GLOBAL REAL
ESTATE DEI
SURVEY
VOLUME III
A survey of diversity, equity and inclusion practices and
benchmarking metrics among commercial real estate rms globally
The Global Real Estate DEI Survey is the only corporate study of diversity, equity and inclusion (DEI)
management practices and data benchmarking in the commercial real estate (CRE) industry.
This third iteration of the Global Real Estate DEI Survey is the result of the collaboration between six sponsoring associations NAREIM,
NCREIF, PREA, REALPAC, ULI and Ferguson Partners, as well as 14 supporting associations AFIRE, AIA, APREA, AREF, BOMA, BPF, CFMA,
CoreNet Global, CREFC, EPRA, NAIOP, OSCRE, PFA and RICS.
This is a summary report of high-level results providing a view of DEI metrics relating to:
• DEI program structure, resources and ownership.
• Policies focused on recruitment, retention and promotion, inclusive culture, tracking and accountability, and pay equity.
• Employee demographics by gender and race/ethnicity, across seniority and job function, as well as DEI hiring, promotion and
departure trends year-over-year.
Survey participants receive a spreadsheet with full data, providing for an in-depth look and suitable for benchmarking DEI policies and
achievements against peers.
The Global Real Estate DEI Survey Volume III represents 296,902 full-time real estate employees, $1.98 trillion of assets under
management, and a cross-section of the commercial real estate industry in terms of size, region and business classication. The Survey
brings together participation from 216 unique organizations which provided 236 submissions detailing their DEI practices in North
America (79.2% of respondents), Europe (11.9%) and Asia-Pacic (8.9%). Data was collected between July 17 and September 29, 2023.
This summary report includes 46 pages of key trends relating to DEI management practices and metrics. As the sample of respondents
changes from year to year, conclusions based on changes should be interpreted cautiously.
We extend our sincere thanks and appreciation to all participating organizations for providing valuable information.
The Global Real Estate DEI Survey Volume III
INTRODUCTION
Global Real Estate DEI Survey Volume III 1
Lindsay Wilhusen
Survey Director, Ferguson Partners
Meredith Doucette
Vice President, Ferguson Partners
Zoe Hughes
CEO, NAREIM
Dan Dierking
President, NCREIF
Gail Haynes
President, PREA
Michael Brooks
CEO, REALPAC
Sonia Huntley
Senior Vice President,
Diversity, Equity & Inclusion, ULI
If you would like to take part in the next Global Real Estate DEI Survey in 2025, please contact your local real estate industry association.
INTRODUCTION
Global Real Estate DEI Survey Volume III 2
3 Executive summary
7 Global Real Estate DEI Survey Volume III – Results
8 Note to participants
9 Respondent demographics
10 236 submissions received. Here’s who participated.
11 Company types | Ownership status and CRE business
12 Real estate employees | Gross real estate AUM
13 CRE gender and ethnicity YoY changes 2021 to 2023
14 Employee demographics – Asia-Pacic
15 Asia-Pacic employee demographics by gender & seniority
16 Asia-Pacic hires, promotions & departures
17 Employee demographics – Europe
18 Europe employee demographics by gender & seniority
19 Europe hires, promotions & departures
20 Employee demographics – Canada
21 Canada employee demographics by gender & seniority
22 Canada hires, promotions & departures
23 Employee demographics – US
24 US demographics by gender & seniority
25 US demographics by ethnicity & seniority
26 US demographics for POC by ethnicity & seniority
27 US CRE functions by gender & race/ethnicity
28 US hires, promotions & departures
29 US hires, promotions & departures continued
30 US reasons for departure
31 US carried interest and equity/equity-like currencies allocation
32 DEI program & initiatives
33 DEI programs & budgets
34 Dimensions of diversity
35 DEI goals and success
36 Ten most impactful DEI policies
37 DEI decision-making
38 Top strategies for recruitment & retention
39 Top 5 DEI partners, by region
40 Top 5 retention & promotion strategies
41 Top 5 inclusive work culture strategies
42 Top DEI metrics tracked
43 Pay equity strategies
44 Top 7 DEI obstacles
45 Survey participants
47 Sponsoring and supporting associations
48 Sponsoring associations
49 Supporting associations
Contents
Executive summary
Global Real Estate DEI Survey Volume III 3
Diversity at work: The building blocks of fairness
EXECUTIVE SUMMARY
Global Real Estate DEI Survey Volume III 4
With the support of 19 industry associations, the Global Real
Estate DEI Survey Volume III better captures the
representation of professional services rms, architectural
practices, construction companies and brokerages in the
commercial real estate industry globally.
The composition of commercial real
estate (CRE) rms that responded to
this year’s report diers slightly from
the previous year. Where the previous
Survey received 210 submissions from
192 organizations, this edition received
236 submissions from 216 distinct
organizations. Real estate private
equity rms/real estate investment
managers continue to be the largest
respondent group. However, this year
there are more architectural/
engineering/construction companies,
professional services, and commercial
brokerages, which can contribute to
year-on-year changes.
With that in mind, the 216 rms that
participated in this year’s Survey
employ 296,902 full-time real estate
employees and represent nearly $2
trillion of AUM. Of the rich data bank
provided by respondents, a small
selection of data is presented in
this report.
Headline data shows the
representation of women ranged
from 39.8% to 45.6% across the
regions surveyed. Of US CRE rms,
29.7% of full-time employees (FTEs)
were professionals from
underrepresented racial/ethnic
groups. This year, for the rst time, we
are reporting North American
demographic data for Canadian
employees and, separately,
employees in the United States.
Fighting DEI fatigue
This year’s Survey comes at an
especially important juncture as global
conicts, inationary pressures and
high interest rates are causing concern
that companies, CRE rms included,
are pulling back on DEI aspirations.
Just as DEI is not an afternoon’s
training, or something to ponder only
during Black History Month, DEI is a
process and movement to change
culture and correct inequities. Fighting
DEI fatigue is not only the right thing to
do for underrepresented peoples, but
can also lead to improved performance.
