CRE Sheroes: Goldie Initiative Honorees On Why Emerging Female Leaders Need Dedicated Role Models

While the commercial real estate industry has made significant efforts to recruit and promote women in the workforce, there is still room for improvement. The Goldie Initiative has been working on solutions since 2007.

Founder Goldie B. Wolfe Miller, a renowned commercial real estate broker and entrepreneur with years of experience as the CEO of the largest woman-owned commercial real estate company at the time — Goldie B. Wolfe & Co., established in 1989 — built upon her experience as a female leader in a male-dominated industry. Through the initiative, Wolfe Miller united her philanthropic spirit and extensive commercial real estate wisdom to help women achieve positions in the C-suites of CRE.

The Goldie Initiative is focused on helping women in each stage of their CRE career, providing opportunities for graduate-level scholarships, exclusive networking events and leadership development, as well as opportunities for mentorship for women on their paths to C-suite positions — a level where women are still underrepresented in the industry.

A 2022 survey conducted by the Commercial Real Estate Women Network found that 92% of respondents perceived their companies as inclusive. However, the CREW research found that there are still major problems regarding low diversity in the leadership pipeline, with the C-suite being made up of only 29% women and 17% racial minorities. Additionally, only 56% of respondents reported having access to a mentor or sponsor. 

On Sept. 21, the Goldie Initiative will be hosting its annual Goldie Gala in Chicago, where hundreds of CRE professionals will gather to network, fundraise and celebrate prominent women in CRE. It is also where they will present the Shero Award to a woman who has made a positive impact on changing the leadership framework of the CRE industry for women.

Bisnow spoke with former Shero Award honoree and Vice Chair of CIBC U.S. Karen Case and to Mary Ludgin, Heitman's head of global investment research, who will be honored at this year’s event. They discussed the progress CRE has made toward female leadership in the C-suite and beyond, the work that still needs to be done and the importance of sheroes in the industry. 

Bisnow: Why does the commercial real estate industry need Sheroes? 

Case: Companies, regardless of the industry, have to focus on diversity as a talent issue and recognize that to be an industry leader, it is critical to tap into the full talent pool. By broadening the population of candidates, employers won’t miss out on meaningful segments of talent.

Numerous studies have been conducted about the performance of companies that are intentional about women holding executive management roles and board seats. They showed that for these organizations, earnings before interest, taxes, depreciation and amortization were higher, as were their stock prices, gross and net margins and employee engagement. Additionally, their employee turnover was lower than companies that do not seek out women for key positions. 

Ludgin: Our industry lacks diversity, though it is certainly more diverse from a gender perspective than when I entered it in the early 1990s. Shining a light on the accomplishments of women may inspire people who are early in their careers or who are slogging it out midcareer. 

Bisnow: What did being named a Goldie Shero mean to you? 

Ludgin: First, it’s such a pleasure to be linked to Goldie, whom I admired from afar. She forged a path with style, intellect and moxie. Second, it’s an honor to be in the company of Pam Boneham, Debra Cafaro, Karen Case, Lynn Reich and Sheli Rosenberg.

Case: Watching my mother gloat throughout the evening was definitely a highlight for me! 

Bisnow: How have you been working to mentor and encourage the next generation of women leaders in CRE? 

Case: I’m a strong believer in helping the next generation of women — and men — be the best they can be, both personally and on a professional level. I try to pass along lessons taught to me by so many, including Goldie, from how to win in our challenging, demanding world to how to be resilient when things don’t always go just right and the importance of keeping a sense of humor along the way. 

I counsel young women to have the confidence to ask for the tough assignments, to sing their own praises and eliminate that inner voice of self-doubt, and to manage their own career development and not wait for someone to knock on the door. It is also important for women to mentor men. Young men entering the workforce who have strong female mentors and role models will be better colleagues and leaders, and will have greater respect for women who lead.

Ludgin: I benefited from several marvelous mentors in my career. I had the pleasure of mentoring a Goldie Scholar, and I’ve tried to make myself available to women within my firm and within the associations I’ve been part of, including the Urban Land Institute, the Pension Real Estate Association and the National Council of Real Estate Investment Fiduciaries.

Bisnow: Where do you think the industry stands in terms of gender equality in the C-suite, and where would you like to see things heading? 

Ludgin: I was part of a panel of four researchers who all happened to be women at a conference in Chicago earlier this month. We are all part of an industry group called the Real Estate Research Institute, which brings together industry researchers like me with academics in the field of real estate and real estate finance. We decided not to dwell on the fact that we were women, but instead to share our stories of the paths we took to leadership roles. We want the industry to get to a place where there are no barriers that get in the way of people being promoted because they are the best person for a position.

Case: Has gender equality gotten better through my decades in the industry? Sure. For one thing, I don’t have to wear blue suits with those awful silk ribbon ties, but the subtleties still exist. I don’t think the CRE industry is any better than most of corporate America, and because it is my nature as a banker to focus on numbers, I have a few that highlight why.

In 2021, women held 52% of all management positions but accounted for only 44 CEOs on the 2022 Fortune 500 list — less than 10%. While a record high, this means that men still dominate CEO positions by a giant margin — the other 456 in the Fortune 500 are men — more than 90%. Similarly, the overwhelming majority of boards are still dominated by men — less than one-third of board seats are held by women. 

The goal is parity: equal opportunity, equal pay and an equal voice.

This article was produced in collaboration between Studio B and The Goldie Initiative. Bisnow news staff was not involved in the production of this content.

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