No More 'Gross' Messages Or Being The Only Woman In The Room: CRE Has Made Progress But Still Needs Work
The landscape for women in commercial real estate has improved over the past decade, thanks in part to cultural shifts and aided by remote work trends from the coronavirus pandemic. Still, there's a long way to go toward equality, industry professionals say.
Many companies are making the effort to have the flexibility that women — and most workers — want and need in order to be able to get closer to a work-life balance. But CRE leaders speaking at Bisnow’s SoCal Power Women event cautioned there may be temptations for companies to roll back the progress that has been made as the return to the office looms.
Remote work brought relief to many of the responsibilities and work-life collisions that were previously main concerns for women, Wonderful Real Estate Director Erin Poulson Morris said. That's especially true for working moms, panelists said.
“I think it somewhat leveled the playing field,” Poulson Morris said. “You’re seeing male co-workers bouncing their babies on their lap, kids screaming in the background — before we were always judged for it, and now it’s everybody.”
Though many moms in CRE have felt crunched by the pressures the pandemic created, industry insiders speaking at the event highlighted potential benefits that have emerged as a result of employers having to be flexible.
Many advocated for that shift to be a long-term one.
“We all know someone who’s had to exit the workforce because of family responsibility — eldercare, childcare,” Nuveen Real Estate Portfolio Manager Cindy Chen said. “As we transition back into the office, I think it’s really important to be accepting, so folks don’t feel like they have to make a choice between their work and home life.”
Speakers at the half-day conference at the J.W. Marriott L.A. Live touched on a host of topics including moving up the corporate ladder, mentorship of colleagues and finding opportunities for professional development.
Watt Cos. CEO Nadine Watt said when she was learning the business, which was founded by her grandfather, she was often the only woman in the room at meetings.
“I learned early on that I did need to bring women with me and open the door for other women,” Watt said, adding that almost all the executives at Watt Cos. are women.
While a lot of progress has been made for women, there are still not enough women at high levels of corporate leadership, Jamison Realty CEO Jaime Lee said, adding women still make less than their male counterparts. Still, the changes that have been made are noticeable.
When Lee first started in the field, she attempted to dress in what she thought was a masculine way — no colors, no dresses, hair up — in an effort to try and get people to treat her respectfully and take her seriously.
“When I started, it was very common for brokers to send me gross text messages in the middle of the night,” Lee said. “That stuff has fallen away so dramatically. The decorum and the level of business attitude that people bring in has changed.”
Though women are now more in demand from employers, the industry is still dominated by men, Lee said. CBRE Senior Diversity Recruiting Leader Garland Fuller noted that CREW surveys consistently find the percentage of women in CRE hovering around 35%.
In the Southern California development world, “it’s a USC white man’s club,” SoLA Impact Vice President of Development Ekta Naik said. And while she's seen improvements in the field, there's still a long way to go.
“Now when I see women in the development world, I keep a tab on them: Where are you, what are you doing, when can I recruit you?” Naik said.