With global fears that DEI
commitments might be stalling, it is
notable that almost all respondents
(95.8%) said they have either a formal
DEI program or some initiatives
and/or policies in place. Of these
respondents, 97.9% said DEI ranked as
GLOBAL
56.4%
have a formal DEI program in
place, compared to the
previous year when 53.6% of
that cohort reported having
one in place
51%
have dened hiring targets for
underrepresented groups
64.7%
said improved employee
engagement/productivity was
among the most important
outcomes of DEI eorts
97.9%
of respondents who have a
DEI program/policies say DEI
ranked as a higher priority or
at the same level as a year ago
A spreadsheet containing the complete Survey results – including data
broken down by region, number of full-time employees, AUM and business
classication – is available to Survey respondents. The data can be used for
peer-to-peer comparison purposes, and to gather data points for any
aspects of DEI eorts of particular interest.
a higher priority or at the same level
as it was one year ago.
Broadening the eort
CRE rms continue to focus on
gender parity and race/ethnicity as
the two main DEI dimensions. It has
become standard practice to gather
information on gender and age. At
the same time, they are also collecting
data on physical disability, family
status, languages spoken and
LGBTQ+ status.
Trends on hires, promotions and
departures over a 12-month period
for each region help observe change.
Globally, 61.1% of firms said they are
broadening or being flexible on
experience and educational
requirements when hiring, to capture
candidates that may not have had
traditional paths or backgrounds.
Firms are also offering scholarships/
internships, reaching outside the CRE
pool, reviewing job postings for
hidden bias, and ensuring the hiring
team includes those from
underrepresented groups.
But CRE rms acknowledge that hiring
practices are insucient to make the
necessary headway. Instead, a myriad
of strategies must work in concert,
including making employees feel
included. For example, 85% of
companies surveyed are already
holding inclusive social events. With a
further 4.7% seeking to introduce
social events in the next 12 months,
this strategy is edging closer to
universal adoption. In another
example of inclusion, just over half
said their company communicated
with employees on current events
such as denouncing violence against
specic ethnic groups.
Two-thirds of companies said they are
actively striving to identify gender-
based pay gaps to achieve pay equity.
Some 44.6% rms are taking a step
further to analyze pay disparities
based on race, ethnicity or age.
Determining who holds the ultimate
responsibility for achieving corporate
goals through DEI initiatives is key.
The trend is shifting away from
decision-making by a DEI team or
committee, towards decision-making
by senior executive(s).
Increasing impact
There has also been a shift in what
companies said are their most
impactful DEI policies. At the top
of this year’s ranking is the creation
of scholarships/internships to
increase the number of
underrepresented individuals in
candidate pools. In the previous year,
more firms said their most impactful
strategy was offering work/life
balance programs, although this may
be due to changes in the sample of
responding firms.
This change could be potentially
related to companies looking to
strengthen their future employee
pool, which represents a structurally
changing society, and moving
away from work/life balance, which
may have been a legacy of the
pandemic.
Year-on-year differences in data
should not be relied upon alone to
draw conclusions given this new
report has expanded to include more
types of CRE firms whose inclusion
could be the reason for some
percentage changes. However, all
the types of firms share one thing
in common.
Having a goal or objective is
necessary for success. In terms of
desired output, respondents said the
top outcome desired was achieving
greater diversity throughout the
entire organization. They also sought
higher employee retention as well as
engagement/productivity.
EXECUTIVE SUMMARY
Global Real Estate DEI Survey Volume III 5
THE US
41.4%
of employees are women,
with year-on-year rises at
most levels of seniority,
although this could be due
to changes in the sample
of respondents
5.7%
of board directors are
Black or African American,
the largest of any
underrepresented racial/
ethnic group
42.2%
of those working in securities
(REITs, CMBS etc) are women
CANADA
45.6%
of employees at the company
overall are women, the
highest representation out of
all regions surveyed
11.8%
is the departure rate for senior-
level women, the lowest of any
organizational level in Canada
Notably, 56.4% of companies have
implemented formal DEI programs.
Indeed, up to 81% of the very largest
companies in terms of FTEs and AUM
have formal DEI programs in place.
Furthermore, 36.3% of those with a
formal DEI program (or some
initiatives in place) now have a
dedicated DEI budget.
More than a third of respondents
(36.3%) with a formal DEI program or
some initiatives in place now have a
dedicated DEI budget. That is up from
30.4% a year ago.
Among respondents that have a
dedicated DEI budget, 4.9% say that
the DEI budget is 5% or more of the
organization’s operating budget. The
majority (80.5%) says their rms spend
less than 1% of the operating budget
on DEI matters.
Momentum pointers
Change is happening.
For US participants, approximately a
quarter of executive management
hires were people of color. Board of
director hires are now evenly split
between men and women.
Furthermore, in 2023, men and
women from underrepresented
groups were hired as board directors
in 63% of cases.
Many CRE companies are
progressing. The days when diversity
was lacking among CRE executive
teams, partners, event panelists, and
overall makeup of the industry
should be a thing of the past. But
there is also a danger to the progress
achieved to date if the industry does
not carefully and proactively lead
from the front on DEI.
Some 98.3% of CRE respondents
said they feel DEI will be a higher
priority or at the same level one
year from now. That is a reason to
feel optimistic.
EXECUTIVE SUMMARY
Global Real Estate DEI Survey Volume III 6
EUROPE
77.8%
are broadening or being more
exible on educational
requirements and previous
job experience for new hires
56%
have a dedicated DEI budget
68%
of rms have a formal DEI
committee for employees to
participate in voluntarily
ASIAPACIFIC
70%
of promotions at executive
management level within
the past year were granted
to women
52.4%
of rms believe DEI will likely
be a higher priority one year
from now versus 34.8% in
North America
66.7%
of rms ensure the hiring team
includes employees from
underrepresented groups
We appreciate your support in
helping to track DEI eorts.
Thank you to all who participated.
Global Real Estate DEI Survey Volume III – Results
Global Real Estate DEI Survey Volume III 7
Note to participants
SURVEY NOTES
Global Real Estate DEI Survey Volume III 8
With 216 organizations
providing 236 Survey
submissions for the
Asia-Pacific, European and
North American regions,
across different types of
commercial real estate
organizations, the scale of
data on DEI practices and
employee demographics is
unprecedented.
This report reflects data provided by
those participants. Despite being one
of the most comprehensive reports
of its kind globally, note that figures
are averages for the respondent set
of that particular year, rather than the
entire CRE industry.
