The 2015 NATIONAL ASSOCIATION OF REALTORS® Commercial Member Profile

2 01 6 L E AD E R S HI P TE AM
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 Liaison
Dan 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
NAR RESEARCH STAFF

Lawrence Yun, Ph.D.
Chief Economist and Senior Vice President
Caroline Van Hollen
Manager, Budget Administration and Strategic
Planning
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 Research
and Communications
Meredith Dunn
Research Communications Manager
Brandi Snowden
Research Survey Analyst
Amanda Riggs
Brian Horowitz
CONTENTS
Introduction
Highlights
Chapter 1
Chapter 2
29
Chapter 3
54
Chapter 4
89
Methodology
101
Introduction
The 2016 NATIONAL ASSOCIATION OF
REALTORS Commercial Member Profile details the
business and demographic characteristics of NAR
commercial members. Commercial members have
expertise in the field of commercial real estate and
have experience working with many property types.
In 2015, there was a consistent rise in new members
to NARs membership across the board. This is
evident by the increase of new commercial members
with less than two years of experience, which nearly
doubled to nine percent up from five percent in 2015.
The median years of experience in real estate
dropped to 15 years in 2016 from 20 years in 2015, as
did the median years of experience of commercial
members in commercial real estate to 20 years in
2016 down from 25 years in 2015.
With an increase in new commercial members, we
see a shift in the license type of our members. Fortyseven percent of NARs commercial members
reported being brokers in 2016, which is down from 59
percent in 2015. Licensed sales agents make up 31
percent of membership, which is up from 24 percent
last year. Seventeen percent of commercial members
have a broker associate license, which is down from
20 percent in 2015. Appraisal license holders account
for 5 percent, which is consistent with last year.
While the number of transactions decreased slightly in
2015, the sales volume increased. In 2015, the
median number of transactions for all commercial
members was nine, down from 11 in 2014. Twenty-six
percent reported having one to four transactions and
30 percent reported having more than 20 transactions.
The median sales transaction volume in 2015 among
members who had a transaction was $2,931,000an
increase from the median sales transaction volume of
$2,916,700 in 2014. Only eight percent of commercial
members reported not having a transaction at all,
which increased from six percent in 2014, likely due to
the new members in commercial real estate.
The median dollar value of sales transactions in 2015
was $541,700, up from $521,700 in 2014. The median
lease transaction volume in 2015 among members
who reported at least one transaction was $600,000,

compared to $500,000 in 2014. The median leasing
dollar value for commercial members in 2015 was
$221,200, compared to $203,800 in 2014.
Commercial members had a median annual gross
income of $108,800 in 2015, down from $126,900 in
2014, which was the highest reported level since
2006. A decrease in income may be associated with
the large number of new commercial members
entering the industry.
In 2016, the typical commercial member is 60 years
old, unchanged from 2015. At 73 percent, the majority
of commercial members are male, down from 75
percent last year.
Highlights
Business Characteristics of NAR Commercial
Members
Forty-seven percent of NARs commercial
members are brokers (down from 59 percent in 2015),
and licensed sales agents make up 31 percent (up
from 24 percent last year).
Sixty percent (up from 55 percent in 2015)
respondents have commercial designations.
Residential real estate is the most cited primary
business specialty of commercial members and
investment sales is the second most common primary
specialty. Residential real estate and investment sales
are both the most cited secondary business specialty.
Commercial members typically have been in real
estate 20 years, down from 25 years in 2015, and in
commercial real estate for 15 years, down from 20
years in 2015. They have been members of NAR for
15 years, down from 20 years in the previous year.
Business Activities of NAR Commercial Members

Commercial members completed a median of nine
transactions in 2015, down from 11 in 2014.
The median sales transaction volume in 2015 for
members who had a transaction was $2,931,000an
increase from the median sales volume of $2,916,700
in 2014.
The median gross leasing volume was $600,000
in 2015an increase from the $500,000 in 2014.
Business Revenue and Firm Affiliation
The median gross annual income of commercial
members was $108,800 in 2015, down from $126,900
in 2014 and up from $96,200 in 2013.
Seventy-nine percent of commercial members
work at least 40 hours a week.
Sixty-five percent of commercial members of NAR

derived 50 percent or more of their income from all
commercial real estate in 2015.
Fifty-two percent of members work for a local
commercial real estate firm.
Demographic Characteristics of NAR Commercial
Members
The median age of commercial members is 60
years old, unchanged from 2015.
Seventy-three percent of the practitioners are
male.
Sixty-nine percent of commercial members have a
bachelors degree or higher.
Seventy-six percent of commercial members are
married.
Chapter 1
Forty-seven percent of NARs commercial members
are brokers (down from 59 percent in 2015), and
licensed sales agents make up 31 percent (up from 24
percent last year). Seventeen percent of commercial
members have a broker associate license (down from
20 percent last year) while appraisal license holders
account for 5 percent, consistent with last year.
Among the new members to NAR, sales agents made
up the majority at 72 percent of members reporting
less than two years of experience. Brokers
predominantly comprised the most seasoned
commercial members at 59 percent of all members
with 26 years or more of experience, down from 69
percent in 2015.
There are five affiliate organizations that confer
commercial designations associated with the
NATIONAL ASSOCIATION OF REALTORS. They
are the Certified Commercial Investment Member
(CCIM) Institute, the Institute of Real Estate
Management (IREM), the Society of Industrial and
Office REALTORS (SIOR), the Accredited Land
Consultants (RLI), and the Counselors of Real Estate
(CRE). Additionally, NAR confers the Certified
International Property Specialist (CIPS) designation to
members engaged in international business. Sixty
percent of commercial members report being
unaffiliated with any of these, up from 55 percent in
2015. Brokers were the most likely to be members at
the Certified Commercial Investment Member (CCIM
Institute) of any license type.
Eighty-one percent of commercial members cite one
of 18 commercial areas as their primary business
specialty. Investment sales were the most frequently
mentioned primary commercial real estate specialty at
eleven percent again this year.
Commercial members cite residential real estate at 14
percent as their secondary business specialty, up from
12 percent in the previous year. Investment sales
were the next most frequently mentioned secondary
specialty at 10 percent (down from 12 percent in
2015), followed by land sales and office leasing both
at seven percent. Sales agents are the most likely to
specialize in residential real estate and broker
associates are the most likely to specialize in
investment and land sales. Male members are more
likely to specialize in investment and land sales and
female members are more likely to specialize in
residential real estate.
Single-family homes were the top investment sales by

commercial members at 57 percent, followed by
multi-family homes with two to five units at 49
percent, and land sales at 45 percent.
Commercial members of NAR have typically remained
focused on the commercial side of the business for 15
years, down from a median of 20 years in 2015,
indicating new members entering the industry. The
typical commercial member has been involved in real
estate in any capacity for 20 years, down from 25
years in 2015. The median length of membership in
NAR among commercial members is 15 years, down
from 20 years in 2015. Appraisers and brokers have
the most experience in commercial real estate, at 25
years (down from 29 years in 2015) and 23 years
respectively (up from 22 years). Sales agents tend to
be the newest to the business at eight years, down
from 11 years in the previous year.
NAR members that maintain designations have been
active for varying lengths of time. Members have been
active the longest of the Society of Industrial and
Office REALTORS (SIOR) for a median of 33 years.
Members have been active the shortest amount of
time with a median of 15 years as Certified
International Property Specialists (CIPS). Brokers
reported being members of NAR the longest at a
median of 26 years and sales agents the least amount
of 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 estate
for a median of 20 years. Women have been active in
real estate for a median of 14 years and in commercial
real estate for a median of 11 years.
There are several national and international
associations that are tailored for commercial real
estate professionals. Thirteen percent of members
belonged to the International Council of Shopping
Centers (ICSC). An additional four percent of
commercial members belong to the Building Owners
and Managers Association (BOMA).
Commercial members use a wide variety of
information sources when conducting their day-to-day
business. Some sources are more popular than others
due to accessibility, timeliness, cost, and the quality of
the data. Seventy-five percent of commercial
members use LoopNet, while forty-three percent use
NAR as a source of information, which is consistent
with last year.
BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

Exhibit 1-1
Exhibit 1-2
Exhibit 1-3
Exhibit 1-4
Exhibit 1-5
Exhibit 1-6
Exhibit 1-7
Exhibit 1-8
Exhibit 1-9
Exhibit 1-10
Exhibit 1-11
Exhibit 1-12
Exhibit 1-13
Exhibit 1-14
Exhibit 1-15
Exhibit 1-16
Exhibit 1-17
NAR'S COMMERCIAL MEMBERS BY LICENSE TYPE

NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY EXPERIENCE
NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY GENDER
NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY DESIGNATION
HOLD COMMERCIAL DESIGNATION
PRIMARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS
PRIMARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE
PRIMARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS, BY GENDER
SECONDARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS
TYPE OF INVESTMENT SALES PRACTICED
REAL ESTATE EXPERIENCE OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE
NAR COMMERCIAL MEMBERS' YEARS OF EXPERIENCE AS COMMERCIAL AGENTS OR BROKERS, BY
LICENSE TYPE
NAR COMMERCIAL MEMBERS' YEARS OF EXPERIENCE AS COMMERCIAL AGENTS OR BROKERS, BY
DESIGNATION
REAL ESTATE AND COMMERCIAL REAL ESTATE EXPERIENCES OF NAR'S COMMERCIAL MEMBERS,
BY GENDER
LENGTH OF MEMBERSHIP IN NATIONAL ASSOCIATION OF REALTORS, BY LICENSE TYPE
MEMBERSHIP IN OTHER NATIONAL/INTERNATIONAL ASSOCIATIONS
INFORMATION SOURCES NAR'S COMMERCIAL MEMBERS USE MOST

Exhibit 1-1
(Percentage Distribution)
50%
Broker
Sales Agent
45%
Broker Associate
Appraisal
40%
47% 47%
31%
17%
5%
35%
31%
30%
25%
20%
17%
15%
10%
5%
5%
0%
Broker
Sales Agent
Broker Associate
Appraisal

Exhibit 1-2
NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY EXPERIENCE
Broker
Sales Agent
Broker Associate
Appraisal
All Commercial
Members
47%
31
17
5
Real Estate Experience

