Is Commercial Real Estate a Boy's Club?

We can vote. We can even wear pants! But can we sell commercial real estate? Commercial real estate is an industry that has traditionally been male-dominated. However, this may be beginning to change.

According to data from the National Association of Realtors, women make up just 29% of commercial real estate agents. This is compared to 65% of residential real estate agents who are women per their data from 2022. Similarly, a report from the Urban Land Institute found that only 20% of leadership positions in commercial real estate firms are held by women.

Despite these statistics, there are indications that the industry is becoming more inclusive for women. For example, the number of women in commercial real estate leadership positions has been steadily increasing in recent years. Additionally, organizations such as the Commercial Real Estate Women (CREW) Network have been working to promote diversity and inclusion in the industry.

It's worth noting that the industry is also facing a shortage of talent. According to a BisNow news article, this is a product of the “Covid era.” The bright side is this scarcity creates an opportunity for women to enter the industry and succeed. As companies are competing to attract and retain top talent, they are increasingly looking to diversify their workforce.

Despite the progress that has been made, women continue to face several barriers that prevent them from reaching their full potential. One of the biggest challenges that women face in the workplace is the gender pay gap. According to data from the National Women's Law Center, women in the United States make only 82 cents for every dollar earned by men. The beauty of the real estate industry is that as an independent contractor, you make your own commissions based on your performance in closing deals. Your pay will not depend on joining the boys club on the golf course.

Organizations such as Lean In, Catalyst, and the National Women's Law Center are actively working to support women in the workplace. They provide resources, training, and mentorship opportunities to help women succeed and advance in their careers.

Although commercial real estate is still a male-dominated industry, the trend is changing. When you see a dynamo commercial real estate agent like Colette English Dixon elected to the board of directors for Marcus & Millichap, strides are being made. There is no “paper ceiling” and women have a seat at the table. Organizations and successful women in the industry are working to promote diversity and inclusion, which will hopefully lead to more gender balance in the future.