To aid analysis and review, the
participating associations and
Ferguson Partners have created an
accompanying Excel document
allowing DEI Survey Volume III
participants access to the full data set
for select questions. As can be seen
from the report, DEI demographic and
practice results have been broken
down by the following categories:
• Gender: Male/Female/Nonbinary
• Region: Asia-Pacic, Europe and
North America with employees in
Canada and/or the United States
• Race/ethnicity: Sucient data
was only collected for North
America, the categories for which
include: Hispanic or Latino; White
(not Hispanic of Latino), Black or
African American; Native Hawaiian
or other Pacic Islander; Asian;
American Indian or Alaska
Native/Aboriginal/Indigenous
people (e.g., member of a First
Nation, Inuit, Métis); multiracial
(two or more races); individuals
who did not disclose or specify a
race/ethnicity
• Seniority: Company overall;
board of directors; executive
management; senior-level
professionals; mid-level
professionals; junior-level
professionals
• Size of rm, global full-time
employees (FTEs): Less than 50
FTEs; 50–149 FTEs; 150–599 FTEs;
600 FTEs and greater
• Size of rm, AUM: Less than
$3bn AUM; $3bn–$9.9bn AUM;
$10bn–$29.9bn AUM; $30bn AUM
and greater
• Type of business/business
category:
All companies;
REITs/REOCs; REPE/REIM rms;
AEC rms; professional services
rms
Throughout the report, key acronyms
will be used including:
AEC: Architecture/Engineering/
Construction
AUM:
Assets under management
CRE: Commercial real estate
DEI: Diversity, equity & inclusion
FTE: Full-time employees
POC: People of color
REIM: Real estate investment
management
REIT: Real estate investment trust
REOC: Real estate operating company
REPE: Real estate private equity
Other notes:
• Underrepresented group is a
subset(s) of the employee
population with a smaller
percentage than the overall
employee population.
• At least ve (5) companies must
provide a response for any given
data point in order to provide
meaningful results.
• ‘–’ is shown in instances where the
result is 0.0%.
• ‘ISD’ is shown in circumstances
where there is insucient data on
which to report (i.e., fewer than
ve observations).
• All spellings are US English.
• All data is displayed in USD. Please
note that the following
conversion rates are used in this
report. Currency conversions used
are based on the average
conversion rate over a two-year
period (104 weeks).
Currency Conversion
CAD to USD 0.762137
EUR to USD 1.075630
GBP to USD 1.253090
USD to USD 1
Global Real Estate DEI Survey Volume III 9
Respondent demographics
CONTENTS
This section outlines various company demographic metrics. Specic analyses include:
• Respondent geographic region
• CRE rms by region
• Company ownership
• Company type
• Company full-time employees
• Company assets under management
Note: The Global Real Estate DEI Survey Volume III received 236 distinct submissions on behalf of 216 unique organizations. Asia-Pacific received 21 submissions to comprise
8.9% of responses, Europe received 28 submissions to comprise 11.9% of responses, and North America received 187 submissions to comprise 79.2% of responses.
As the sample of respondents changes from year to year, conclusions based on changes should be interpreted cautiously.
An Excel spreadsheet containing all respondent demographic data is provided to Survey respondents.
236 SUBMISSIONS RECEIVED. HERE’S WHO PARTICIPATED.
Global Real Estate DEI Survey Volume III 10
RESPONDENT DEMOGRAPHICS
Nearly four-fifths of respondents in the third iteration of the Global Real Estate DEI Survey were from North America, while
90% have operations in the region. The expanded Survey is supported by 19 industry associations meaning the
composition of the respondent group has changed year-over-year, with architectural/engineering/construction
companies, professional services and commercial brokerages gaining greater representation. The proportion of real estate
private equity and investment management firms fell to 45.4% in 2023 from 56.8%. Survey participants can access the full
data in the accompanying spreadsheet.
90.3%
35.2%
27.8%
6.5%
4.6%
Africa/
Middle East
South America
Asia-Pacic*
Europe
North America
CRE rm operations by region
Respondent geographic region
Asia-Pacic
(8.9%; 21 responses)
Europe
(11.9%; 28 responses)
North America
(79.2%; 187 responses)
* Includes Australia and New Zealand.
Duplicate entries for organizations submitting on behalf of more than one region have been removed.
In addition to indicating the region for which they are completing the survey, participating firms also listed all regions
in which they have operations.
COMPANY TYPES | OWNERSHIP STATUS AND CRE BUSINESS
Global Real Estate DEI Survey Volume III 11
RESPONDENT DEMOGRAPHICS
Company ownership status
Other
(0.5%)
Government-owned
(1.9%)
Aliate of a listed
(public) company
(3.2%)
Listed (public)
(20.8%)
Non-listed (private)
(73.6%)
7.4%
4.6%Commercial brokerage/services rm
3.7%
Corporate real estate divison
of a non-real estate entity
3.7%Developer
2.8%
Combined investments manager,
developer and/or operator
2.3%Institutional investor
1.9%Mortgage nance company
Professional services rm
Architecture/Engineering/
Construction (AEC) rm
Real estate investment trust (REIT)/
Real estate operating company (REOC)
Real estate private equity (REPE)/
Real estate investment management (REIM)
Type of CRE business
45.4%
17.1%
11.1%
Note: Other includes nonprofit.
REAL ESTATE EMPLOYEES | GROSS REAL ESTATE AUM
Global Real Estate DEI Survey Volume III 12
RESPONDENT DEMOGRAPHICS
# of real estate FTEs globally
>600
(18.5%)
150–599
(26.4%)
50–149
(26.9%)
<50
(28.2%)
$0.43
$3.05
$3.00
$7.10
$1.57
$7.30
$6.77
$24.40
$8.08
$22.96
$25.80
75th percentile
Median
25th percentile
Gross AUM as of December 31, 2023 ($bn)
$2.98
Global $22.11
Asia-Pacic $4.09
Average
Europe $13.79
North America $19.48
Average
Responses are out of the 45.4% of organizations that indicated they are a REPE or REIM in question 2.
Duplicate entries for organizations submitting on behalf of more than one region have been removed.
Duplicate entries for organizations submitting on behalf of more than one region have been removed.
