Beyond Balance: Building a Thriving CRE Industry with Diverse Leadership

Historically, Commercial Real Estate (CRE) is an industry that has not represented the rich diversity of the communities we serve and diverse world we operate in. However, the number of women in the industry – specifically leadership roles – has improved in recent years as we are seeing a gradual increase in women’s representation throughout the field.  From asset management to brokerage and development, women are reshaping the landscape of a traditionally male-dominated sector. Their expertise, vision, and determination are not only breaking barriers but also bringing fresh perspectives to the table, driving positive change and inclusivity within the industry.

Importance of Women in Leadership Roles

The significance of equality for our clients is only growing as they become more diverse, too. In terms of gender diversity, we are now starting to see a shift from our more traditional clients.  As women advance their careers and increasingly assume leadership roles, they are seeking partners with broad and unique perspectives. This thoughtful approach isn’t because they are women, it’s driven by their desire to build better companies. 

As a result, it is critical to provide more support for women transitioning from mid-level or senior positions to executive leadership roles. A study conducted by CREW Network in 2019 found that while women in CRE hold about 54 percent of mid-level associate and senior positions and 27 percent of SVP, managing director and partner-level roles, they only account for nine percent of C-suite positions. These findings further highlight the crucial need to improve career development opportunities for managerial roles to strengthen the pipeline to the C-suite – and women’s potential to assume those positions. 

Diversity goes beyond gender itself, encompassing racial, ethnic, and cultural diversity. Understanding this notion not only helps create the inclusive workplace that every employee deserves, but it’s also good for business and value-creation. For instance, companies that have more diverse boards of directors perform better on the S&P 500, a dynamic which is enabling organizations across industries to further recognize that diversity is essential. In this vein, diversity is one of the keys to unlocking greater value as it brings different perspectives and ideas to the table, ultimately allowing organizations to tackle challenges with a breadth of solutions. 

Supporting Career Development and Professional Growth

Meeting clients’ needs requires the best talent, resources and technology to ensure the highest quality execution. That level of excellence can only be achieved by continuously aligning your organization with the clients it serves and the communities in which they work. 

An important part of Berkadia’s growth story is our commitment to career development for all professionals, and equally so for women across the organization. Strong support from the C-suite and senior staff down to junior employees is an incredibly important element of someone’s career as they seek to maximize their full potential. Though important for all individuals starting their careers, it is especially important for women to prioritize engagement and networking, as it encourages the development of genuine connections throughout their organization, allows them to take advantage of broader networking opportunities, and create a personal brand – ensuring they are “taking their seat at the table” in fields that have historically been male-dominated. 

At the end of the day, building a company culture where everyone can flourish matters. It starts with the job posting – does our job description encourage all individuals to apply or is there an inherent bias in our process?  In terms of current staff, we keep a keen eye on training and development opportunities in lockstep with employees’ unique personalities and skillsets, which we believe can help a company create more defined growth pathways and career advancement platforms.  

Berkadia’s Women-Led Team

Berkadia has made significant strides over the past several years in elevating women across our business. Specifically, the Berkadia Institutional Solutions platform has increased its gender diversity to become an entirely women-led platform. Hilary Provinse, Executive Vice President – Production and Capital Markets, along with Mary Ann King, Co-Head of Institutional Solutions, Dori Nolan, Senior Vice President – Institutional Solutions, and I have stepped up to support the both the investment sales and mortgage banking needs of Berkadia Institutional Solutions, a platform dedicated to serving institutional investors through a robust suite of services and resources. Not only is Berkadia Institutional Solutions led by women, but it is also comprised of some all-female teams – one example being the team I lead based out of Chicago. Under my leadership, Senior Director Emily Stang and Vice President Michelle Chang work to support institutional investors across the Midwest and we’ve found that our clients are extremely receptive to our business strategy. 

Together, these women lead a team of 360 employees and have a combined 125 years of experience in the CRE industry. As a team, they’ve already used their platform to build a supportive environment that promotes growth for Berkadia’s professionals and will continue helping support women in their pursuit of career growth and advancement. 

Looking to the Future

When it comes to growing Berkadia’s workforce, there are two key areas that are instrumental to our success: identifying top talent across all demographics within the CRE industry and attracting underrepresented individuals into the industry at-large through various talent programs that target professionals early in their career. 

Now more than ever, the industry is looking for women to assume more active leadership roles within their companies, teams, or various committees, a trend which should instill greater confidence in women’s ability to step up and seize this opportunity. The presence of women in leadership roles is not only a matter of gender equality but also a strategic imperative for the industry’s continued success and innovation. As we look to the future, it’s clear that women’s leadership will be a driving force in shaping a more vibrant, progressive and prosperous industry for years to come.