Global Survey Shows CRE Paying Higher Attention to DEI
Global commercial real estate firms are paying more attention to, and are focused on broadening their diversity, equity and inclusion (DEI) initiatives and programs. The 2022 Global Real Estate DEI Survey results showed that most firms are addressing gender/gender identity and are putting a “higher degree of importance on other dimensions of DEI,” according to a press release from the Urban Land Institute (ULI).
The survey is a joint effort between the ULI, European Association for Investors in Non-Listed Real Estate Vehicles (ANREV/INREV), Ferguson Partners, NAREIM, NCREIF, Pension Real Estate Association (PREA) and the Real Property Association of Canada (REALPAC). This year’s results showed the industry’s gender composition by region, including Asia-Pacific, Europe and North America.
The gender demographic split in North America was 57.5% men and 42.5% women.
Other key findings indicated that:
95% of respondents address DEI issues with formal programs or enacting initiatives and policies to improve the representation of underrepresented groups
Among respondents with formal DEI programs, more than 85% have qualitative and/or quantitative measurement goals
One-third of respondents said they plan to implement management training on anti-bias hiring within the next 12 months
CRE companies are tackling pay equality in greater numbers; firms of all sizes are working hard to level the pay gap
Goals include improving employee engagement and increasing the number of minorities, women and other underrepresented groups at the senior level
Slightly more than 70% of respondents have a formal DEI committee in place
Firms consider the most impactful policy as communicating the importance of DEI to employees and offering work/life balance programs
In North America the data demonstrated a small shift toward more women full-time employees and a greater representation from a wide racial/ethnicity set. While males constituted 39.1% of participating CRE firms’ workforces, down from 44% in 2021.
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