2 years
6 to 15
16 to 25
or less 3 to 5 years
years
years
15%
72
12
*
31%
50
17
2
37%
42
19
1
* Less than one percent
53%
23
19
4
26 years or
more
59%
15
15
10

Exhibit 1-3
NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY GENDER
Broker
Sales Agent
Broker Associate
Appraisal
All Commercial
Members
47%
31
17
5
Male
51%
25
17
7
Gender
Female
43%
38
18
1

Exhibit 1-4
NAR COMMERCIAL MEMBERS' LICENSE TYPE, BY DESIGNATION
Society of
Accredited
Certified
Industrial
All
Counselors of
Land
International and Office
Commercial Real Estate Consultant
Property
REALTORS
Members
(CRE)
(ALC)
(CIPS)
(SIOR)
Broker
Sales Agent
Broker Associate
Appraisal
Total Responding
47%
31
17
5
1,689
50%
14
11
25
30
51%
26
14
9
43
42%
38
19
*
113
73%
7
19
1
71
Certified
Property
Manager
(CPM)
60%
26
8
2
128
Certified
Commercial
Investment
Member (CCIM
Hold no
)
designation
58%
18
19
6
461
41%
37
17
5
1,009

Exhibit 1-5
HOLD COMMERCIAL DESIGNATION
(Percent of Respondents)
2007
Hold no designation
Certified Commercial Investment
Member (CCIM )
Certified Propery Manager (CPM)
Certified International Property (CIPS)
Society of Industrial and Office
REALTORS (SIOR)
Accredited Land Consultant (ALC)
Counselors of Real Estate (CRE)
57%
31
2009 2010
54% 61%
34
27
2011
65%
25
2012 2013
60% 63%
29
27
2014
66%
25
2015
55%
28
2016
60%
27
7
2
8
2
6
3
7
2
7
3
5
6
6
4
9
6
8
7
3
3
3
3
3
2
2
2
3
2
4
2
4
1
4
2
3
2

Exhibit 1-6
All
Residential Real 19%

Estate
Residential Real EstateInvestment Sales 11
19%
Land Sales
7
11%
Office Leasing
7
Land SalesCommercial Property
7%
6 Management
Industrial Building5Sales
Office Leasing
7%
Retail Leasing
5
Commercial Property ManagementRetail Building 6%
Sales
4
Multi-family Building
4 Sales
Industrial Building Sales
5%
Office Building Sales
3
Retail LeasingDevelopment5% 3
Commercial Appraisal
3
Retail Building SalesIndustrial Leasing
2
4%
Consulting
2
Multi-family Building SalesMulti-family
4%Property
2 Management
Hospitality/Resort2Sales
3%
Commercial Auctions
*
Agriculture
*
Development
3%
Other
13
3%
Investment Sales
Industrial Leasing
2%
Consulting
2%
Multi-family Property Management
2%
Hospitality/Resort Sales
2%
Commercial Auctions
0%
Agriculture
0%
Other
13%
0%
5%
10%
15%
20%
25%
30%

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

Investment Sales
Land Sales
Office Leasing
Commercial Property Management
Retail Leasing
Retail Building Sales
Multi-family Building Sales
Development
Industrial Leasing
Consulting
Commercial Auctions
Agriculture
Other
All
Commercial
Members
19%
11
7
7
6
5
5
4
4
3
3
3
2
2
2
2
*
*
12
Broker
17%
12
7
7
6
5
5
4
4
4
4
*
3
3
3
2
*
*
11
Licensed As
Broker
Sales
Associate
Agent
18%
23%
14
11
10
8
5
8
4
8
8
5
7
5
5
5
8
4
3
3
2
3
*
*
2
3
1
1
1
2
1
1
*
*
*
*
12
11
Appraiser
10%
3
3
2
1
*
*
3
2
*
1
54
*
5
*
*
*
*
9

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

Investment Sales
Land Sales
Office Leasing
Retail Leasing
Development
Industrial Leasing
Consulting
Commercial Auctions
Agriculture
Other
All
Commercial
Members
19%
11
7
7
6
5
5
4
4
3
3
3
2
2
2
2
*
*
12
Gender
Male
Female
15%
13
8
6
5
6
5
5
5
4
3
4
3
3
2
2
*
*
10
25%
7
7
10
8
4
7
2
4
4
1
1
2
1
2
2
*
*
14

Exhibit 1-9

14%
Investment Sales
10%
All
Land Sales
7%
Commer
Office LeasingResidential Real Estate 7%
14%
Investment
Sales
10
Retail Leasing
6%
Land Sales
7
6%
Office Leasing
7
6
Office Building SalesRetail Leasing
5%
6
Multi-family Building SalesOffice Building Sales
5%
5
5
Industrial Building SalesIndustrial Building5%
Sales
5
Commercial
Property
Management
5
5%
Industrial Leasing
5
Industrial LeasingDevelopment
5%
4
Consulting
3
Development
4%
2
ConsultingHospitality/Resort
3%
Sales
1
Commercial
Appraisal
1
2%
Agriculture
1
1%
Commercial Auctions
*
Commercial AppraisalOther 1%
6
Agriculture
Commercial Auctions
1%
0%
Other
6%
0%
5%
10%
15%
20%
BUSINESS ACTIVITY OF NAR'S COMMERCIAL MEMBERS

Exhibit 1-10

57%
Single-Family
49%
Multi-Family (2-5 units)
All
Commerci
45%
al
43%
Members
Land
Multi-Family (5 or more units)
41%
Retail Space
Office Space
Industrial
Mixed Use/Flex Spaces
Hospitality/Resorts
Hospitals/Medical/Dental
0%
Hospitals/Medical/Dental
7%
Hospitality/Resorts
41% 7%
Mixed Use/Flex Spaces
25%
Industrial
31%
31%
Office Space
41%
Retail Space 25%
41%
Multi-Family (5 or more
7%
units)
43%
Land
45%
7%
Multi-Family (2-5 units)
49%
Single-Family
57%
10%
20%
30%
40%
50%
60%
70%

Exhibit 1-11
REAL ESTATE EXPERIENCE OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE
1 year or less
2 years
3 years
4 years
5 years
6 to 10 years
11 to 15 years
16 to 25 years
26 to 39 years
40 or more years
Median (years)
NAR's
Commercial
Members
4%
3
3
2
2
14
14
18
27
13
20
Broker
1%
1
1
2
2
9
12
21
33
17
26
Licensed As
Broker
Sales
Associate Agent
4%
9%
1
8
3
6
2
4
3
3
16
20
16
17
20
14
22
16
14
4
20
11
Appraiser
*
*
1
1
*
5
2
15
45
31
32

Exhibit 1-12
NAR COMMERCIAL MEMBERS' YEARS OF EXPERIENCE AS COMMERCIAL AGENTS OR BROKERS, BY LICENSE TYPE
1 year or less
2 years
3 years
4 years
5 years
6 to 10 years
11 to 15 years
16 to 25 years
26 to 39 years
40 or more years
Median (years)
All
Commercial
Members
9%
5
3
4
3
13
14
18
22
9
15
Broker
3%
3
2
2
3
12
12
23
30
13
23
Licensed As
Broker
Sales
Associate Agent
6%
17%
2
11
3
7
4
7
4
3
14
16
20
15
19
10
22
12
8
3
15
8
Appraiser
18%
*
1
2
*
9
1
23
22
23
25

Exhibit 1-13
NAR COMMERCIAL MEMBERS' YEARS OF EXPERIENCE AS COMMERCIAL AGENTS OR BROKERS, BY DESIGNATION
Society of
Accredited
Certified
Industrial
All
Counselors
Land
Commercial
of Real
Consultant
Property
REALTORS
Members Estate (CRE)
(ALC)
(CIPS)
(SIOR)
1 year or less
2 years
3 years
4 years
5 years
6 to 10 years
11 to 15 years
16 to 25 years
26 to 39 years
40 or more years
Median (years)
6%
4
4
4
3
13
17
20
21
9
15
14%
*
*
*
*
14
*
18
25
29
26
5%
*
5
7
*
7
7
14
41
14
27
9%
8
4
1
6
12
16
19
18
8
15
1%
*
*
*
*
3
7
13
54
23
33
Certified
Property
Manager
(CPM)
Certified
Commercial
Investment
Member
(CCIM )
Hold no
designation
8%
5
1
1
2
5
9
25
31
13
25
2%
3
2
2
2
10
14
24
31
10
21
11%
6
4
5
4
16
13
15
18
8
12

Exhibit 1-14
REAL ESTATE AND COMMERCIAL REAL ESTATE EXPERIENCES OF NAR'S COMMERCIAL MEMBERS, BY GENDER
1 year or less
2 years
3 years
4 years
5 years
6 to 10 years
11 to 15 years
16 to 25 years
26 to 39 years
40 or more years
Median (years)
Experience as Commercial Agent

or Broker
Male
Female
Male
Female
3%
3
2
2
2
12
12
19
30
17
25
5%
2
5
3
5
19
18
21
20
4
14
6%
4
2
3
3
12
12
20
25
13
20
11%
5
6
6
6
15
18
15
17
2
11

Exhibit 1-15
LENGTH OF MEMBERSHIP IN NATIONAL ASSOCIATION OF REALTORS, BY LICENSE TYPE
1 year or less
2 years
3 years
4 years
5 years
6 to 10 years
11 to 15 years
16 to 25 years
26 to 39 years
40 or more years
Median (years)
NAR's
Commercial
Members
6%
4
4
4
3
13
17
20
21
9
15
Broker
4%
2
2
2
3
12
14
21
28
13
26
Licensed As
Broker
Sales
Associate Agent
*
13%
2
8
3
7
3
8
2
4
9
17
25
18
23
13
20
11
9
2
16
10
Appraiser
1%
1
2
*
4
5
7
28
28
21
25

