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4770120-56684300Recommended Reading & Resources Bach, Jonathan, “One CRE Exec Gives Portland real estate a ‘D’ on diversity. Here’s one effort to change that,” Portland Business Journal, 2020.Local Portland CRE executives share their recent efforts to diversify the industry, including collaborations with the Urban Land Institute and ULI Northwest. BisNow, “What Does It Mean to Be Black in CRE?”, 2020.This page offers perspectives from Black men and women with a variety of CRE positions and years within the industry. Each reflects on how race, and particularly the underrepresentation of Black people and other people of color, has impacted their work.BisNow, “How Has the Industry Changed in Terms of Its Attitude Toward Race During Your Time Working in CRE? What More Needs to Happen?”, 2020.Black men and women in CRE share whether they’ve seen an evolution in thinking on equity & inclusion during their time in the industry, as well as suggested next steps.Borchersen, Keto, “REEC Chair Shares Five Strategies to Help Improve Ethnic Diversity in Commerical Real Estate,” REIT, 2020.Tammy Jones, chair of the Real Estate Executive Council, shares strategies to bring more people of color into CRE. Gilliam, Derek, “Why There’s a 23.3 Percent Gender-Pay Gap in Commercial Real Estate,” Jacksonville Business Journal, 2017. In a study by the Commercial Real Estate Women’s Network, women in commercial real estate were 54% less likely to have a sponsor to help them navigate the corporate mercial Real Estate Women’s Network, “Achieving Pay Parity in Women’s Real Estate”, 2018.This study includes rich data on the experiences of women in CRE, including encounters with implicit bias, perceptions of pay inequality at work, and a high percentage of women who felt passed over for assignments, positions, or listings due to their gender. Notably, of the 30% who sought resolution for missed opportunities, only 7% of women felt the issue was resolved to their satisfaction. A high percentage of women responded to perceived bias by seeking a new position or resigning outright. Men in CRE C-Suite positions earn 30% more than women in the same roles. The research suggests that executive level women and men negotiate their salaries equally, suggesting that women may start from lower offers and negotiate based on past compensation, rather than skills and mercial Real Estate Women’s Network, “2020 Benchmark Study Project,” 2020.This study documents a gender pay gap in CRE which has widened in the last year. Most significant was the 56% gender gap in bonuses and commissions between men and women. The gaps were even wider for women of color, ranging from 71 to 74%. Jarvis, Ernie, “Viewpoint: We Need More Diversity in Real Estate Brokerage. Here is a Step-By-Step Process,” Washington Business Journal, 2020.Jarvis offers comprehensive strategies to hire, retain, and promote more people of color within CRE. These include recruitment initiatives, formalized mentorship, and partnerships with minority brokerage firms. Perez, Christine, “Why Commercial Real Estate is Starved for Diversity”, D Magazine, 2016.Nearly 80% of senior positions in CRE are held by white men. 14% are held by white women, 2.9% by Hispanic men, 1.3% by Black men, and 1.6% by Asian men. Less than 1% are held by women of color.Phillips, Mike, “Cushman Shines a Light on Real Estate’s Pay Ethnicity Gap,” BisNow, 2020.A UK Commercial Real Estate firm published its compensation data, which suggests broad disparities in pay for people of color within the industry. Rock, David and Grant, Heidi, “Why Diverse Teams Are Smarter,” Harvard Business Review, 2020.This article provides strong data on the business case for diversity, documenting how and why groups of people from different backgrounds tend to make better decisions.Sikes, Kirk; Mitchell, Evan; and Heyman, Sommer, “Beyond ‘Best Efforts’: Why Commercial Real Estate Needs to Catch Up on Diversity”, Urban Land, 2019. In the 2019 Commercial Real Estate Outlook, 86% of survey respondents said that diversity on the boards of CRE firms improves returns, and 79% said the CRE industry was not doing enough to bring in new talent.White, Meg, “Gender pay gap in commercial real estate grows to ‘staggering’ levels,” Chicago Agent Magazine, 2020.This article covers key findings from the Commercial Real Estate Network’s Benchmark 2020 Study, cited above, and explores some of the reasons the gender pay gap persists. Video ResourcesWho Me, Biased? Implicit Bias Series, New York Times, 2016 [CC].Commercial Real Estate’s Partnership Skills Seen as Key to Increasing Racial Diversity, Nareit, 2020 [No Closed Captioning, but the article summarizes main points]. ................
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