CRE GENDER AND ETHNICITY YOY CHANGES 2021 TO 2023
Global Real Estate DEI Survey Volume III 13
EMPLOYEE DEMOGRAPHICS GLOBAL
2023 (60.6% of Survey participants) 2022 (81.4% of Survey participants) 2021 (77.1% of Survey participants)
United States Men Women Men Women Men Women
Company overall 58.6% 41.4% 57.5% 42.5% 59.0% 41.0%
Hispanic or Latino 5.4% 4.0% 5.2% 4.4% 5.0% 4.0%
White (not Hispanic or Latino) 42.4% 26.4% 39.1% 25.5% 44.0% 25.0%
Black or African American 3.2% 4.0% 3.1% 3.7% 3.0% 4.0%
Native Hawaiian or other Pacic Islander 0.1% 0.1% 0.1% 0.1% – –
Asian 5.1% 4.7% 5.9% 5.9% 5.0% 5.0%
American Indian or Alaska Native 0.1% 0.2% 0.1% 0.2% – 1.0%
Multiracial (two or more races) 1.5% 1.3% 1.5% 1.1% 1.0% 1.0%
Did not disclose/specify 0.8% 0.7% 2.5% 1.6% 1.0% 1.0%
2023 (18.6% of Survey participants) 2022 2021
Canada Men Women Men Women Men Women
Company overall 54.1% 45.6% N/A N/A N/A N/A
2023 (11.9% of Survey participants) 2022 (12.4% of Survey participants) 2021 (16% of Survey participants)
Europe Men Women Men Women Men Women
Company overall 60.2% 39.8% 60.5% 39.5% 62.0% 38.0%
2023 (8.9% of Survey participants) 2022 (6.2% of Survey participants) 2021 (6.9% of Survey participants)
Asia-Pacic Men Women Men Women Men Women
Company overall 55.2% 44.8% 50.0% 50.0% 53.0% 47.0%
Distribution of responses: Gender and race/ethnicity at commercial real estate rms (2021 to 2023)*
This chart depicts the proportion of men and women in full-time positions at the overall company level at CRE rms globally
as provided by respondents to the Global Real Estate DEI Survey. In 2023, the Survey expanded to a total of 19 CRE industry
associations and their members.
* While most of the data collected in 2021 and 2022 represented employees in the United States, the Survey only requested data on behalf of employees in North America in those years. This year (2023), data was collected separately for employees in
the United States and in Canada.
Employee demographics – Asia-Pacic
Global Real Estate DEI Survey Volume III 14
CONTENTS
This section provides highlights of employee demographic metrics for Asia-Pacic.
Specic analyses include:
• Demographics by gender & seniority
• Hires, promotions & departures
Note: Responses in this section are based on the survey participants who completed the survey on behalf of Asia-Pacific (8.9%).
The nonbinary/nonconfirming category has been removed throughout the demographics section, as we did not receive enough data to report on it.
As the sample of respondents changes from year to year, conclusions based on changes should be interpreted cautiously.
An Excel spreadsheet containing full demographic data collected for Asia-Pacic is provided to Survey respondents.
ASIAPACIFIC EMPLOYEE DEMOGRAPHICS BY GENDER & SENIORITY
Global Real Estate DEI Survey Volume III 15
EMPLOYEE DEMOGRAPHICS ASIAPACIFIC
Men
Women
55.2% 44.8%
50.0% 50.0%
Junior-level professionals
(all other sta)
Mid-level professionals
Senior-level professionals
Executive management
Board of directors
Company overall
2022
2023
82.7% 17.3%
76.1% 23.9%2022
2023
77.6% 22.4%
75.4% 24.6%2022
2023
66.9% 33.1%
65.2% 34.8%2022
2023
58.1% 41.9%
52.5% 47.5%2022
2023
48.0% 52.0%
32.6% 67.4%2022
2023
The chart below depicts employee demographics of CRE rms in Asia-Pacic. Women represented 44.8% of employees at
Asia-Pacic Survey respondent rms. This is above the 39.8% representation of women in Europe. Similar to other regions, the
proportion of women declines as we move up the organizational hierarchy, from a majority of 52% at the junior level to 41.9%
at the mid-level and gradually decreasing to 17.3% at the board of director level.
Data is reflective of the 8.9% of respondents who completed the survey on behalf of Asia-Pacific. Demographic breakdowns reflect average values.
ASIAPACIFIC HIRES, PROMOTIONS & DEPARTURES
Global Real Estate DEI Survey Volume III 16
EMPLOYEE DEMOGRAPHICS ASIAPACIFIC
The table below displays a noteworthy observation: 70% of promotions at the executive management level in 2023 were
granted to women. This percentage is signicantly higher than at other levels, suggesting deliberate action is being taken to
address the gender imbalance. However, drawing conclusive insights becomes challenging due to insucient data on hiring
and departures at the executive management level.
52%
Slightly more than half of junior
positions in Asia-Pacific were held
by women (52%). They were also
promoted at a greater level
(56.8%) than their male
counterparts, although more
junior women proportionately
also left their firms (53.7%).
Executive
management
Senior-level
professionals
Mid-level
professionals
Junior-level professionals
(all other staff)
% of employee population
Men
(77.6%)
Women
(22.4%)
Men
(66.9%)
Women
(33.1%)
Men
(58.1%)
Women
(41.9%)
Men
(48.0%)
Women
(52.0%)
Total hired in past year ISD ISD 71.7% 28.3% 53.3% 46.7% 54.6% 45.4%
Total promoted in past year 30.0% 70.0% 63.5% 36.5% 55.8% 44.2% 43.2% 56.8%
Total departed in past year ISD ISD 40.5% 59.5% 66.2% 33.8% 46.3% 53.7%
46.7%
Among Asia-Pacic respondents, 46.7% of mid-level employees
hired were women, a higher rate than their current representation
(41.9%). At this level, the proportion of women promoted (44.2%)
is also higher than those who departed (33.8%). However, the
stakes are raised at the next level, of senior-level professionals: just
over one-third (36.5%) promoted were women, a smaller
percentage were hired (28.3%) and, concerningly, nearly six in ten
professionals who departed (59.5%) were women.
59.5%
The highest proportion of
departures among full-time CRE
employees occurred among
senior-level women (59.5%).
Women at the senior level are
also hired at the lowest
proportion (28.3%) among all
levels and genders in Asia-Pacic.
Data is reflective of the 8.9% of respondents who completed the survey on behalf of Asia-Pacific. Demographic backgrounds reflect average values.
Employee demographics – Europe
Global Real Estate DEI Survey Volume III 17
CONTENTS
This section provides highlights of employee demographic metrics for Europe.
Specic analyses include:
• Demographics by gender & seniority
• Hires, promotions & departures
Note: Responses in this section are based on the survey participants who completed the survey on behalf of Europe (11.9%).
As the sample of respondents changes from year to year, conclusions based on changes should be interpreted cautiously.
