Real estate boosts women's executive promotions over past year

Firms have a 5% yearly rise in formal strategy adoption.

The Global Real Estate DEI Survey revealed that 70% of executive-level promotions were awarded to women over the past year, a figure that outpaces other levels of leadership.

Sigrid Zialcita, Chief Executive Officer of the Asia Pacific Real Assets Association (APREA), viewed this development as a critical step towards rectifying the gender imbalance historically prevalent in real estate's upper echelons. 

"This trend is a testament to the industry’s growing commitment to fostering diverse leadership teams," she commented, emphasising the importance of providing equal career advancement opportunities to women.

However, the rise in female executive promotions is just one facet of the broader DEI initiatives gaining traction in commercial real estate. Zialcita stresses the comprehensive benefits that diversity brings to the sector, including enhanced innovation, talent retention, and corporate reputation. 

"Diversity within a company leads to greater teamwork and allows the organisation to tap into a wider range of perspectives and ideas," she noted, underscoring the strategic value of inclusivity.

Despite these positive trends, Zialcita said that the real estate industry still faces significant hurdles in achieving true equity and inclusion. She points out that while there is notable progress, much work remains to dismantle the barriers preventing full-scale DEI implementation. 

"This is a work in progress. There needs to be sustained effort and commitment to address existing barriers and promote diverse representation at all levels," she asserted.

Zialcita remains optimistic about the future of DEI initiatives within the sector. As awareness of the business case for diversity grows, more companies are recognizing the importance of building inclusive and diverse teams. She highlighted the proactive steps taken by APREA members towards creating more inclusive environments as a positive indicator of change.