Exhibit 1-16
MEMBERSHIP IN OTHER NATIONAL/INTERNATIONAL ASSOCIATIONS
2007
33%
9
2009
14%
6
2010
37%
12
2011
37%
16
2012
45%
15
2013
33%
8
2014
34%
8
2015
34%
12
2016
13%
4
9
8
11
5
4
5
20
16
13
18
13
13
16
13
12
11
8
6
11
9
7
10
10
8
4
3
3
5
NA
NA
3
NA
NA
1
2
NA
NA
1
NA
NA
1
10
NA
7
3
NA
6
7
7
10
3
6
3
3
4
8
8
3
3
2
3
4
5
4
4
3
2
2
2
5
2
1
2
2
2
2
7
4
1
3
1
3
3
2
2
1
1
1
1
*
NA
NA
NA
American Resort Development Association (ARDA)

International Facilities Management Association
(IFMA)
NA
1
NA
1
NA
*
1
2
2
*
American College of Real Estate Lawyers (ACREL)

The American Institute of Architects (AIA)
Other
NA
NA
34
NA
NA
41
1
NA
12
*
1
50
*
1
10
*
*
42
1
*
41
*
*
36
*
*
8
International Council of Shopping Centers (ICSC)

Building Owners and Managers Association (BOMA)
The Appraisal Institute
The Urban Land Institute (ULI)
National Association of Industrial & Office
Properties (NAIOP)
CREW Network
U.S. Green Building Council (USGBC)
The International Real Estate Federation (FIABCI)
CoreNet Global
American Hotel and Lodging Association (AHLA)
Royal Institution of Chatered Surveryors (RICS)
National Multi-Housing Council (NMHC)
Association of Foreign Investors in Real Estate
(AFIRE)

NA=Data not available

Exhibit 1-17
INFORMATION SOURCES NAR'S COMMERCIAL MEMBERS USE MOST
LoopNet
NAR
CoStar In-House Research
Xceligent
Catalyst
CommercialSearch.com
Third Party Aggregators (Craig's List,
Apartments.com, Realtors.com
Local CIE
REIS
CCIM/Net
Real Capital Analytics
CIMLS
CBRE Econometrics Advisors (formerly Torto
Wheaton Research)
Real Estate Research Corporation
COMMREX
Portfolio Strategy (formerly Property Portfolio
Research)
Rosen Consulting Group
Plunkett Research
Other
All Commercial
Members
75%
43
35
23
17
15
15
12
11
6
6
6
4
3
2
*
*
*
8
Chapter 2
In 2015, the median number of transactions for all
commercial members was nine, down from 11 in
2014. Twenty-six percent reported having one to four
transactions and 30 percent reported having more
than 20 transactions. Brokers typically had the most
transactions and sales agents had the least. Nearly a
quarter (24 percent) of members with less than two
years of experience reported having no transactions in
2015, compared to only three percent of members
with three to five years of experience that had no
transactions in the same year. Members with 16 or
more years of experience typically had the most
transactions.
The median sales transaction volume in 2015 among
commercial members who had a transaction was
$2,931,000an increase from the median sales
volume of $2,916,700 in 2014. Only eight percent of
commercial members reported not having a
transaction at all, which increased from six percent in
2014. Brokers typically had a higher sales transaction
volume than sales agents. Experience in commercial
real estate and real estate overall both play a factor in
the sales transaction volume.
The median dollar value of sales transactions in 2015
was $541,700, up from $521,700 in 2014. Agents with
less than two years of experience had a median dollar
value of sales transactions of $375,000 compared to
those with 26 years or more that had $760,900.
Brokers had a higher median dollar value of sales
transactions than broker associates and sales agents
at $620,000 compared to $444,400.
The median lease transaction volume in 2015 among
members who reported at least one transaction was
$600,000, compared to $500,000 in 2014. Twentythree percent of commercial members reported not
having a lease transaction all year, up from 17 percent
in 2014. Thirty percent of sales agents reported
having no transactions compared to only 19 percent of
brokers. Brokers also had higher lease transaction
volumes than both broker associates and sales
agents.
The median leasing dollar value for commercial
members in 2015 was $221,200, compared to
$203,800 in 2014. Brokers had higher dollar values
per lease transaction compared to broker associates
and sales agents. The leasing dollar value also

increased with years of experience as a commercial
real estate agent or broker.
The typical size of sales transactions in 2015 was
13,109 square feet, down from 15,000 in 2014.
Brokers typically sold larger properties than sales
agents. The typical size of leasing transactions was
typically 4,500 square feet, down from 4,700 in 2014.
Leasing size was fairly even among brokers, broker
associates, and sales agents.
Commercial members who manage properties
typically managed 50,000 total square feet
representing 17 total spaces in 2016, down from
75,000 square feet and 20 spaces managed in 2015.
Commercial members typically manage 20,000 total
office square feet representing five total offices in
2016, down from 25,000 total office square feet
representing eight offices in the previous year.
Sixty-five percent of all commercial members didnt
have any international transactions in 2015, down
from 68 in 2014. Nineteen percent of commercial
members reported an increase in international
transactions (which is consistent with last year), while
only one percent had a decrease. Fourteen percent of
commercial members reported that international
transactions stayed about the same.

Exhibit 2-1
Exhibit 2-2
Exhibit 2-3
Exhibit 2-4
Exhibit 2-5
Exhibit 2-6
Exhibit 2-7
Exhibit 2-8
Exhibit 2-9
Exhibit 2-10
Exhibit 2-11
Exhibit 2-12
Exhibit 2-13
Exhibit 2-14
Exhibit 2-15
Exhibit 2-16
Exhibit 2-17
Exhibit 2-18
Exhibit 2-19
Exhibit 2-20
Exhibit 2-21
Exhibit 2-22
NUMBER OF COMMERCIAL TRANSACTIONS, 2015

NUMBER OF COMMERCIAL TRANSACTIONS, 2015, BY EXPERIENCE
NUMBER OF COMMERCIAL TRANSACTIONS, 2015, BY DESIGNATION
SALES TRANSACTION VOLUME IN 2006-2015, BY LICENSE TYPE
SALES TRANSACTION VOLUME IN 2015, BY EXPERIENCE
SALES TRANSACTION VOLUME IN 2015, BY DESIGNATION
TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY LICENSE TYPE
TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY EXPERIENCE
TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY DESIGNATION
TYPICAL SIZE (IN SQUARE FEET) OF SALES TRANSACTIONS IN 2015, BY LICENSE TYPE
TYPICAL SIZE (IN SQUARE FEET) OF SALES TRANSACTIONS IN 2015, BY DESIGNATION
LEASE TRANSACTION VOLUME (GROSS LEASE DOLLARS) 2006-2015, BY LICENSE TYPE
LEASE TRANSACTION VOLUME (GROSS LEASE DOLLARS) 2006-2015, BY DESIGNATION
TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY LICENSE TYPE
TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY EXPERIENCE
TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY DESIGNATION
TYPICAL SIZE (IN SQUARE FEET) OF LEASING TRANSACTIONS IN 2015, BY LICENSE TYPE
TYPICAL SIZE (IN SQUARE FEET) OF LEASING TRANSACTIONS IN 2015, BY DESIGNATION
TYPICAL OFFICE SPACE MANAGED, AMONG MEMBERS WHO MANAGE PROPERTIES, BY LICENSE TYPE
INTERNATIONAL COMMERCIAL TRANSACTIONS, 2015, BY LICENSE TYPE
INTERNATIONAL COMMERCIAL TRANSACTIONS, 2015, BY DESIGNATION

Exhibit 2-1
NUMBER OF COMMERCIAL TRANSACTIONS, 2015
None
1 to 4
5 to 9
10 to 14
15 to 19
20 or more
Median (transactions)
All
Commercial
Members
7%
26
19
13
7
30
9
Licensed As
Broker
Sales
Broker Associate Agent
3%
23
20
13
9
32
12
5%
29
19
10
8
28
12
9%
32
21
14
6
19
8

Exhibit 2-2
NUMBER OF COMMERCIAL TRANSACTIONS, 2015, BY EXPERIENCE
None
1 to 4
5 to 9
10 to 14
15 to 19
20 or more
Experience as a Commercial Real Estate

Agent or Broker
All
6 to 15 16 to 25 26 years
Commercial 2 years or 3 to 5
less
years
years
years
or more
Members
7%
24%
3%
5%
5%
5%
26
36
38
29
20
19
19
18
24
19
17
21
13
8
12
13
13
15
7
1
4
8
11
8
30
13
19
26
35
33
9
8
12
13
17
16

Exhibit 2-3
NUMBER OF COMMERCIAL TRANSACTIONS, 2015, BY DESIGNATION
None
1 to 4
5 to 9
10 to 14
15 to 19
20 or more
Society of
Counselors Accredited
Certified
Industrial
All
of Real
Land
International and office
Commercial
Estate
Consultant
Property
Real Estate
Members
(CRE)
(ALC)
(CIPS)
(SIOR)
7%
5%
5%
6%
2%
26
19
16
27
3
19
10
5
21
8
13
14
27
12
25
7
10
11
7
16
30
43
35
27
46
9
18
16
11
17
Certified
Property
Manager
(CPM)
9%
17
13
18
5
38
17
Certified
Commercial
Investment
Member
(CCIM)
4%
15
17
14
12
39
16
Hold no
designation
9%
33
21
10
6
22
8

Exhibit 2-4
SALES TRANSACTION VOLUME IN 2006-2015, BY LICENSE TYPE
Less than $100,000

$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
2006
15%
4
5
7
17
17
35
No transactions
NA
Median (including those with
"no transactions")
NA
Median (excluding those with
"no transactions")
$2,248,700
Licensed As
Broker
Associate Sales Agent
2008
18%
4
5
7
15
26
24
2009
8%
6
7
9
13
24
14
2010
9%
5
8
10
16
23
15
2011
8%
5
5
10
12
23
17
2012
7%
5
8
9
14
27
21
2013
7%
5
5
9
12
29
24
2014
5%
4
6
8
13
28
31
2015
6%
4
5
9
14
27
27
Broker
7%
5
5
8
12
29
31
4%
4
4
7
15
30
32
10%
11
8
11
16
21
20
NA
19
15
22
10
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 $1,000,000
$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 $1,666,700

