More Women in CRE, Wage Gaps Remain
- Oct 19, 2010
October 19, 2010
By Allison Landa, News Editor
On the eve of the Commercial Real Estate Women Network Convention and Markplace in San Francisco, a study commissioned by the organization shows mixed results for women in the industry.
The study, Women in Commercial Real Estate: 2010, shows that commercial real estate has more female players than in 2005, but parity still has not been achieved between men and women when it comes to salary and promotions.
In 2005, women made up 36 percent of the commercial real estate field. Today, that figure has jumped seven percentage points to 43 percent. There has also been an increase in the number of women on either side of the experience spectrum: those with less than five years in the industry and those with more than 20 years.
As for the wage gap, it’s narrowing, but still exists. More women earn $100,000 to $250,000 per year, but still fewer than men – 8 percent in 2005 were at the $250,000 level, while in 2010 that figure was 11 percent. Comparatively, 34 percent of men in 2005 and 31 percent of men in 2005 earned $250,000 annually.
Additionally, in 2010 two times as many women as men reported earning less than $75,000 per year. However, that was down from three times as many in 2005. C-suite positions were also still predominantly male; the survey found that 9 percent of female respondents reported holding a C-suite position, while 22 percent of the male respondents reported this. However, the number of C-suite positions were down from 2005.
The Cornell University Program in Real Estate administered the study to more than 2900 industry players in various commercial real estate fields.