An Excel spreadsheet containing full demographic data collected for Europe is provided to Survey respondents.
EUROPE EMPLOYEE DEMOGRAPHICS BY GENDER & SENIORITY
Global Real Estate DEI Survey Volume III 18
EMPLOYEE DEMOGRAPHICS EUROPE
Men
Women
60.2% 39.8%
60.5% 39.5%
Junior-level professionals
(all other sta)
Mid-level professionals
Senior-level professionals
Executive management
Board of directors
Company overall
2022
2023
80.8% 19.2%
84.2% 15.8%2022
2023
74.6% 25.4%
87.1% 12.9%2022
2023
72.4% 27.6%
81.6% 18.4%2022
2023
63.5% 36.5%
60.0% 40.0%2022
2023
50.3% 49.7%
42.8% 57.2%2022
2023
The chart below depicts employee demographics of CRE rms in Europe. The percentage of women at the overall company
level remained steady around 39%, ticking up 0.3% from 2022 and 1% from 2021, although this may be due to changes in the
sample of responding rms. In Europe, there has been an increase in the representation of women at the senior level and
higher. The proportion of women in executive management almost doubled to 25.4% in 2023 from 12.9% the previous year,
although, again, this may be due to changes in the sample of responding rms.
Data is reflective of the 11.9% of respondents who completed the survey on behalf of Europe. Demographic breakdowns reflect average values.
EUROPE HIRES, PROMOTIONS & DEPARTURES
Global Real Estate DEI Survey Volume III 19
EMPLOYEE DEMOGRAPHICS EUROPE
This year, there were enough responses to yield information on executive management promotions in Europe, unlike the
previous Survey in 2022. Over four in ten promotions (44.4%) among executive management were of women, making it the
highest proportion for any level. At the senior, mid and junior levels, the proportion of women promoted increased relative to
the data received in the previous year.
Executive
management
Senior-level
professionals
Mid-level
professionals
Junior-level professionals
(all other staff)
% of employee population
Men
(74.6%)
Women
(25.4%)
Men
(72.4%)
Women
(27.6%)
Men
(63.5%)
Women
(36.5%)
Nonbinary
(0.0%)
Men
(50.3%)
Women
(49.7%)
Total hired in past year 65.0% 35.0% 66.5% 33.5% 55.9% 43.9% 0.2% 51.9% 48.1%
Total promoted in past year 55.6% 44.4% 63.1% 36.9% 67.3% 32.7% – 63.4% 36.6%
Total departed in past year 66.5% 33.5% 68.7% 31.3% 47.8% 52.2% – 54.0% 46.0%
44.4%
Over four in ten (44.4%) promotions of executive managers at CRE rms
in Europe are of women. This is the highest rate of promotions for
women across all levels where data is available. However, only three in
ten promotions (32.7%) at the mid-level were awarded to women. This
is an improvement over last year when 26.3% of women at the mid-level
were promoted, although this could be due to changes in the sample of
responding rms. There was insucient data for executive level
promotions last year.
52.2%
Over half of the professionals at the mid-level departing CRE rms in
Europe last year were women (52.5%). This is over two-thirds higher than
the previous Survey in 2022, when only 30% of leavers at this level were
women, although this may be due to changes in the sample of
responding rms. While over 96% of women departing at the mid-level
did not disclose a reason, those who did cited joining/starting a
competing rm as the main driver. The second main reason given was
family care.
Data is reflective of the 11.9% of respondents who completed the survey on behalf of Europe. Demographic breakdowns reflect average values.
Employee demographics – Canada
Global Real Estate DEI Survey Volume III 20
CONTENTS
This section provides highlights of employee demographic metrics for North American rms with
employees in Canada.
Specic analyses include:
• Demographics by gender & seniority
• Hires, promotions & departures
Note: Participants who completed the survey on behalf of their North American operations (79.2%) were given the option to submit demographic data for Canada,
the United States, or both. Responses in this section are based on the 18.6% of total participants who submitted demographic data for employees in Canada.
The nonbinary category has only been included where there was sufficient data to report on it.
As the sample of respondents changes from year to year, conclusions based on changes should be interpreted cautiously.
An Excel spreadsheet containing full demographic data collected for Canada is provided to Survey respondents.
CANADA EMPLOYEE DEMOGRAPHICS BY GENDER & SENIORITY
Global Real Estate DEI Survey Volume III 21
EMPLOYEE DEMOGRAPHICS CANADA
Men
Women
Nonbinary
54.1% 45.6%
Junior-level professionals
(all other sta)
Mid-level professionals
Senior-level professionals
Executive management
Board of directors
Company overall
72.6% 27.4%
74.5% 25.5%
66.7% 33.0%
56.3%43.5%
49.1% 50.5%
For the rst time, the Global Real Estate DEI Survey presents break out data for Canada; dened as North American CRE rms
with employees in Canada. Women represented 45.6% of this demographic surveyed. This is above the level reported by
European respondents, and roughly the same as in Asia-Pacic. In Canada, women are underrepresented at the top three
levels but are well balanced at the mid and junior levels, forming a majority (50.5%) at the latter. More data on Canada
demographics can be found in the Excel spreadsheet provided to respondents.
Data is reflective of the 18.6% of respondents who completed the survey on behalf of North America and have employees in Canada. Demographic breakdowns reflect average values.
CANADA HIRES, PROMOTIONS & DEPARTURES
Global Real Estate DEI Survey Volume III 22
EMPLOYEE DEMOGRAPHICS CANADA
What follows is data showing how to analyze and understand the promotions, hires and departures data. As can be seen
below, the Survey data from Canada shows that the proportion of women both hired and promoted at the senior, mid and
junior levels exceeded those who left. Note, to move the needle on the diversity of a given employee group, the
proportion of promotions and hires must be greater than the percentage of that group’s baseline employee population,
with the departure rate also lower.
48.4%
At the mid-level, women at
Canadian CRE rms comprised
almost half of promotions
(48.4%), as well as hires
(47.6%). Both these levels
exceed the overall
representation of women at
this level (43.5%).
47%
Among men and women
who left their rms to
join/start a competing rm or
join another industry, 47% did
so for compensation reasons.
A lack of opportunities/
career progression was cited
by 48.4%.
29.2%
Among the Canadian
men at the senior level
that departed their
rms in the past year,
nearly three in ten
(29.2%) cited joining
another industry as
a reason.
