More Women Finding Opportunity in Commercial Real Estate
A 2010 study commissioned by Commercial Real Estate Women (CREW) Network and administered by the Cornell University program For Real Estate indicates that more women are entering the commercial real estate space, with a seven percent increase between 2005 (36%) and 2010 (43%).
The study targeted individuals in a wide variety of specialties within the commercial real estate arena. More than 2,900 property professionals responded, of which 69 percent -- or 1,972 -- were female. Respondents represented everyone from brokerage and leasing professionals to property managers and financial executives.
While more women are finding career opportunity in the space, a wage gap between women and men persists, although some improvements were observed. Overall, more women are now in the $100,000 to $250,000 compensation bracket, but at a lower rate than men, on the aggregate. The number of women climbing into this category increased from 8 percent to 11 percent between 2005 and 2010. Notably, the total percentage of men in the same compensation range dropped from 34 percent to 31 percent.
Three times the number of men reported compensation at the $250,000 top line of the bracket, than did women respondents. At the same time, an improvement was noted at the lower end of the range, with the number of women reporting lower than $75,000 compensation dropping from three times as much as men in 2005, to twice as much, five years later.
Another area for improvement remains the percentage of C-level women executives in the space, an area still managed by male professionals, as a majority. Overall, 9 percent of the female respondent base to the 2010 survey reported holding a C-suite position such as president, CEO, CFO or COO, compared to 22 percent of the male participants.
The mission of CREW Network (www.crewnetwork.org) is to influence the success of the commercial real estate industry by advancing the achievements of women. The organization represents more than 8,000 commercial real estate professionals in 73 chapters across North America.
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