Exhibit 2-5
SALES TRANSACTION VOLUME IN 2015, BY EXPERIENCE
Agent or Broker

2 years or
less
Less than $100,000
$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
No transactions
25%
6
8
8
14
14
5
21
3 to 5
years
10%
5
14
9
15
20
17
9
6 to 15
years
6%
3
7
11
18
27
23
5
16 to 25
years
7%
3
4
6
14
30
33
4
26 years
or more
3%
4
3
9
12
29
33
8
2 years or
less
20%
5
9
9
14
18
8
18
3 to 5
years
8%
7
9
13
22
22
17
4
6 to 15
years
5%
3
6
10
14
27
30
7
16 to 25
years
6%
5
6
6
12
29
32
6
26 years
or more
3%
3
3
8
12
32
33
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 $3,312,500
Median (excluding those

$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 $3,676,500

Exhibit 2-6
SALES TRANSACTION VOLUME IN 2015, BY DESIGNATION
Less than $100,000

$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
No transactions
Median (including those with "no

transactions")
Median (excluding those with "no
transactions")
Certified
Society of
Counselors Accredited International Industrial &
of Real
Land
Property
Office Real
All
Estate
Consultant
Specialists
Estate
Commercial
(CRE)
(ALC)
(CIPS)
(SIOR)
Members
6%
*
8%
8%
*
4
5
3
4
2
5
*
*
3
2
9
5
3
9
3
14
11
16
10
6
27
21
29
21
19
27
42
40
33
62
Certified
Property
Manager
(CPM)
6%
6
4
9
4
22
30
Certified
Commercial
Investment
Member
(CCIM)
4%
4
5
6
11
26
41
Hold no
designatio
n
7%
4
6
10
16
27
20
19
16
11
$2,444,400
$3,857,100
$3,000,000
$2,714,300
$6,935,500
$2,272,700
$3,846,200
$2,000,000
$2,931,000
$5,000,000
$4,069,000
$3,500,000
$7,272,700
$3,392,900
$4,222,200
$2,193,500

Exhibit 2-7
TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY LICENSE TYPE
All
Commercial
Members
Less than $100,000
$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
Median
7%
14
27
24
12
9
5
$541,700
Licensed As
Broker
6%
12
26
25
14
9
5
$620,000
Broker
Associate
5%
15
31
21
12
9
4
$491,900
Sales Agent
10%
19
27
23
9
6
5
$444,400

Exhibit 2-8
TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY EXPERIENCE
Less than $100,000

$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
Median

Agent or Broker
All
Commercial
Members
2 years or
less
3 to 5
years
6 to 15
years
7%
14
27
24
12
9
5
$541,700
19%
18
26
14
6
9
5
$375,000
6%
25
31
23
7
3
3
$403,200
7%
15
29
25
12
7
4
$491,400
16 to 25 26 years or
years
more
5%
15
30
26
13
7
2
$500,000
5%
9
24
23
16
13
7
$760,900

Exhibit 2-9
TYPICAL DOLLAR VALUE OF SALES TRANSACTIONS IN 2015, BY DESIGNATION
Less than $100,000

$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
Median
Accredited
Counselors
Land
All
of Real
Consultant
Commercial
(ALC)
7%
13%
3%
14
6
6
27
19
29
24
13
34
12
6
17
9
19
*
5
19
6
$541,700
$961,500
$676,500
Certified
Society of
International Industrial &
Property
Office Real
Specialists
Estate
(CIPS)
(SIOR)
6%
10
28
25
12
6
10
$620,000
2%
3
3
40
17
25
9
$1,117,600
Certified
Property
Manager
(CPM)
11%
11
18
19
16
7
11
$763,200
Certified
Commercial
Investment
Hold no
Member (CCIM) designation
5%
11
24
29
14
11
5
$672,400
8%
18
29
21
11
9
3
$456,900

Exhibit 2-10
TYPICAL SIZE (IN SQUARE FEET) OF SALES TRANSACTIONS IN 2015, BY LICENSE TYPE
All
Commercial
Members
5,000 or less
5,000 to 24,999
25,000 to 49,999
50,000 to 99,999
100,000 to 249,999
250,000 to 499,999
500,000 to 999,999
1,000,000 or more
Median
35%
37
9
5
5
2
2
1
13,100
Licensed As
Broker
34%
38
11
5
6
1
1
1
13,400
Broker
Associate
36%
40
8
6
1
1
2
1
12,000
Sales
Agent
38%
35
8
5
3
3
2
1
11,900

Exhibit 2-11
TYPICAL SIZE (IN SQUARE FEET) OF SALES TRANSACTIONS IN 2015, BY DESIGNATION
5,000 or less
5,000 to 24,999
25,000 to 49,999
50,000 to 99,999
100,000 to 249,999
250,000 to 499,999
500,000 to 999,999
1,000,000 or more
Median
Certified
Counselors Accredited International Society of
of Real
Land
Property
Industrial &
All
Estate
Consultant
Specialists
Office Real
Commercial
(CRE)
(ALC)
(CIPS)
Estate
(SIOR)
Members
35%
19%
27%
33%
11%
37
13
29
30
38
9
6
*
15
20
5
19
9
5
14
5
38
6
7
13
2
*
3
2
2
2
*
3
1
2
1
*
15
1
*
13,100
81,900
20,900
16,300
26,300
Certified
Property
Manager
(CPM)
18%
46
10
10
8
3
*
*
18,900
Certified
Commercial
Investment
Hold no
26%
44
12
7
5
2
1
1
15,900
42%
34
8
4
3
2
2
1
9,700

Exhibit 2-12
LEASE TRANSACTION VOLUME (GROSS LEASE DOLLARS) 2006-2015, BY LICENSE TYPE
Licensed As
2006
2008
2009
2010
Less than $100,000

$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
No transactions
45%
12
11
9
9
7
8
NA
39%
12
11
11
9
10
8
NA
18%
9
6
7
7
7
4
42
24%
11
9
8
7
7
6
25
Median (including those

NA
NA
Median (excluding those

2011
17%
11
8
8
8
9
6
34
2012
18%
12
10
11
10
11
7
21
2013
20%
13
9
10
9
6
9
24
2014
18%
13
11
10
10
12
9
17
2015
14%
13
9
11
9
11
8
23
Broker
Broker
Associate
Sales
Agent
12%
12
9
12
9
16
11
19
14%
14
9
11
14
9
4
23
18%
11
8
11
8
8
6
30
$45,000 $118,400 $93,100 $230,500 $169,200 $295,500 $250,000
$444,400
$239,300 $127,300
$183,300 $244,300 $330,200 $145,000 $402,100 $476,400 $431,600 $500,000 $600,000
$800,000
$535,700 $437,500
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.

Exhibit 2-13
LEASE TRANSACTION VOLUME (GROSS LEASE DOLLARS) 2006-2015, BY DESIGNATION
Less than $100,000

$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
No transactions
Median (including those with "no
transactions")
Median (excluding those with "no
transactions")
Certified
Society of
of Real
Land
Property
Office Real
All
Estate
Consultant
Specialists
Estate
Commercial
(CRE)
(ALC)
(CIPS)
(SIOR)
Members
14%
*
23%
18%
3%
13
8
10
6
*
9
*
7
11
3
11
*
7
10
10
9
*
7
10
13
11
38
20
9
23
8
23
3
7
41
23
31
26
28
7
Certified
Property
Manager
(CPM)
Certified
Commercial
Investment
Member (CCIM)
Hold no
designation
11%
7
7
10
5
21
23
17
11%
13
8
13
11
20
12
13
17%
14
10
10
10
7
3
29
$250,000
$2,868,400
$115,000
$115,000
$3,826,100
$900,000
$692,300
$142,900
$600,000
$4,127,300
$444,400
$535,700
$4,040,000
$2,230,800
$533,300
$375,000
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.

Exhibit 2-14
TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY LICENSE TYPE
Licensed As
Less than $100,000

$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
Median
All Commercial
Members
29%
26
17
12
7
6
2
$221,200
Broker
28%
26
18
12
8
6
2
$226,900
Broker
25%
34%
31
24
20
15
11
12
5
7
8
6
*
2
$221,000
$200,000

Exhibit 2-15
TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY EXPERIENCE
All
Commercial 2 years or
Members
less
Less than $100,000
$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
Median
29%
26
17
12
7
6
2
$221,200
59%
20
7
3
2
2
5
$84,700

Agent or Broker
3 to 5
years
6 to 15
years
16 to 25
years
26 years or
more
46%
26
15
5
3
5
*
$123,100
27%
31
17
13
5
6
1
$211,300
24%
24
22
14
7
7
1
$272,800
23%
25
17
14
11
8
3
$279,400

Exhibit 2-16
TYPICAL DOLLAR VALUE PER LEASING TRANSACTION IN 2015, BY DESIGNATION
Less than $100,000

$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 to $1,999,999
$2,000,000 to $4,999,999
$5,000,000 or more
Median
Accredited
Counselors
Land
All
of Real
Consultant
Commercial
(ALC)
29%
*
22%
26
22
26
17
11
22
12
22
4
7
22
13
6
22
13
2
*
*
$221,200
$886,300
$272,800
Certified
Society of
International Industrial &
Property
Office Real
Specialists
Estate
(CIPS)
(SIOR)
35%
22
20
7
6
8
2
$202,200
*
21
11
28
16
15
11
$821,400
Certified
Property
Manager
(CPM)
25%
19
21
15
5
11
2
$321,400
Certified
Commercial
Investment
Hold no
21%
27
20
14
8
7
1
$275,000
36%
27
15
9
7
4
1
$178,300

Exhibit 2-17
TYPICAL SIZE (IN SQUARE FEET) OF LEASING TRANSACTIONS IN 2015, BY LICENSE TYPE
All
Commercial
Members
5,000 or less
5,000 to 24,999
25,000 to 49,999
50,000 to 99,999
100,000 to 249,999
250,000 to 499,999
500,000 to 999,999
1,000,000 or more
Median
56%
33
5
2
1
1
*
*
4,500
Licensed As
Broker
55%
34
6
1
1
1
*
1
4,600
Broker
Associate
55%
34
5
5
1
*
*
*
4,600
Sales
Agent
56%
34
5
4
2
*
*
*
4,500