11.8%
The lowest proportion of
departures for Canadian CRE
women was among senior-level
professionals (11.8%). At the
average Canadian firm, the
proportion of women who left was
below those hired for each level,
except executive management.
Data is reflective of the 18.6% of respondents who completed the survey on behalf of North America and have employees in Canada. Demographic breakdowns reflect average values.
Executive
management
Senior-level
professionals
Mid-level
professionals
Junior-level
professionals
% of employee population
Men
(74.5%)
Women
(25.5%)
Men
(66.7%)
Women
(33.0%)
Men
(56.3%)
Women
(43.5%)
Nonbinary
(0.2%)
Men
(49.1%)
Women
(50.5%)
Nonbinary
(0.4%)
Total hired in past year 83.3% 16.7% 71.3% 28.7% 51.9% 47.6% 0.5% 47.6% 52.4% –
Total promoted in past year 72.7% 27.3% 70.2% 29.8% 51.6% 48.4% – 48.0% 50.7% 1.3%
Total departed in past year 76.4% 23.6% 88.2% 11.8% 55.2% 44.8% – 55.8% 44.2% –
Employee demographics – US
Global Real Estate DEI Survey Volume III 23
CONTENTS
This section provides highlights of employee demographic metrics for North America.
Specic analyses include:
• Gender & race/ethnicity demographics by seniority
• Real estate function demographics by gender
• Real estate function demographics by race/ethnicity
• Hires, promotions & departures by gender & race/ethnicity
• Reasons for departure
• Carried interest and equity/equity-like currencies allocation by gender & race/ethnicity
Note: Participants who completed the survey on behalf of their North American operations (79.2%) were given the option to submit demographic data for Canada, the United
States, or both. Responses in this section are based on the 69.5% of total participants who submitted demographic data for employees in the US.
The nonbinary category has only been included where there was sufficient data to report on it.
As the sample of respondents changes from year to year, conclusions based on changes should be interpreted cautiously.
An Excel spreadsheet containing full demographic data collected for the United States is provided to Survey respondents.
US DEMOGRAPHICS BY GENDER & SENIORITY
Global Real Estate DEI Survey Volume III 24
EMPLOYEE DEMOGRAPHICS US
Men
Women
Nonbinary
58.6% 41.4%
57.5% 42.5%
Junior-level professionals
(all other sta)
Mid-level professionals
Senior-level professionals
Executive management
Board of directors
Company overall
2022
2023
76.7% 23.3%
74.6% 25.4%2022
2023
74.3% 25.7%
77.0% 23.0%2022
2023
67.9% 32.0%
0.1%
70.4% 29.6%2022
2023
54.6% 45.4%
55.3% 44.7%2022
2023
49.9% 50.1%
50.2% 49.8%2022
2023
While the representation of women at CRE rms in the US dipped at the company level to 41.4% in 2023 from 42.5% in 2022,
women have made gains at every level within the rm except board of directors. Year on year changes may be due to
changes in the sample of responding rms, however the data shows women at the executive management level witnessed
the most signicant gains, up 2.7% in 2023 to 25.7%. The proportion of women at the average rm ranges from 23.3% at the
board level to 50.1% at the junior level.
Data is reflective of the 69.5% of respondents with employees in the United States. Demographic breakdowns reflect average values.
US DEMOGRAPHICS BY ETHNICITY & SENIORITY
Global Real Estate DEI Survey Volume III 25
EMPLOYEE DEMOGRAPHICS US
The chart below shows the demographics of full-time employees by ethnicity and seniority at CRE rms in the US. At the
company level, the proportion of employees of color fell from 31.3% in 2022 to 29.7% in 2023, albeit above the 28.8% seen in
2021, although this may be due to changes in the sample of respondents. At the junior level, 41.4% of professionals are from
underrepresented racial/ethnic groups.
White
Total POC
Did not disclose/specify
68.8% 29.7%
64.6% 31.3%
Junior-level professionals
(all other sta)
Mid-level professionals
Senior-level professionals
Executive management
Board of directors
Company overall
2022
2023
82.4% 14.6%
90.7% 9.3%2022
2023
85.0% 14.7%
82.0% 15.6%2022
2023
82.4% 16.7%
77.2% 18.6%2022
2023
69.9% 27.9%
66.9% 29.0%2022
2023
57.3% 41.4%
54.1% 41.1%2022
2023
Data is reflective of the 69.5% of respondents with employees in the United States. Demographic breakdowns reflect average values.
US DEMOGRAPHICS FOR POC BY ETHNICITY & SENIORITY
Global Real Estate DEI Survey Volume III 26
EMPLOYEE DEMOGRAPHICS US
The overall ethnic composition of employees in US CRE rms is 68.8% white, 29.7% POC and 1.5% undisclosed. This
proportion is most closely mirrored at the mid-level. At the junior level, over four in ten junior-level professionals are people
of color. Professionals at the highest levels of the rm are overwhelmingly white – over eight in ten. As in prior years, the
executive management level is less balanced, comprised 85% of white professionals.
Data is reflective of the 69.5% of respondents with employees in the United States. Demographic breakdowns reflect average values.
2023
White
Total POC
Did not
disclose/
specifyAsian
Hispanic or
Latino
Black or
African
American
Multiracial
(two or more
races)
Native
Hawaiian or
other Pacific
Islander
American
Indian or
Alaska Native
Company overall 68.8% 9.8% 9.4% 7.2% 2.8% 0.2% 0.3% 1.5%
Board of directors 82.4% 5.0% 3.0% 5.7% 0.7% – 0.2% 3.0%
Executive management 85.0% 7.0% 3.8% 2.4% 1.3% – 0.2% 0.3%
Senior-level professionals 82.4% 7.4% 3.8% 3.4% 1.8% 0.1% 0.2% 0.9%
Mid-level professionals 69.9% 9.6% 8.6% 6.4% 2.4% 0.3% 0.6% 2.2%
Junior-level professionals
(all other sta)
57.3% 10.5% 14.9% 11.2% 3.9% 0.7% 0.2% 1.3%
9.8%
The largest group of employees from an underrepresented racial/ethnic group is Asians,
which comprise 9.8% of professionals at an average US CRE rm. The next two largest
groups are Hispanic/Latino at 9.4% and Black or African American at 7.2%. Professionals
from each of these groups make up over 10% of employees at the junior level.
5.7%
The largest representation of people of color at the
board of director level is Black or African Americans, at
5.7%. This compares with 7.2% at the company overall
and 11.2% at the junior level.
