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Commercial real estate C-suites become less diverse after years of gains
Bisnow’s analysis of 99 top CRE firms found women’s share of C-suite roles fell to 19.5% from 20.8% and people of color fell to 14.4% from 14.8% over the past year.
Bisnow says diversity in commercial real estate’s top executive ranks declined over the past year, marking the first reversal in its annual tracking series since it began in 2020. According to the outlet, the number of women and people of color in C-suites at the largest CRE firms dropped, while prior installments had shown gradual gains.
Bisnow tracked 99 of the biggest commercial real estate firms, one fewer than the prior year because an August merger combined AvalonBay Communities and Equity Residential. Across those companies, women held 324 C-suite jobs, down from 344 last year, with their overall share declining from 20.8% to 19.5%. People of color held 178 C-suite roles, down from 185, and their share fell from 14.8% to 14.4%.
The outlet attributes the shift in part to diversity and inclusion efforts being scaled back in the industry, noting that advocates and employment attorneys point to a stricter policy environment during the Trump administration. Project REAP Executive Director Taneshia Nash Laird said some underrepresented executives are leaving senior roles because the environment is hostile, and that companies have moved beyond removing DEI references by also changing hiring practices.
Bisnow also found the sharpest declines in C-suite diversity among lenders, where people of color accounted for 19.5% of C-suite roles, down from 22.1% last year. It said the share of women in lenders’ C-suites fell from 31.0%, though the article excerpt does not show the lender-specific 2024 level.