CREW Network: CRE Industry Must Take Action for Gender Parity, Greater Diversity
Efforts to achieve gender parity in commercial real estate are far from complete–in fact, little progress has been made in the last five years, reported CREW Network, Lawrence, Kan.
The CREW Network called its new study, Gender and Diversity in Commercial Real Estate, a “wakeup call” and a call to action for the commercial real estate industry. The study, conducted in partnership with the MIT Center for Real Estate, measures progress for women in commercial real estate over the last 15 years.
“We are calling on executives who can affect change to take this study seriously and take action in their company and in the industry,” said CREW Network CEO Wendy Mann. “Industry leaders must address these issues as a business imperative and take action now to make this important investment in our companies, our employees and the future of our industry to remain a competitive and attractive employer.”
Key findings from the study include:
–Women occupy 36.7 percent of the commercial real estate industry. This percentage has remained between 35-37 percent over the last 15 years.
–The study saw a 5.4 percent increase in women respondents 39 years old and younger, indicating a growing generation of young and emerging women professionals in the industry.
–More women occupy brokerage than ever before at 29 percent, a 6 percent increase from 2015.
–Women’s career satisfaction level is the lowest since the study began in 2005. Fifty-five percent of women called themselves very satisfied with their career.
–Only 16 percent of respondents reported that 25 percent or more of the professionals in their workplace are Black, indigenous and people of color (BIPOC). However, more than half of respondents have noticed a culture shift regarding diversity, equity and inclusion. –Overall, the difference in total average compensation (salaries, bonuses and commission combined) across genders is 34 percent–a nearly 11 percent increase from 2015. Capital One Senior Vice President and Mid-Atlantic Market Manager Sadhvi Subramanian said commercial real estate as an industry “has a lot of work ahead in order to create a level playing field for women and minorities. Change can only happen when we work together as an industry,” she said.