US CRE FUNCTIONS BY GENDER & RACE/ETHNICITY
Global Real Estate DEI Survey Volume III 27
The tables on this page
depict the percentage of
roles held by men/women
and by white/POC
employees. Where the
overall representation at
US CRE firms is
approximately 60/40
men/women and 70/30
white/POC, numerous
disparities are apparent in
real estate functions. The
top three CRE functions
held by women are leasing
(60.6%), property
management (56.5%) and
IR & reporting (56.2%). For
underrepresented
racial/ethnic groups, the
top three functions are
engineering/maintenance,
property management
and leasing. In the
previous Survey, the
capital raising and IR &
reporting were grouped as
one function.
EMPLOYEE DEMOGRAPHICS US
Top 10 CRE roles held by men
(58.6% company overall)
2023 2022
Engineering/maintenance 91.4% 93.3%
Capital markets 79.1% 75.3%
Transactions 78.3% 80.0%
Research 75.0% 74.9%
Capital raising* 73.4% –
Construction/architecture 73.2% 71.5%
Portfolio management 73.2% 76.4%
Development 70.1% 72.0%
Asset management 69.9% 70.7%
Loan orig/underwriting/srvc 66.0% 65.8%
Top 10 CRE roles held by women
(41.4% company overall)
2023 2022
Leasing 60.6% 58.4%
Property management 56.5% 60.7%
IR & reporting* 56.2% 56.8%
Securities 42.2% 20.2%
Loan orig/underwriting/srvc 34.0% 34.2%
Asset management 30.1% 29.3%
Development 29.9% 28.0%
Construction/architecture 26.8% 28.5%
Portfolio management 26.7% 23.6%
Capital raising* 26.6% –
* In 2022, data was collected for investor relations (capital raising/reporting/ marketing/support). This year, that job function was divided into capital raising and investor relations (IR) &
reporting. Data is reflective of the 69.5% of respondents with employees in the United States. Demographic breakdowns reflect average values.
Top 10 CRE roles held by white professionals
(58.8% company overall)
2023 2022
Transactions 79.2% 83.2%
Capital markets 78.8% 78.4%
IR & reporting* 77.8% 75.7%
Asset management 77.1% 75.1%
Portfolio management 75.9% 72.6%
Development 75.7% 73.0%
Construction/architecture 75.3% 74.0%
Securities 74.6% 68.1%
Capital raising* 74.3% –
Loan orig/underwriting/srvc 71.8% 59.8%
Top 10 CRE roles held by people of color
(29.7% company overall)
2023 2022
Engineering/maintenance 54.9% 42.9%
Property management 40.5% 41.4%
Leasing 32.6% 34.1%
Research 30.1% 28.1%
Capital raising* 24.6% –
Securities 24.3% 28.8%
Loan orig/underwriting/srvc 23.5% 35.0%
Portfolio management 23.2% 24.5%
Construction/architecture 22.5% 20.8%
Asset management 22.0% 19.2%
US HIRES, PROMOTIONS & DEPARTURES
Global Real Estate DEI Survey Volume III 28
EMPLOYEE DEMOGRAPHICS US
Data is reflective of the 69.5% of respondents with employees in the United States. Demographic breakdowns reflect average values. Data was not collected for the category did not disclose/specify.
A combination of tactics is crucial if rms are to deliver on DEI targets. In order to increase representation over time for any
given group within an organization, we must look at its current rate of representation. What follows are two-pages of data
showing how to analyze and understand the promotions, hires and departures data. This page provides an indepth look at
trends taking place at the senior level. The following page provides data for all other seniority levels. In short, to move the
needle on DEI the proportion of promotions and hires must be greater than the percentage of one group’s employee
population, and the departure rate lower.
7%
In 2023, women of color accounted for 7% of senior-level
departures. This is half the level of 2022, although this could
be due to changes in the sample of respondents.
17.9%
In the past 12 months, almost one-fth of hires at the senior
level were men of color. They also comprised 12.4% of
promotions.
40%
Survey respondents reported that women at
their rms, on average, were granted 40%
of the promotions at the senior level. Of
senior-level women promoted, three-
quarters were white and the remainder were
POC women. Women also accounted for
nearly as many hires (37.6%). At the
executive management level, 45% of hires
were women, although only 27.1% of
promotions were. The largest proportion of
departures were white men (59.8%).
Senior-level professionals
White men White women POC men POC women
% of total employee population 57.8% 24.5% 9.4% 7.3%
Total promoted in past year 47.6% 29.2% 12.4% 10.8%
Total hired in past year 44.2% 29.3% 17.9% 8.3%
Total departed in past year 59.8% 23.0% 10.2 7.0%
Senior level
Women make up 32% of the US
CRE workforce at the senior level.
The promotion rate of 40%, hiring
rate of 37.6% and attrition rate of
30% indicates a positive trend
towards increased representation
of women at this level.
This trend is also evident among
senior-level professionals from
underrepresented racial/ethnic
groups, where 26.2% of hires and
23.2% of promotions went to
POC, which exceeds the current
employee population of 16.7% as
well as 17.2% departure rate.
However, the data shows twice as
many POC men versus POC
women were hired at the senior
level. Additionally, more men
from underrepresented
racial/ethnic groups were
promoted than women, and more
men than women also departed.
US HIRES, PROMOTIONS & DEPARTURES continued
Global Real Estate DEI Survey Volume III 29
EMPLOYEE DEMOGRAPHICS US
Executive management
White
men
White
women
POC
men
POC
women
% of employee population 64.3% 20.7% 9.7% 5.0%
Total promoted in past year 60.9% 15.9% 12.0% 11.2%
Total hired in past year 35.8% 38.2% 19.2% 6.8%
Total departed in past year 53.9% 30.4% 7.3% 8.4%
Data on promotions, hires and retention by level of seniority at US CRE rms is presented below. Employees at the junior level
are the most equally distributed among white men, men of color, white women and women of color. However, white men, as
well as men and women from underrepresented racial/ethnic groups departed their rms at a higher rate than their
employee population. While 17% of mid-level hires were of POC men, only 10.7% of promotions were.
