estate (CRE)

Accredited

Land

Consultant

(ALC)

Certified

International

Property (CIPS)

Society of

Industrial and

Office

REALTORS®

(SIOR)

Certified

Property

Manager

(CPM)

Certified

Commercial

Investment

Member

(CCIM)

Hold n

designa

Percentage commission split 42% 23% 56% 50% 24% 13% 33% 49%

100% commission 35 20 33 36 51 19 41 33

Fee for service 5 20 2 3 1 8 3 5

Salary plus a share of profits 5 17 2 2 7 19 6 3

Straight salary 5 7 2 * 3 29 4 3

Commission plus a share of profits 4 10 5 5 9 7 7 3

Commission plus salary 4 3 * 5 4 6 5 4

Share of profits only 1 * * * 1 * 1 2


All

Commercial

Members



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Exhibit 3-9

SHARE OF ANNUAL INCOME FROM ALL TYPES OF COMMERCIAL ACTIVITIES, 2015, BY LICENSE TYPE


Broker

Broker


None 6% 4% 5% 12% 3%

1 to 24% 18 16 17 21 21

25 to 49% 11 11 13 10 6

50 to 74% 14 15 15 14 8

75 to 100% 51 54 50 44 63

Median 75% 77% 75% 63% 80%

Licensed As

All Commercial

Members



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Exhibit 3-10

SHARE OF ANNUAL INCOME FROM ALL TYPES OF COMMERCIAL ACTIVITIES, 2015, BY GENDER AND EXPERIENCE


Male Female

2 years or

less

3 to 5

years

6 to 15

years

16 to 25

years

26 yea

or mo

None 6% 4% 12% 26% 5% 5% 5% 4%

1 to 24% 18 17 21 24 23 22 22 11

25 to 49% 11 10 13 7 14 13 13 12

50 to 74% 14 16 11 12 18 12 12 16

75 to 100% 51 53 44 32 41 50 50 57

Median 75% 76% 59% 24% 61% 71% 71% 78%


All

Commercial

Members

Gender



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Exhibit 3-11

SHARE OF ANNUAL INCOME FROM ALL TYPES OF COMMERCIAL ACTIVITIES, 2015, BY DESIGNATION


Counselors

of Real

Estate

(CRE)

Accredited

Land

Consultant

(ALC)

Certified

International

Property (CIPS)

Society of

Industrial and

Office

REALTORS®

(SIOR)

Certified

Property

Manager

(CPM)

Certified

Commercial

Investment

Member

(CCIM)

Hold no

designation

None 6% 6% 3% 5% 2% 6% 2% 9%

1 to 24% 18 6 8 23 * 5 5 24

25 to 49% 11 19 8 11 2 9 10 12

50 to 74% 14 19 22 23 14 14 15 13

75 to 100% 51 50 60 38 83 67 69 41

Median 75% 75% 79% 62% 85% 81% 82% 60%


All

Commercial

Members



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Exhibit 3-12

SHARE OF ANNUAL INCOME FROM COMMERCIAL SALES ACTIVITY, 2015, BY LICENSE TYPE


Broker

Broker


None 8% 6% 5% 8% 31%

1 to 24% 9 11 4 7 28

25 to 49% 13 15 11 12 8

50 to 74% 23 24 32 18 8

75 to 100% 47 44 48 56 26

Median 72% 69% 73% 77% 17%


Licensed As

All Commercial

Members



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Exhibit 3-13

SHARE OF ANNUAL INCOME FROM COMMERCIAL SALES ACTIVITY, 2015, BY GENDER AND EXPERIENCE


Male Female

2 years or

less

3 to 5

years

6 to 15

years

16 to 25

years

26 years

or more

None 8% 8% 8% 20% 8% 6% 6% 6%

1 to 24% 9 9 9 8 6 9 6 13

25 to 49% 13 14 12 5 9 14 13 16

50 to 74% 23 25 16 10 17 23 30 25

75 to 100% 47 44 55 57 60 48 45 40

Median 72% 69% 77% 78% 79% 73% 71% 65%


Commercial

Members

Gender



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Exhibit 3-14

SHARE OF ANNUAL INCOME FROM COMMERCIAL SALES ACTIVITY, 2015, BY DESIGNATION


Counselors

of Real

Estate

(CRE)

Accredited

Land

Consultant

(ALC)

Certified

International

Property

(CIPS)

Society of

Industrial and

Office

REALTORS®

(SIOR)

Certified

Property

Manager

(CPM)

Certified

Commercial

Investment

Member

(CCIM)