Exhibit 2-18
5,000 or less
5,000 to 24,999
25,000 to 49,999
50,000 to 99,999
100,000 to 249,999
250,000 to 499,999
500,000 to 999,999
1,000,000 or more
Median
Accredited
Counselors
Land
All
of Real
Consultant
Commercial
(ALC)
56%
33%
52%
33
44
26
5
11
9
2
11
9
1
*
*
1
*
*
*
*
*
*
*
4
4,500
12,700
4,800
Certified
International Society of
Property
Industrial &
Specialists
Office Real
(CIPS)
Estate (SIOR)
Certified
Property
Manager
(CPM)
Certified
Commercial
Investment
Member
(CCIM)
Hold no
designation
51%
37
7
2
3
*
*
*
16%
48
23
9
4
*
*
*
59%
32
3
4
*
1
*
*
49%
40
7
2
1
1
*
*
63%
28
4
1
1
*
*
*
4,900
19,200
4,200
5,500
4,000

Exhibit 2-19
TYPICAL OFFICE SPACE MANAGED, AMONG MEMBERS WHO MANAGE PROPERTIES, BY LICENSE TYPE
(Medians)
Licensed As
Total typical square feet managed

Total typical number of spaces managed
Total typical office square feet managed
Total typical number of offices managed
All Commercial
Members
50,000
17
20,000
5
Broker
50,000
20
25,000
5
Broker
40,000
50,000
14
16
10,000
13300
6
7

Exhibit 2-20
(Medians)
Total typical square feet managed

Total typical number of spaces managed
Total typical office square feet managed
Total typical number of offices managed
Certified
Society of
of Real
Land
Property
Office Real
All
Estate
Consultant
Specialists
Estate
Commercial
(CRE)
(ALC)
(CIPS)
(SIOR)
Members
50,000
120,000
49,000
25,000
149,000
17
4
10
9
15
20,000
135,000
40,00
8,300
400,000
5
4
4
5
5
Certified
Property
Manager
(CPM)
400,000
45
197,300
18
Certified
Commercial
Investment
Hold no
82,300
20
31,800
7
30,500
15
10,000
4

Exhibit 2-21
INTERNATIONAL COMMERCIAL TRANSACTIONS, 2015, BY LICENSE TYPE
Licensed As
No international transactions
An increase in international
transactions from previous year
About the same
A decrease in international
All Commercial
Members
65%
Broker
70%
Broker
Associate
60%
Sales Agent
55%
Appraisal
88%
19
14
16
12
23
15
27
17
5
7

Exhibit 2-22
INTERNATIONAL COMMERCIAL TRANSACTIONS, 2015, BY DESIGNATION
No international transactions
An increase in international
About the same
A decrease in international
Designation
Certified
Specialist of
Certified
of Real
Land
Property
Office Real
Property
All
Estate
Consultant
Specialists
Estate
Manager
Commercial
(CRE)
(ALC)
(CIPS)
(SIOR)
(CPM)
Members
65%
67%
55%
40%
56%
73%
Certified
Commercial
Investment
Member (CCIM)
Hold no
designation
65%
67%
19
14
17
17
19
21
33
24
28
14
13
13
22
13
19
13
Chapter 3
Commercial members had a median annual gross
income of $108,800 in 2015, down from $126,900 in
2014 which was the highest reported level since 2006.
A decrease in income may be associated with the
large number of new commercial members entering
the industry. Brokers and appraisers tend to report the
highest median annual incomes, while sales agents
report the lowest among licensees. Those with less
than two years of experience reported a median
annual income of $43,400 in 2015, down from
$67,200 in 2014; those with more than 26 years of
experience reported a median annual income of
$165,400 in 2015, up from $162,800 in 2014. Men
reported a median annual income of $129,200
compared to women at $81,300. Agents that worked
less than 20 hours reported a median annual income
of $21,600 and those that worked 60 hours or more
reported a median annual income of $163,200.
Seventy-nine percent of commercial members
reported working at least 40 hours a week, down from
82 percent last year. Appraisers and brokers worked
the most hours compared to sales agents who
reported working fewer hours per week. Men and
women reported working roughly the same number of
hours per week. Agents with six to 15 years of
experience reported working the most hours per week,
while agents with less than two years of experience
and 26 years or more of experience worked the least.
Most commercial members are compensated on a
commission basis. Consistent with last year, 42
percent of commercial members are compensated
through a percentage split commission, whereby the
commission is split between the sales/leasing
representative and the broker or brokers office. Over
half of broker associates and sales agents work on a
percentage commission split, whereas 42 percent of
appraisals work on a fee-for-service basis. More
females work on a percentage commission split than
males and males tend to work on a 100 percent
commission basis. Agents with three to five years of
experience reported the highest rate of commission
split at 53 percent; whereas agents with six to 15
years of experience reported the highest rate of 100
percent commission compensation structure.
Sixty-five percent of NARs commercial members
derive 50 percent or more of their annual income from
the real estate industry. The median amount of
income from commercial activity that agents reported
is 75 percent. Appraisers and brokers derive more of

their income from commercial activity compared to
broker associates and sales agents. Twelve percent of
females said they had no income from commercial
activity compared to only four percent of men. Women
derived a greater share of their income from other
sources than men. The median amount of income
women brought in from all types of commercial
activities was 59 percent, compared to men who
derived 76 percent of their income from commercial
activities. The total amount of income an agent
derives from commercial activity increases with
experience.
A total of 70 percent of commercial members derived
50 percent or more of their income in 2015 from
commercial sales. Broker associates and sales agents
derived more from commercial sales for their income
than brokers and appraisers. Commercial sales also
contributed to the annual income of women more so
than men. Agents with less work experience relied
more heavily on commercial sales for their income
than agents with more experience.
Thirteen percent of respondents did not derive income
from commercial real estate leasing in 2015. Only 27
percent derived at least half to all of their income from
leasing properties in 2015. Fifty percent of appraisers
had no income from leasing activity. Forty-one percent
of commercial members drew no income from
property management activity. Property managers
activity increases with years of experience.
The majority52 percentof commercial members
reported working in a firm that is local, consistent with
last year. More brokers worked in a local firm than
broker associates. In each firm, there were likely more
residential than commercial brokers and agents at 46
percent, slightly up from 44 percent in 2015. About
one third of firms had commercial agents only, the
same as last year. Brokers were more likely to work at
a firm that had commercial agents only, whereas
broker associates worked at firms that had more
residential agents than commercial brokers and
agents. Forty percent of all commercial members in
2016 work at a firm that has between two and five
commercial sales agents, leasing agents, or brokers,
up from 24 percent last year. Twenty percent reported
that they were the only commercial agent in the firm.
Fifty-three percent of appraisers are the only appraiser
in their firm, compared to only seven percent of broker
associates.
Twenty-nine percent of commercial members work in

an area with a population base of 249,999 or less, and
29 percent also work in an area where the population
base is 2,000,000 or more people.
Ninety percent of commercial members earned some
personal income from commercial real estate
investments, up from 87 percent last year. Twenty-two
percent of commercial members made at least 50
percent of their personal income from their personal
investment in commercial real estate, up from 18
percent in 2015.
Three-fourths (75 percent) of commercial members
noted that they had seen an increase of businesses
opening in their community in the last year. Fifty-six
percent said that they did not see an increase of
businesses closing in their communities. Two-thirds
(63 percent) also reported that more businesses are
opening in their communities than closing. NAR
commercial members thus have the perception that
business is on the rise and there is local economic
development occurring in their markets.
Sixty-five percent of members reported that they were
not involved in the transfer of ownership and control of
a business. Only two percent of commercial members
are registered with the Securities and Exchange
Commission (SEC) or the local state's securities
regulator as a Mergers and Acquisition (M&A) brokerdealer.

Exhibit 3-1
Exhibit 3-2
INCOME FROM REAL ESTATE ACTIVITIESANNUAL GROSS PERSONAL INCOME, 2006-2015, BY LICENSE
TYPE
INCOME FROM REAL ESTATE ACTIVITIESANNUAL GROSS PERSONAL INCOME, 2015, BY GENDER,
EXPERIENCE, AND WORK HOURS
Exhibit 3-3
Exhibit 3-4
Exhibit 3-5
Exhibit 3-6
Exhibit 3-7
INCOME FROM REAL ESTATE ACTIVITIESANNUAL GROSS PERSONAL INCOME, 2015, BY DESIGNATION
HOURS WORKED PER WEEK, BY LICENSE TYPE
HOURS WORKED PER WEEK, BY GENDER AND EXPERIENCE
COMPENSATION STRUCTURES FOR NAR'S COMMERCIAL MEMBERS, 2015, BY LICENSE TYPE
COMPENSATION STRUCTURES FOR NAR'S COMMERCIAL MEMBERS, 2015, BY GENDER AND EXPERIENCE
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 DESIGNATION
Exhibit 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 EXPERIENCE
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 LICENSE
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 MANAGEMENT
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 IN
2015, 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 OF
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 OF
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

Exhibit 3-1
INCOME FROM REAL ESTATE ACTIVITIESANNUAL GROSS PERSONAL INCOME, 2006-2015, BY LICENSE TYPE
Less than $25,000

$25,000 to $49,999
$50,000 to $99,999
$100,000 to $249,999
$250,000 to $499,999
$500,000 to $1,000,000
More than $1,000,000
Median
2006
11%
11
24
33
13
5
2
2008
13%
12
25
34
12
3
1
2009
23%
16
28
23
7
2
*
2010
19%
16
30
28
6
2
1
Licensed As
Broker
Sales
Associate
Agent
2011
2012
2013
2014
2015
Broker
14%
15
29
30
9
2
1
12%
13
31
32
9
2
1
12%
14
26
33
11
3
1
9%
10
24
39
12
3
2
12%
12
24
34
13
3
1
8%
8
23
36
18
5
1
7%
10
26
42
11
3
1
21%
20
26
25
6
2
1
8%
10
24
39
18
*
2
$96,200
$126,900
$108,800
$145,800
$125,000
$67,300
$130,800
$115,600 $99,900 $68,600 $76,500 $86,000 $90,200
*Less than one percent
Appraisal

