Breaking Glass Ceilings: Women's Advancement in Commercial Real Estate in 2025
The Changing Face of Commercial Real Estate Leadership
When Kelly Alcaraz walks into a meeting room as a vice president at Nearon Enterprises, she still frequently finds herself in a gender minority. As a senior executive specializing in commercial real estate acquisitions in the San Francisco Bay Area, Alcaraz represents the slow but steady progress women are making in an industry historically dominated by men.
"It used to be if I came across another woman in my job it would be like, 'Yeah!'" Alcaraz notes, reflecting on how rare female colleagues once were in her field. While the landscape is gradually shifting, the numbers still tell a story of significant gender imbalance, particularly at the highest levels of the industry.
Recent data from the Commercial Real Estate Women (CREW) Network revealed women represented only 37% of the commercial real estate workforce at the beginning of this decade. Though industry professionals are celebrating International Women's Month and its dedicated day this weekend, they emphasize that substantial barriers to advancement remain firmly in place.
Recent Progress: Tracking the Numbers
The trend lines show incremental improvement. RETS Associates, a nationwide real estate executive search firm, reported encouraging shifts in their placement statistics:
- Female candidates placed in commercial real estate positions increased from 41% in Q1 2022 to 46% in Q1 2024
- Overall diversity candidates (including women and people of color) rose from 48% in 2023 to 53% in 2024
These numbers represent meaningful progress at entry and mid-level positions. However, the industry's leadership tier tells a different story. The 2020 CREW survey of approximately 3,000 real estate professionals found just 9% of C-suite positions were held by women.
"The commercial real estate industry has made some progress in advancing diversity in hiring and executive leadership," notes Kent Elliott, principal at RETS Associates. "But it's nowhere near what it should be. If you were to pick a handful of [real estate investment trusts] at random and look at their landing pages, you will see a bunch of mostly white male faces."
Notable Breakthroughs: Women at the Top
Despite the persistent leadership gap, several women have recently broken through to prominent executive positions at major firms:
- Michelle MacKay assumed the CEO role at Cushman & Wakefield in July 2023
- Emma Giamartino was appointed global chief financial officer at CBRE (the world's largest real estate services firm by revenue) in July 2021
- Kathleen McCarthy serves as co-head of Blackstone's real estate group alongside Nadeem Meghji
These appointments represent significant victories for gender diversity in the industry's upper echelons, though they remain exceptions rather than the rule. Industry observers note these high-profile appointments may inspire a new generation of women to pursue leadership paths in commercial real estate.
Work-Life Balance: The Game-Changer for Women in CRE
The pandemic transformed workplace expectations across industries, but this shift has been particularly meaningful for women in commercial real estate. RETS' annual survey of financial analysts—a common entry point into the industry—found illuminating differences in career priorities between genders:
- Women were more likely to leave positions due to work culture, management issues, or job content
- Men placed greater emphasis on job titles and compensation
- Women valued workplace flexibility and growth potential over salary considerations
"If you're on a call and your kid runs into the room, that's no longer frowned upon—and even now that people are back in the office, there's more flexibility," said Alcaraz. "That's hugely important if you're a mom with kids at home."
However, significant structural challenges persist. Certain roles in the industry, particularly those involving property transactions, still demand unpredictable hours and availability for last-minute travel.
"When there's a deal, it's go time, and you spend the next few weeks just inundated," Alcaraz explains, highlighting a reality that can disproportionately impact women who often shoulder greater family responsibilities.
The Coming Demographic Shift
The industry stands on the precipice of potentially transformative change. According to the Deloitte Center for Financial Services' 2024 report on future hiring trends, 40% of U.S. commercial real estate professionals will reach retirement age in the next decade.
Commercial real estate currently has the highest median age of any industry in the United States. This demographic reality suggests an imminent leadership vacuum that could create unprecedented opportunities for women and other underrepresented groups.
To successfully navigate this transition, the Deloitte report suggests firms will need to:
- Develop policies that accommodate "the unique challenges faced by women caregivers"
- Create more inclusive workplace cultures that appeal to younger talent
- Address persistent compensation disparities (CREW's 2020 data showed women earning 10.2% less in fixed salary and a staggering 55.9% less in commissions and bonuses)
As the industry works to attract a younger, more diverse workforce, these changes may accelerate, creating a more equitable environment for women in commercial real estate.
Insights: The Future of Women in Commercial Real Estate
Why should companies prioritize gender diversity in commercial real estate?
Beyond equity considerations, diverse leadership correlates with stronger financial performance. McKinsey research consistently shows companies with gender-diverse executive teams are 25% more likely to achieve above-average profitability compared to their peers. In real estate specifically, diverse perspectives lead to more innovative property development and investment strategies that appeal to broader market segments.
What specific barriers do women face in advancing to leadership in commercial real estate?
Women in CRE often cite limited access to influential networks, fewer mentorship opportunities with senior executives, and work structures that conflict with caregiving responsibilities. The industry's traditional emphasis on after-hours networking and relationship-building can disadvantage women who typically handle more family obligations. Additionally, unconscious bias in hiring and promotion decisions continues to impact advancement.
How is technology changing opportunities for women in commercial real estate?
Digital transformation in real estate is creating more flexible work arrangements and new career paths. PropTech roles often offer more schedule control and remote work options that accommodate diverse life circumstances. Additionally, data-driven decision-making can help reduce subjective biases in evaluations, potentially accelerating women's advancement based on measurable performance metrics rather than relationship-based promotions.
What practical steps can companies take to increase women's representation in leadership?
Successful organizations are implementing structured mentorship programs, establishing clear advancement criteria, conducting pay equity audits, and creating supportive parental leave policies. Some firms are also setting specific diversity targets for leadership positions and tying executive compensation to progress on these metrics. Employee resource groups specifically for women in commercial real estate have also proven effective in creating support networks and visibility for high-potential female talent.
