The Legacy Project 2024
New Granger Reis report explores gender disparity in Real Estate Oct 18, 2024New insight from 170+ female leaders on breaking barriers and building a diverse future
LONDON - Friday, October 18, 2024 – Today global executive search firm Granger Reis has released a breakthrough report that examines gender disparity in real estate leadership.
The report offers valuable insights into the current state of gender equality in the real estate industry and explores the actions required to enable progress and support the next generation of female leaders.
The report - The Legacy Project: Engendering change in Real Estate for the next generation of female leadership - is based on data and analysis from interviews conducted by Ganger Reis with 172 women in middle management and senior positions in real estate over 18 months (starting Jan 2023).
Backed by Real Estate Balance, the findings were discussed at an event hosted by Simmons & Simmons in London on October 17th, 2024.
The research and event investigated views on gender balance and inclusive cultures, looking at how to address blockers to equal senior representation and explore ways the industry can drive progress.
The majority (78%)5 of women surveyed were aged between 35-54, where social traditions place the burden of caring onto female shoulders – something that came out strongly in the findings.
When asked why women might leave real estate overall:
- Eight in 10 (80%) women say the lack of flexibility was the main issue
- Seven in 10 (70%) said lack of career progression and opportunity
- Two thirds (65%) specifically cited childcare and family commitments
- Six in 10 (60%) say institutional bias does not work for a woman’s career span
When asked what would specifically improve leadership positions and opportunities for women in real estate:
- Flexible working – 72% want better balance for their home and work commitments
- Promotion and development – 65% want to see more women recognised internally and promoted from within organisations
- Visible role models and male allyship – 60% of women say this is an important factor in overcoming bias
- Support systems and networks – 55% of women believe that increasing understanding and mentorship will shift the dial
And 75% of women agreed with the statement: “It is more difficult for women than for men to enter executive positions in Real Estate”.
One aspect of the feedback that emerged was a notable disconnect between the perceived efforts to promote gender equality, wider inclusion and the actual experiences of women in Real Estate organisations.
Seven in 10 (67%) of the women surveyed disagree people from all genders are treated equally in the sector. However, critically, women do also agree firms are trying to make a difference with 67% saying their company celebrates diverse ideas and people.
Nearly half 45% of respondents indicated that their company does support employees in realising their potential through Diversity, Equity and Inclusion initiatives and policies. Nearly half of these respondents expressed confidence in their leaders' commitment to an authentic process of inclusion.
Despite these assertions of support, when asked to rate the level of inclusion within the sector, the average rating was only 2.95 out of 5. This figure may suggest a gap between perceived support and actual experiences, indicating that the reality of inclusion may not align with the positive statements made by organisations.
Michela Hancock, Managing Director - Europe, Greystar, who co-authored the report, said:
“The Legacy Project Report is a clear call to action from women to ensure they not only stay working in the sector but also to help them thrive and progress in their roles.
“We know the level of demand the job brings and this is not about finger pointing – but we also know from many areas of our industry there are also positive ways to create environmental where work can be more balanced alongside family and personal life.
“Through The Legacy Project we want to work with partners in the sector to really understand the impact on women – and by association also men – so we can crucially retain the talent we have and attract more women in the future.”
Kate Craig Waller, Partner in Real Estate at Granger Reis said:
“This report comes at a crucial time for women into Real Estate.
“The gender balance at senior and executive levels is still skewed despite years of effort to make change. Clearly there are some disconnects. This report is an exciting first step into getting actionable answers that we as an industry can take onboard to plan for the future and attract the next generation of women into Real Estate.”
Sue Brown, Managing Director at Real Estate Balance, which has backed the findings said:
“This research gave female leaders a platform to share their unfiltered experiences and improve awareness around gender equality across the Real Estate sector. It’s a positive step toward making gender-equal leadership a reality now, and in the future.”
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