Exhibit 3-2
INCOME FROM REAL ESTATE ACTIVITIESANNUAL GROSS PERSONAL INCOME, 2015, BY GENDER, EXPERIENCE, AND WORK HOURS
Agent or Broker
Gender
All
Commercial
Members
Less than $25,000
$25,000 to $49,999
$50,000 to $99,999
$100,000 to $249,999
$250,000 to $499,999
$500,000 to $1,000,000
Median
12%
12
24
34
13
3
1
$108,800
Male
Female
2 years
or less
3 to 5
years
6 to 15
years
11%
11
21
36
16
4
1
$129,200
13%
17
32
31
5
1
*
$81,300
36%
10%
11%
19
24
14
25
30
25
16
29
37
4
5
11
*
2
2
*
*
*
$43,400 $76,700 $100,000
16 to 25
years
26 years
or more
11%
7
23
37
16
5
1
$136,500
5%
7
21
39
20
5
2
$165,400
Work Hours
Less than 20 to 39
20 hours
hours
58%
12
12
14
4
*
*
$21,600
21%
21
25
26
6
1
1
$66,000
40 to 59
hours
60 hours
or more
9%
6%
12
9
27
19
37
38
13
21
3
7
1
2
$108,100 $163,200

Exhibit 3-3
INCOME FROM REAL ESTATE ACTIVITIESANNUAL GROSS PERSONAL INCOME, 2015, BY DESIGNATION
All
Commercial
Members
Less than $25,000
$25,000 to $49,999
$50,000 to $99,999
$100,000 to $249,999
$250,000 to $499,999
$500,000 to $1,000,000
Median
12%
12
24
34
13
3
1
$108,800
Counselors
of Real
Estate
(CRE)
7%
*
20
40
27
7
*
$186,300
Accredited
Land
Consultant
(ALC)
9%
3
21
24
30
12
*
$206,300
Certified
International
Property
(CIPS)
18%
12
21
26
17
4
3
$97,600
Society of
Industrial and
Office
REALTORS
(SIOR)
2%
2
4
38
34
18
2
$279,400
Certified
Property
Manager
(CPM)
11%
4
22
47
12
3
1
$141,500
Certified
Commercial
Investment
Member
(CCIM)
6%
8
23
38
19
6
2
$151,300
Hold no
designation
15%
16
26
32
10
1
*
$86,500

Exhibit 3-4
HOURS WORKED PER WEEK, BY LICENSE TYPE
Less than 20 hours

20 to 39 hours
40 to 59 hours
60 hours or more
All
Commercial
Members
4%
16
57
22
Broker
4%
16
58
22
Licensed As
Broker
Sales
Associate
Agent
4%
19
62
16
5%
18
53
24
Appraisal
3%
6
56
35

Exhibit 3-5
HOURS WORKED PER WEEK, BY GENDER AND EXPERIENCE
Less than 20 hours

20 to 39 hours
40 to 59 hours
60 hours or more
All
Commercial
Members
4%
16
57
22
Gender
Male
4%
15
58
23
Female
4%
17
54
25

Agent or Broker
2 years
or less
7%
19
57
17
3 to 5
years
5%
15
61
19
6 to 15 16 to 25 26 years
years
years or more
4%
3%
4%
13
16
18
59
58
56
24
23
23

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

100% commission
Fee for service
Salary plus a share of profits
Straight salary
Commission plus a share of profits
Commission plus salary
Share of profits only
All
Commercial
Members
42%
35
5
5
5
4
4
1
Licensed As
Broker
Broker
Associate
Sales
Agent
Appraisal
31%
41
5
6
4
6
5
2
56%
33
*
2
2
4
3
*
56%
30
1
3
6
2
3
*
16%
20
42
11
5
5
1
1

Exhibit 3-7
COMPENSATION STRUCTURES FOR NAR'S COMMERCIAL MEMBERS, 2015, BY GENDER AND EXPERIENCE

100% commission
Fee for service
Straight salary
All
Commercial
Members
42%
35
5
5
5
4
4
1

Agent or Broker
Gender
Male Female
38%
39
5
4
3
4
4
2
49%
29
2
3
7
3
7
*
2 years
or less
3 to 5
years
44%
33
7
4
8
1
2
1
53%
30
2
2
4
2
6
1
6 to 15 16 to 25 26 years
years
years or more
46%
38
1
4
3
3
3
1
37%
34
6
7
6
4
5
1
37%
35
6
6
4
7
4
2

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

100% commission
Fee for service
Straight salary
Society of
Accredited
Industrial and
Counselors
Land
Certified
Office
All
of
Real
Consultant
International
REALTORS
Commercial
(ALC)
Property (CIPS)
(SIOR)
42%
23%
56%
50%
24%
35
20
33
36
51
5
20
2
3
1
5
17
2
2
7
5
7
2
*
3
4
10
5
5
9
4
3
*
5
4
1
*
*
*
1
Certified
Property
Manager
(CPM)
13%
19
8
19
29
7
6
*
Certified
Commercial
Investment
Member
Hold no
(CCIM)
designation
33%
41
3
6
4
7
5
1
49%
33
5
3
3
3
4
2

Exhibit 3-9
SHARE OF ANNUAL INCOME FROM ALL TYPES OF COMMERCIAL ACTIVITIES, 2015, BY LICENSE TYPE
Licensed As
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
All Commercial
Members
6%
18
11
14
51
75%
Broker
Broker
Associate
Sales Agent
Appraisal
4%
16
11
15
54
77%
5%
17
13
15
50
75%
12%
21
10
14
44
63%
3%
21
6
8
63
80%

Exhibit 3-10
SHARE OF ANNUAL INCOME FROM ALL TYPES OF COMMERCIAL ACTIVITIES, 2015, BY GENDER AND EXPERIENCE
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
All
Commercial
Members
6%
18
11
14
51
75%

Agent or Broker
Gender
Male
4%
17
10
16
53
76%
Female
12%
21
13
11
44
59%
2 years or
less
26%
24
7
12
32
24%
3 to 5
years
5%
23
14
18
41
61%
6 to 15
years
5%
22
13
12
50
71%
16 to 25
years
5%
22
13
12
50
71%
26 years
or more
4%
11
12
16
57
78%

Exhibit 3-11
SHARE OF ANNUAL INCOME FROM ALL TYPES OF COMMERCIAL ACTIVITIES, 2015, BY DESIGNATION
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
Counselors
of Real
All
Estate
Commercial
(CRE)
Members
6%
6%
18
6
11
19
14
19
51
50
75%
75%
Accredited
Land
Consultant
(ALC)
3%
8
8
22
60
79%
Society of
Industrial and
Certified
Office
International
REALTORS
Property (CIPS)
(SIOR)
5%
23
11
23
38
62%
2%
*
2
14
83
85%
Certified
Property
Manager
(CPM)
Certified
Commercial
Investment
Member
(CCIM)
Hold no
designation
6%
5
9
14
67
81%
2%
5
10
15
69
82%
9%
24
12
13
41
60%

Exhibit 3-12
SHARE OF ANNUAL INCOME FROM COMMERCIAL SALES ACTIVITY, 2015, BY LICENSE TYPE
Licensed As
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
All Commercial
Members
8%
9
13
23
47
72%
Broker
Broker
Associate
Sales Agent
Appraisal
6%
11
15
24
44
69%
5%
4
11
32
48
73%
8%
7
12
18
56
77%
31%
28
8
8
26
17%

Exhibit 3-13
SHARE OF ANNUAL INCOME FROM COMMERCIAL SALES ACTIVITY, 2015, BY GENDER AND EXPERIENCE
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
All
Commercial
Members
8%
9
13
23
47
72%
Gender
Male
8%
9
14
25
44
69%
Female
8%
9
12
16
55
77%

Agent or Broker
2 years or 3 to 5
6 to 15 16 to 25 26 years
less
years
years
years
or more
20%
8%
6%
6%
6%
8
6
9
6
13
5
9
14
13
16
10
17
23
30
25
57
60
48
45
40
78%
79%
73%
71%
65%

Exhibit 3-14
SHARE OF ANNUAL INCOME FROM COMMERCIAL SALES ACTIVITY, 2015, BY DESIGNATION
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
Counselors
of Real
All
Estate
Commercial
(CRE)
Members
8%
18%
9
9
13
36
23
27
47
9
72%
41%
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
6%
*
13
22
59
79%
5%
2
15
31
48
73%
4%
4
35
41
15
54%
28%
16
16
21
19
34%
5%
8
17
30
39
67%
7%
10
11
18
54
77%

Exhibit 3-15
SHARE OF ANNUAL INCOME FROM COMMERCIAL LEASING ACTIVITY, 2015, BY LICENSE TYPE
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
All
Commercial
Members
13%
29
30
15
12
32%
Licensed As
Broker
Broker
Associate
Sales Agent
Appraisal
12%
29
33
16
12
32%
7%
30
35
17
11
34%
14%
28
25
17
16
33%
50%
39
8
*
3
0%

Exhibit 3-16
SHARE OF ANNUAL INCOME FROM COMMERCIAL LEASING ACTIVITY, 2015, BY GENDER AND EXPERIENCE
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
All
Commercial
Members
13%
29
30
15
12
32%
Gender
Male
11%
30
32
17
10
32%
Female
20%
27
21
12
19
39%

Agent or Broker
2 years or
less
36%
24
13
10
18
14%
3 to 5
years
14%
33
20
17
16
29%
6 to 15
years
10%
27
32
14
17
35%
16 to 25
years
13%
26
37
17
8
32%
26 years
or more
11%
33
31
16
8
30%

Exhibit 3-17
SHARE OF ANNUAL INCOME FROM COMMERCIAL LEASING ACTIVITY, 2015, BY DESIGNATION
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
Counselors
of Real
All
Estate
Commercial
(CRE)
Members
13%
30%
29
20
30
20
15
30
12
*
32%
24%
Society of
Accredited
Industrial and
Land
Certified
Office
Consultant International
REALTORS
(ALC)
Property (CIPS)
(SIOR)
13%
46
8
25
8
20%
12%
29
31
19
9
32%
*
17
37
37
9
47%
Certified
Property
Manager
(CPM)
Certified
Commercial
Investment
Member
(CCIM)
Hold no
designation
19%
24
43
10
5
29%
7%
30
29
17
8
36%
17%
30
25
13
15
28%

