Exploring the rise of diversity in commercial real estate leadership, the challenges faced by DEI programs, political backlash affecting progress, and the optimism of young leaders in the industry despite obstacles
Increased representation of people of color in C-suite roles to 12.8%, but female representation at 26.2% still highlights long path to industry inclusivity.
Pressure for diversity in commercial real estate industry stems from employees, customers, and changing demographics, requiring a shift in workplace culture.
Deep dives
Limited racial and gender diversity in the commercial real estate industry
The podcast episode discusses the lack of racial and gender diversity among decision makers in the commercial real estate industry. The host mentions how Biznow started collecting data on this topic in 2020 and has been analyzing the progress each year. The data shows that the representation of people of color in C-suite roles has increased slightly over the past three years, reaching 12.8% in 2023. However, this is still a small percentage compared to the overall composition. Similarly, female representation in C-suite roles has seen a steady increase, reaching 26.2%. While there has been progress, the podcast highlights that there is still a long way to go to achieve true representation in the industry.
Importance of tracking diversity and awareness in the industry
The podcast emphasizes the importance of tracking diversity in the commercial real estate industry and celebrating the progress made in gathering this data. The host and guest speaker discuss how the availability of this information has increased over the years, providing more transparency and awareness. They also highlight the need to focus on diversity and inclusion in smaller companies that may not face the same level of scrutiny as larger firms. The speaker explains that diversity initiatives should not be limited to public companies or those under scrutiny but should be prioritized by all companies, regardless of size.
Pressure for diversity coming from employees and customers
The podcast explores the sources of pressure for diversity in the industry. It mentions that the push for diversity and inclusion will come from various angles, particularly from employees and customers. The younger generations, such as Gen Z and millennials, are more committed to this work, leading to increased demands for diverse and inclusive workplaces. Employees considering their career choices also gravitate towards industries that embrace diversity. Additionally, customers, as end consumers, are holding companies accountable for their practices and the makeup of their teams. The changing demographics of the consumer base further contribute to the pressure for diversity.
Challenges and progress in the industry's approach to DEI
The podcast acknowledges both the progress and challenges in the industry's approach to diversity, equity, and inclusion (DEI). While progress has been made in terms of awareness and initiatives, the guest speaker highlights the need to change the conversation around DEI. She emphasizes the importance of equipping everyone with tools, resources, and knowledge to foster understanding and increase comfort levels. The speaker also discusses the need to measure inclusivity and the sentiment of employees, apart from representation numbers. Despite the challenges and political debates surrounding DEI, the speaker remains optimistic due to the increasing demand and commitment from organizations and leaders in driving tangible results.
Bisnow has released the fourth installment of the annual story tracking the levels of gender and racial diversity among commercial real estate leaders. On this episode, we break down the latest figures, and examine the current threats that diversity programs in the U.S. -- as well as talk about how backlash and the Supreme Court rulings on affirmative action could filter through to the industry.