Hold no

designation

None 8% 18% 6% 5% 4% 28% 5% 7%

1 to 24% 9 9 * 2 4 16 8 10

25 to 49% 13 36 13 15 35 16 17 11

50 to 74% 23 27 22 31 41 21 30 18

75 to 100% 47 9 59 48 15 19 39 54

Median 72% 41% 79% 73% 54% 34% 67% 77%


All

Commercial

Members



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Exhibit 3-15

SHARE OF ANNUAL INCOME FROM COMMERCIAL LEASING ACTIVITY, 2015, BY LICENSE TYPE


Broker

Broker


None 13% 12% 7% 14% 50%

1 to 24% 29 29 30 28 39

25 to 49% 30 33 35 25 8

50 to 74% 15 16 17 17 *

75 to 100% 12 12 11 16 3

Median 32% 32% 34% 33% 0%


Licensed AsAll

Commercial

Members



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Exhibit 3-16

SHARE OF ANNUAL INCOME FROM COMMERCIAL LEASING ACTIVITY, 2015, BY GENDER AND EXPERIENCE


Male Female

2 years or

less

3 to 5

years

6 to 15

years

16 to 25

years

26 years

or more

None 13% 11% 20% 36% 14% 10% 13% 11%

1 to 24% 29 30 27 24 33 27 26 33

25 to 49% 30 32 21 13 20 32 37 31

50 to 74% 15 17 12 10 17 14 17 16

75 to 100% 12 10 19 18 16 17 8 8

Median 32% 32% 39% 14% 29% 35% 32% 30%


All

Commercial

Members

Gender



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Exhibit 3-17

SHARE OF ANNUAL INCOME FROM COMMERCIAL LEASING ACTIVITY, 2015, BY DESIGNATION


Counselors

of Real

Estate

(CRE)

Accredited

Land

Consultant

(ALC)

Certified

International

Property (CIPS)

Society of

Industrial and

Office

REALTORS®

(SIOR)

Certified

Property

Manager

(CPM)

Certified

Commercial

Investment

Member

(CCIM)

Hold no

designation

None 13% 30% 13% 12% * 19% 7% 17%

1 to 24% 29 20 46 29 17 24 30 30

25 to 49% 30 20 8 31 37 43 29 25

50 to 74% 15 30 25 19 37 10 17 13

75 to 100% 12 * 8 9 9 5 8 15

Median 32% 24% 20% 32% 47% 29% 36% 28%


All

Commercial

Members



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Exhibit 3-18


Broker

Broker


None 41% 35% 44% 50% 61%

1 to 24% 29 31 33 20 29

25 to 49% 12 16 8 8 7

50 to 74% 8 9 10 7 *

75 to 100% 11 10 5 15 3

Median 8% 12% 5% 0% 0%


Licensed AsAll

Commercial

Members

SHARE OF ANNUAL INCOME FROM COMMERCIAL PROPERTY MANAGEMENT ACTIVITY, 2015, BY LICENSE

TYPE



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Exhibit 3-19


Male Female

2 years or

less

3 to 5

years

6 to 15

years

16 to 25

years

26 years

or more

None 41% 39% 48% 70% 54% 43% 34% 33%

1 to 24% 29 32 16 7 16 30 27 35

25 to 49% 12 13 10 4 12 12 14 14

50 to 74% 8 8 5 2 2 8 12 8

75 to 100% 11 9 20 17 16 7 14 10

Median 8% 9% 4% 0% 0% 6% 15% 12%


Agent or BrokerAll

Commercial

Members

Gender

SHARE OF ANNUAL INCOME FROM COMMERCIAL PROPERTY MANAGEMENT, 2015, BY GENDER AND

EXPERIENCE



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Exhibit 3-20


Counselors

of Real

Estate

(CRE)

Accredited

Land

Consultant

(ALC)

Certified

International

Property

(CIPS)

Society of

Industrial and

Office

REALTORS®

(SIOR)

Certified

Property

Manager

(CPM)

Certified

Commercial

Investment

Member

(CCIM)

Hold no

designation

None 41% 40% 38% 46% 45% 12% 30% 49%

1 to 24% 29 40 31 23 40 17 40 25

25 to 49% 12 10 6 11 10 12 17 11

50 to 74% 8 10 19 14 * 14 9 6

75 to 100% 11 * 6 6 5 45 4 9

Median 8% 7% 10% 5% 4% 66% 13% 2%


All

Commercial

Members

SHARE OF ANNUAL INCOME FROM COMMERCIAL PROPERTY MANAGEMENT, 2015, BY DESIGNATION



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Exhibit 3-21

COMMERCIAL FIRM AFFILIATION


Independent-not affiliated with a firm 43%

KW Commercial 5

Coldwell Banker Commercial 5

Re/Max Commercial 4

Berkshire Hathaway 3

NAI Global 2

Century 21 Commercial 2

CB Richard Ellis 1

Cushman & Wakefield 1

Colliers International 1

Sperry Van Ness 1

Transwestern Commercial Services *

Marcus & Millichap *

ERA Commercial Investment Network *

TCN Worldwide *

Newmark Grubb Knight *

Duke Realty Corporation *

Jones Lang LaSalle *

Lee and Associates *

Trammell Crow *

Tishman Speyer *Studley *

DTZ *

GVA Worldwide *

Hines *

Insignia/ESG *

Lend Lease *

Molinaro Koger *

ONCOR Interna

The 2015 NATIONAL ASSOCIATION OF REALTORS® Commercial Member Profile

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Transcript of The 2015 NATIONAL ASSOCIATION OF REALTORS® Commercial Member Profile