Exhibit 3-18
SHARE OF ANNUAL INCOME FROM COMMERCIAL PROPERTY MANAGEMENT ACTIVITY, 2015, BY LICENSE
TYPE
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
All
Commercial
Members
41%
29
12
8
11
8%
Licensed As
Broker
Broker
Associate
Sales Agent
Appraisal
35%
31
16
9
10
12%
44%
33
8
10
5
5%
50%
20
8
7
15
0%
61%
29
7
*
3
0%

Exhibit 3-19
SHARE OF ANNUAL INCOME FROM COMMERCIAL PROPERTY MANAGEMENT, 2015, BY GENDER AND
EXPERIENCE
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
All
Commercial
Members
41%
29
12
8
11
8%

Agent or Broker
Gender
Male
Female
2 years or
less
3 to 5
years
6 to 15
years
16 to 25
years
26 years
or more
39%
32
13
8
9
9%
48%
16
10
5
20
4%
70%
7
4
2
17
0%
54%
16
12
2
16
0%
43%
30
12
8
7
6%
34%
27
14
12
14
15%
33%
35
14
8
10
12%

Exhibit 3-20
SHARE OF ANNUAL INCOME FROM COMMERCIAL PROPERTY MANAGEMENT, 2015, BY DESIGNATION
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
Median
Counselors
of Real
All
Estate
Commercial
(CRE)
Members
41%
40%
29
40
12
10
8
10
11
*
8%
7%
Accredited
Land
Consultant
(ALC)
38%
31
6
19
6
10%
Society of
Certified
Industrial and
International
Office
Property
REALTORS
(CIPS)
(SIOR)
46%
23
11
14
6
5%
45%
40
10
*
5
4%
Certified
Property
Manager
(CPM)
Certified
Commercial
Investment
Member
(CCIM)
Hold no
designation
12%
17
12
14
45
66%
30%
40
17
9
4
13%
49%
25
11
6
9
2%

Exhibit 3-21
COMMERCIAL FIRM AFFILIATION
Independent-not affiliated with a firm

KW Commercial
Coldwell Banker Commercial
Re/Max Commercial
Berkshire Hathaway
NAI Global
Century 21 Commercial
CB Richard Ellis
Cushman & Wakefield
Colliers International
Sperry Van Ness
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 International
Prologis
Other
All Commercial Members

43%
5
5
4
3
2
2
1
1
1
1
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
35

Exhibit 3-22
FIRM CHARACTERISTICS, BY LICENSE TYPE
Licensed As
Local
Statewide
Regional (2 or more States)
International
National
All Commercial
Members
52%
14
13
13
7
Broker
Broker
Associate
Sales Agent
Appraisal
58%
14
13
10
5
45%
15
13
17
11
51%
13
11
18
8
52%
17
18
2
10

Exhibit 3-23
FIRM COMPOSITION, BY LICENSE TYPE
More residential than commercial brokers/agents

Commercial brokers/agents only
More commercial than residential brokers/agents
Not a brokerage firm
Residential brokers/agents only
All
Commercial
Members
46%
34
10
8
4
Licensed As
Broker
Broker
Associate
Sales
Agent
Appraisal
36%
40
12
8
4
65%
26
6
1
2
55%
29
8
4
5
22%
18
7
53
*

Exhibit 3-24
NUMBER OF ACTIVE COMMERCIAL SALES/LEASING AGENTS OR BROKERS, OR PROPERTY MANAGEMENT
PROFESSIONALS IN THE FIRM, BY LICENSE TYPE
Licensed As
One
2 to 5
6 to 25
26 to 50
51 to 100
101 to 250
251 to 500
501 to 999
1,000 or more
Don't know
All Commercial
Members
20%
40
22
6
3
3
1
1
2
3
Broker
Broker
Associate
Sales Agent
Appraisal
28%
44
19
3
1
1
1
1
1
1
7%
34
29
10
5
5
1
1
3
5
8%
39
26
9
4
3
1
1
4
6
53%
33
7
2
2
1
*
*
*
1

Exhibit 3-25
POPULATION BASE IN THE MARKET WHERE REAL ESTATE IS PRACTICED, BY LICENSE TYPE
Licensed As
Less than 49,999

50,000 to 99,999
100,000 to 249,999
250,000 to 499,999
500,000 to 999,999
1,000,000 to 1,999,999
2,000,000 to 3,999,999
4,000,000 or more
All Commercial
Members
6%
9
14
14
13
16
14
15
Broker
Broker
Associate
Sales Agent
Appraisal
6%
8
13
13
13
15
15
16
3%
12
19
17
13
13
10
12
5%
8
12
15
13
17
15
15
10%
10
16
10
15
17
6
18

Exhibit 3-26
PERSONAL INVESTMENT IN COMMERCIAL REAL ESTATE AS A PERCENTAGE OF PERSONAL INCOME IN 2015, BY
LICENSE TYPE
Licensed As
None
1 to 24%
25 to 49%
50 to 74%
75 to 100%
All Commercial
Members
10%
48
19
9
13
Broker
Broker
Associate
Sales Agent
Appraisal
10%
47
21
9
13
8%
46
18
16
12
18%
46
14
6
16
6%
60
20
3
11

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

Yes
No
Don't Know
All Commercial
Members
75%
No
20
20%
5
Don't Know
5%
Yes
75%

Exhibit 3-28
INCREASE OF BUSINESSES CLOSINGS IN YOUR COMMUNITY WITHIN THE LAST YEAR
INCREASE OF BUSINESSES CLOSINGS IN YOUR COMMUNITY WITHIN THE LAST YEAR
Yes
No
Don't Know
All Commercial Don't Know

8%
Members
36%
56
8
No
56%
Yes
36%

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

All Commercial
Members
7
13
18
63%
Dont know
More businesses closing than opening
Openings and closing have remained the same
More businesses opening than closing
More businesses opening than closing
63%
18%
Openings and closing have remained the same
13%
More businesses closing than opening
7%
Dont know
0%
20%
40%
60%
80%

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

AND CONTROL OF BUSINESS
Yes
No
Don't Know
All Commercial
Members
30%
65
6
Don't Know
6%
No
64%
Yes
30%

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
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC) AND/OR
All Commercial
LOCAL STATE'S SECURITIES REGULATOR AS A MERGERS AND ACQUISITION (M&A)
Members
BROKER-DEALER
Yes
2%
Yes
No
90
Don't Know
2%
Don't Know
8
8%
No
90%
Chapter 4
In 2016, the typical commercial member is 60 years
old, unchanged from 2015. Brokers, broker
associates, and appraisers are the most seasoned
among commercial members, while sales agents have
the largest representation of younger commercial
members. The median age for male commercial
members is 61 years and 56 years for female
commercial members.
At 73 percent, the majority of commercial members
are male (down from 75 percent last year). In 2016, 36
percent of those with two years or less experience are
female (down from 51 percent in 2015) compared to
16 percent that are female with 26 years or more
experience (up from 13 percent in the previous year).
Forty-five percent of those with three to five years of
experience are female, more than any other
experience group. Sales agents have the largest
representation of female practitioners at 36 percent,
which is consistent with last year. Ninety-four percent
of all appraisers are male. Of the males that hold
multiple designations, they are most likely to have
Society of Industrial and Office REALTORS (SIOR)
and the Accredited Land Consultant (ALC).
Eighty-nine percent of commercial members identify
themselves as White/Caucasian. Latino/Hispanics
account for five percent of commercial members,
while Asian/Pacific Islander account for three percent
and Black/African Americans account for two percent
of commercial members. Younger members tend to
be more diverse than their predecessors. The most
diverse group is agents aged 40 to 49 years.
Thirty-seven percent of commercial members have a
bachelors degree, while another 10 percent have
completed some graduate school. Twenty-two percent
have earned a graduate degree. A quarter of all
brokers and appraisers have completed a graduate
degree. Seventy-six percent of commercial members
are married, with 14 percent being divorced, and six
percent being single and never married.
DEMOGRAPHIC CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

Exhibit 4-1
Exhibit 4-2
Exhibit 4-3
Exhibit 4-4
Exhibit 4-5
Exhibit 4-6
Exhibit 4-7
Exhibit 4-8
Exhibit 4-9
Exhibit 4-10
AGE DISTRIBUTION OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE AND GENDER

GENDER BREAKDOWN OF NAR'S COMMERCIAL MEMBERS
GENDER BREAKDOWN OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE
GENDER BREAKDOWN OF NAR'S COMMERCIAL MEMBERS, BY EXPERIENCE
GENDER BREAKDOWN OF NAR'S COMMERCIAL MEMBERS, BY DESIGNATION
RACIAL AND ETHNIC DISTRIBUTION OF NAR'S COMMERCIAL MEMBERS, BY AGE AND GENDER
HIGHEST EDUCATION LEVEL OF NAR'S COMMERCIAL MEMBERS
HIGHEST EDUCATION LEVEL OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE
HIGHEST EDUCATION LEVEL OF NAR'S COMMERCIAL MEMBERS, BY DESIGNATION
MARITAL STATUS OF NAR'S COMMERCIAL MEMBERS
2016 Commercial Member Profile

Exhibit 4-1
AGE DISTRIBUTION OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE AND GENDER
All
Commercial
Members
Under 30 years
31 to 35 years
36 to 40 years
41 to 45 years
46 to 50 years
51 to 55 years
56 to 60 years
61 to 65 years
66 years and over
Median age
2%
3
4
5
8
14
19
20
27
60
Licensed As
Broker
1%
2
4
5
7
12
18
20
31
61
Broker
Associate
1%
2
4
4
6
17
16
23
30
61
Sales
Agent
4%
5
4
6
12
15
19
16
18
56
Gender
Appraiser
*
*
2
*
10
10
24
26
29
61
Male
2%
3
4
4
6
12
18
21
31
61
Female
2%
2
5
7
14
20
20
17
14
56

Exhibit 4-2
GENDER BREAKDOWN OF NAR'S COMMERCIAL MEMBERS
All
GENDER
BREAKDOWN OF NAR'S COMMERCIAL MEMBERS
Commercial
Members
Male
73%
Female Female, 27%
27%
Male, 73%

