Operating budgets remained relatively flat in this year’s sample (n=143) with a median increase of 2%. Across all asset size cohorts, roughly two-thirds of the operating budget will go toward staff expenses on average (n=184).
| | $0-$25M | $25-$50M | $50-$100M | $100-$250M | $250-$500M | $500M+ | All |
|---|---|---|---|---|---|---|---|
| Personnel expenses | 61% | 62% | 61% | 70% | 67% | 66% | 65% |
| Non-personnel expenses | 39% | 38% | 39% | 30% | 33% | 34% | 35% |