Over the last five years, the percentage of women professionals in the industry increased from 32% to 36%, according to survey results. However, the survey found that at comparable levels of experience significantly more men achieve senior level positions than women.
Comparing women and men with more than 20 years of experience in the industry, 44% of men held the title president, chief executive officer or chief financial officer, while only 23% of women held those titles. Women were much more likely than men to have positions of vice president or below, according to the survey.
More than one-third of the respondents--including both men and women--earned more than $150,000 in 2004, and 18% earned more than $250,000. However, while 58% of the men reported incomes of $150,000 or higher, only 24% of the women reported incomes of $150,000 or higher.
"There is clearly more work to do to achieve parity between men and women in terms of compensation and career advancement, and to increase the number of women in certain segments of the industry," says CREW Network president Ginger Bryant.
Despite the findings, less than half of respondents believe an income gap exists.
CREW engaged Knowledge Systems & Research Inc. to execute both an online and a telephone interview survey. There were 1,834 online survey participants from all disciplines in commercial real estate—64% women and 36% men. Respondents were drawn from the industry at large and were not limited to CREW Network members. The 250 telephone interviews were drawn from the online respondents and provided more detailed qualitative research on select topics.
Other findings include:
The number of women in brokerage/sales/leasing has risen from 20% five years ago to 23% today. However, the survey results demonstrate that men are more likely to hold, and to pursue, positions that include commissions as part or all of their overall compensation structure.
The specialization that saw the most growth in terms of the percent of women-- from 37% five years ago to 44% today--was Financial/Professional Services. The specialization of Development/Development Services saw no growth in the percentage of women.
A majority of both women and men in commercial real estate reported that they have achieved high levels of success in their careers. However, both men and women in the industry report that they are less satisfied with their work/life balance than with their level of success.
As for management, women are more likely to directly manage women, and men are more likely to directly manage men--regardless of industry specialization, according to the report.
The survey was underwritten by a number of companies. The lease underwriter was CB Richard Ellis. Other survey underwriters included Holland+Knight, Prudential Financial, Appraisal Institute, CCIM Institute, First American Title Insurance Company National Commercial Services, GMAC Commercial Mortgage and the National Multi Housing Council.
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