Exhibit 4-3
GENDER BREAKDOWN OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE
All
Commercial
Members
Male
Female
73%
27
Licensed As
Broker
76%
24
Broker
Associate
73%
28
Sales
Agent
64%
36
Appraiser
94%
6

Exhibit 4-4
GENDER BREAKDOWN OF NAR'S COMMERCIAL MEMBERS, BY EXPERIENCE
All
Commercial
Members
Male
Female
73%
27

Agent or Broker
2 years or
3 to 5
6 to 15
16 to 25
26 years or
less
years
years
years
more
64%
55%
67%
78%
85%
36
45
33
22
16

Exhibit 4-5
GENDER BREAKDOWN OF NAR'S COMMERCIAL MEMBERS, BY DESIGNATION
Society of
Certified
Industrial
All
of Real
Land
Commercial
Estate
Consultant
Property
REALTORS
Members
(CRE)
(ALC)
(CIPS)
(SIOR)
Male
Female
73%
27
65%
35
87%
14
59%
41
88%
12
Certified
Property
Manager
(CPM)
66%
34
Certified
Commercial
Investment
Member
Hold no
(CCIM)
designation
80%
20
71%
23

Exhibit 4-6
RACIAL AND ETHNIC DISTRIBUTION OF NAR'S COMMERCIAL MEMBERS, BY AGE AND GENDER
All
Commercial
Members
White/Caucasian
Latino/Hispanic
Asian/Pacific Islander
Black/African
American
American
Indian/Eskimo/Aleut
Other
Age
Gender
89%
5
3
39 or
younger
86%
7
3
40 to 49
79%
13
2
50 to 59
87%
7
2
60 or
older
92%
2
3
*
2
*
4
*
2
1
2
*
1
Male
91%
5
2
Female
81%
8
5
1
1
4
*

Exhibit 4-7

All
Commercial
Members
High School, 4%
Bachelor's
Degree
37%
Graduate Study, 10%
Some
College/
Associates
Degree
27%
Graduate
Degree
22%
Graduate Degree,
Graduate
Study 22%
10%
High
School
Bachelor's Degree,
37%
4%
Some College/
Associates Degree,
27%

Exhibit 4-8
HIGHEST EDUCATION LEVEL OF NAR'S COMMERCIAL MEMBERS, BY LICENSE TYPE
Bachelor's Degree
Some College/
Associates Degree
Graduate Degree
Graduate Study
High School
Licensed As
Broker
Sales
Associate
Agent
All
Commercial
Members
37%
Broker
39%
36%
36%
Appraiser
38%
27
22
10
4
25
24
10
2
29
20
10
4
31
18
8
6
17
23
20
2

Exhibit 4-9
HIGHEST EDUCATION LEVEL OF NAR'S COMMERCIAL MEMBERS, BY DESIGNATION
Society of
Certified
Industrial
All
of Real
Land
Commercial
Estate
Consultant
Property
REALTORS
Members
(CRE)
(ALC)
(CIPS)
(SIOR)
Certified
Property
Manager
(CPM)
Certified
Commercial
Investment
Member
(CCIM)
Hold no
designation
Bachelor's Degree
Some College/
Associates Degree
37%
27
41%
24
32%
22
40%
19
43%
16
42%
24
36%
22
36%
31
Graduate Degree
Graduate Study
High School
22
10
4
18
18
*
22
19
5
27
11
5
26
14
2
21
11
3
27
12
3
20
9
4

Exhibit 4-10
All
Commercial
Members
Married
76%
Widowed, 3%
Divorced
14%
Single (never
Other, 2%
Single (never
married), 6%
married)
6%
Widowed
3%
Other
2%
Divorced, 14%
Married, 76%
Methodology
In July 2016, NAR invited a random sample of 62,230
REALTORS with an interest in commercial real
estate to fill out an on-line survey. A total of 2,048
responses were received for an overall response rate
of 3.3 percent. All information in this report is
representative of member characteristics in 2016
while sales and lease transaction values and income
are characteristic of calendar year 2015.
The NATIONAL ASSOCIATION OF REALTORS is
committed to equal opportunity in the real estate
industry. In accordance with this commitment, racial
and ethnic information was collected and included in
this report.
The primary measure of central tendency used
throughout this report is the median the middle point
in the distribution of responses to a particular question
or, equivalently, the point at which half of the
responses are above and below a particular value.
The NATIONAL ASSOCIATION OF REALTORS,

The Voice for Real Estate, is Americas largest trade
association, representing 1.2 million members,
including NARs institutes, societies and councils,
involved in all aspects of the real estate industry. NAR
membership includes brokers, sales people, property
managers, appraisers, counselors and others
engaged in both residential and commercial real
estate.
The term REALTOR is a registered collective
membership mark that identifies a real estate
professional who is a member of the NATIONAL
ASSOCIATION OF REALTORS and subscribes to
its strict Code of Ethics. Working for America's
property owners, the National Association provides a
facility for professional development, research and
exchange of information among its members and to
the public and government for the purpose of
preserving the free enterprise system and the right to
own real property.
NATIONAL ASSOCIATION OF REALTORS
COMMERCIAL & GLOBAL SERVICES
NARs Commercial & Global Services Group provides
REALTORS the resources and tools they need to
succeed in commercial and residential markets
worldwide. NAR's commercial and global interests are
implemented through the integration of professional
education programs, industry research & resources,
strategic affiliations and networking opportunities.
NARs Commercial efforts represent the collective
commercial real estate constituencies of NAR,
including the members of the NARs commercial
affiliate organizations the CCIM Institute, the
Counselors of Real Estate (CRE), the Institute of Real
Estate Management (IREM), the Accredited Land
Consultants (RLI), and the Society of Industrial and
Office REALTORS (SIOR). NAR works to serve the
needs of our commercial practitioner members and
the commercial real estate industry through the
development of valuable products and services,
technology initiatives, public policy advocacy,
education, research and legal analysis.
www.REALTOR.org/Commercial
NATIONAL ASSOCIATION OF REALTORS

430 North Michigan Avenue
Chicago, IL 60611- 4087
1-800-874-6500
NARs Commercial Affiliate Organizations

CCIM Institute (CCIM)
The CCIM Institute has conferred the Certified
Commercial Investment Member (CCIM) designation
since 1969. Professional experience requirements
ensure that a CCIM is skilled in both theory and
practice. The Institute stresses education, networking
and ethical practice. Contact CCIM at 800-621-7027or
at www.ccim.com.
Counselors of Real Estate (CRE)
The Counselors of Real Estate is an international
network of commercial practitioners who provide
advice to clients on complex real property situations
and land-related issues. CRE designated members
hold prominent positions in real estate, financial, legal
and accounting firms, as well as in government and
academia. Membership is extended by invitation only
on either a sponsored or self-initiated basis. Contact
CRE at 312-329-8427 or at www.cre.org.
Institute of Real Estate Management (IREM)
The Institute of Real Estate Management provides
training, information, research, analysis and practical
advice for those who manage income-producing real
estate of all types at all career levels. The Institute
awards designations of Certified Property Manager
(CPM), the Accredited Residential Manager and the
Accredited Management Organization (ARO).
Contact IREM at 312-329-6000 or at www.irem.org.
REALTORS Land Institute (RLI)
As recognized experts in land, REALTORS Land
Institute (RLI) members specialize in farms and
ranches; undeveloped tracts of land; transitional and
development land; subdivision and wholesaling of lots;
and site selection and assemblage. RLI has awarded
the Accredited Land Consultation (ALC) designation to
a select group of over 1,200 land specialists since
1944. Contact RLI at 312-329-8446 or at
www.rliland.com.
Society of Industrial and Office REALTORS (SIOR)
The Society awards the SIOR (Specialist, Industrial &
Office Real Estate) designation to brokerage
specialists who meet its strict experience, transaction,
education and ethical standards. Recipients of this
designation are recognized within the commercial
brokerage industry as the most experienced and
capable practitioners. One of the leading commercial
and industrial real estate associations, the Society has
3,100 members in 630 cities in 34 countries. Contact
SIOR at 202-449-8200 or at www.sior.com.
NARs CIPS Designation

Certified International Property Specialists (CIPS)
By earning your CIPS designation, you will gain
access to the CIPS Network. This members-only
group is specifically for international practitioners of
the National Association of REALTORS who have
earned the CIPS designation. Comprised of over
2,800 real estate professionals specializing in all types
of real estate, the CIPS Network provides a 360 view
of the global market. In any type of international real
estate transaction, members are consumers' best and
most trusted resource for navigating the international
market. Contact CIPS.

The 2015 NATIONAL ASSOCIATION OF REALTORS® Commercial Member Profile

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The 2015 NATIONAL ASSOCIATION OF REALTORS® Commercial Member Profile

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2 01 6 L E AD E R S HI P TE AM

NAR Commercial Leadership

2016 NAR Commercial Member Profile

NAR RESEARCH STAFF

2016 NAR Commercial Member Profile

2016 NAR Commercial Member Profile

2016 NAR Commercial Member Profile

who reported at least one transaction was $600,000,

2016 NAR Commercial Member Profile

Business Activities of NAR Commercial Members

2016 NAR Commercial Member Profile

Sixty-five percent of commercial members of NAR

2016 NAR Commercial Member Profile

2016 NAR Commercial Member Profile

Single-family homes were the top investment sales by

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

NAR'S COMMERCIAL MEMBERS BY LICENSE TYPE

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

Real Estate Experience

* Less than one percent

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

* Less than one percent

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

Residential Real 19%

Multi-family Property Management

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

Residential Real Estate

* Less than one percent

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

Residential Real Estate

* Less than one percent

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

SECONDARY BUSINESS SPECIALTY OF NAR'S COMMERCIAL MEMBERS

2016 NAR Commercial Member Profile

BUSINESS ACTIVITY OF NAR'S COMMERCIAL MEMBERS

TYPE OF INVESTMENT SALES PRACTICED

Multi-Family (2-5 units)

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

* Less than one percent

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

* Less than one percent

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

* Less than one percent

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

Real Estate Experience

Experience as Commercial Agent

2016 NAR Commercial Member Profile

BUSINESS CHARACTERISTICS OF NAR'S COMMERCIAL MEMBERS

* Less than one percent

2016 NAR Commercial Member Profile