Mid-level professionals
White
men
White
women
POC
men
POC
women
% of employee population 40.4% 29.5% 13.1% 14.8%
Total promoted in past year 42.2% 31.9% 10.7% 15.1%
Total hired in past year 36.3% 28.7% 17.0% 17.8%
Total departed in past year 38.3% 31.3% 15.5% 14.9%
Junior-level professionals (all other staff)
White
men
White
women
POC
men
POC
women
% of employee population 29.9% 27.4% 19.4% 22.0%
Total promoted in past year 31.0% 28.7% 19.6% 20.3%
Total hired in past year 29.6% 24.2% 23.0% 23.2%
Total departed in past year 30.8% 23.3% 21.5% 24.2%
Data is reflective of the 69.5% of respondents with employees in the United States. Demographic breakdowns reflect average values. Data was not collected for the category did not disclose/specify.
6.8%
Among executive
management hires in the past
year, only 6.8% were of POC
women. On the other hand,
38.2% of hires were of white
women, the highest among
all groups.
20%
POC men and women each
comprised about 20% of
promotions among junior-level
employees. For POC men, this
proportion of promotions is
nearly double that of the
executive management and
mid-levels.
The main reason for employee departure where known
is to join or start a competing rm. More than half of
men both white and POC did so, while three to four in
ten women cited this reason for leaving their
organizations. About the same percentage of white
men and women retire, as do those from
underrepresented racial/ethnic groups.
Both POC men and women were more likely to leave
for other family care (3.9% and 5.5%, respectively) than
their white counterparts (11.2% and 3.3%, respectively).
58.8%
The top reason men cited for leaving was to join or start a
competing rm. This was particularly acute for men of
color. Where 52.4% of white men left for this reason, almost
60% of POC men sought opportunities elsewhere. About
17.7% of POC men left to join a competing industry, while
26.2% of white men cited the same reason.
US REASONS FOR DEPARTURE
Global Real Estate DEI Survey Volume III 30
EMPLOYEE DEMOGRAPHICS US
The data below shows, where available, reasons for employee departures at US CRE rms. In over 90% of cases, reasons are
unknown. However, data where available can provide insight into how rms can better retain talent. Data is more readily
available for white employees than for professionals from underrepresented racial/ethnic groups.
* Care for any family member other than a minor child (e.g., disability care, geriatric care, hospice care, etc.)
Note: Insufficient data was received to report on Board of directors departures.
The prior demographics questions provided averages of the employee demographic breakdowns for each firm. The data on this page represents the aggregated data for all departing employees at the 69.5% of participating firms with employees in
the US. Data was not collected for the category did not disclose/specify.
0%
No men reported departing due to childcare. Only
4% of women did: 2.2% by white women and
1.8% by POC women. Both POC men and women
were more likely to leave for other family care
(3.9% and 5.5%, respectively) than their white
counterparts (11.2% and 3.3%, respectively).
23.6%
Women of color cited
personal health as the
third main reason for
departure. This is more
than twice the level of
other groups.
White
men
POC
men
White
women
POC
women
% of departures with reason known 8.5% 5.2% 9.1% 5.5%
Childcare – – 2.2% 1.8%
Family care* 1.2% 3.9% 3.3% 5.5%
Joining/Starting a competing rm 52.4% 58.8% 44.5% 34.5%
Joining another industry 26.2% 17.7% 26.1% 27.3%
Personal health 7.1% 11.8% 10.9% 23.6%
Retirement 13.1% 7.8% 13.0% 7.3%
% of departures with reason not known/given 91.5% 94.8% 90.9% 94.5%
US CARRIED INTEREST AND EQUITY/EQUITYLIKE CURRENCIES ALLOCATION
Global Real Estate DEI Survey Volume III 31
EMPLOYEE DEMOGRAPHICS US
* Carried interest allocation was only completed by firms identified as REPE/REIMs in Question 3.
Equity-like currencies include real equity ownership, as well as currencies designed to economically mimic ownership interests (e.g., profit sharing programs). Responses are reflective of the 31.6% of participants with employees in the US that offer
equity/equity-like currencies and/or carried interest to their employees. Demographic breakdowns reflect average values. Data was not collected for the category did not disclose/specify.
4.8%
Women of color received
4.8% of equity and equity-
like distributions, despite
comprising 14.3%
of professionals at the
average firm. Men of color
received 12.3% of equity
awards.
82.9% and 80.6%
Within US CRE firms, white professionals receive the lion’s share of carried
interest and equity or equity-like awards, with 80.6% and 82.9% of distributions
made to this group despite making up 68.8% of overall FTEs within the average
firm. In particular, white men comprise less than half of all professionals (42.4%),
but receive the majority of carried interest (66.2%) and equity or equity-like
awards (59.2%). On the other hand, white women received 14.4% of carried
interest and 23.7% of equity distributions despite making up over a quarter of
employees (26.4%).
13.3%
POC men received
13.3% of carried
interest. They also
received 12.3% of
equity or equity-like
currency awards,
versus the 59.2% that
went to white men.
Data on remuneration serves the purpose of assisting companies in benchmarking themselves to their peers in areas that can
contribute to talent retention and promote equality. Within the US CRE industry, 79.5% of carried interest recipients were
men, up from 77.9% in 2022, although this may be due to changes in the sample of responding rms. Men were also awarded
71.5% of equity or equity-like currencies. Detailed information on these awards can be found in the accompanying
spreadsheets provided to respondents, categorized by race/ethnic group, company size and company type.
White
men
POC
men
White
women
POC
women
Company overall 42.4% 15.4% 26.4% 14.3%
Carried interest* 66.2% 13.3% 14.4% 6.1%
Equity/equity-like currencies 59.2% 12.3% 23.7% 4.8%
Global Real Estate DEI Survey Volume III 32
DEI program & initiatives
CONTENTS
This section outlines metrics related to DEI program structure. Specic analyses include:
• DEI programs & budgets
• Dimensions of diversity
• DEI goals & success
• DEI policies
• DEI decision-making
• Recruitment & retention strategies
• DEI partners
• Retention & promotion strategies
• Inclusive work culture strategies
• DEI metrics tracked
• Pay equity strategies
• DEI obstacles
Note: The Global Real Estate DEI Survey Volume III received 236 distinct submissions on behalf of 216 unique organizations. Asia-Pacific received 21 submissions to
comprise 8.9% of responses, Europe received 28 responses to comprise 11.9% of responses, and North America received 187 responses to comprise 79.2% of responses.
As the sample of respondents changes from year to year, conclusions based on changes should be interpreted cautiously.
An Excel spreadsheet containing full data on DEI programs & initiatives is provided to Survey respondents.
DEI PROGRAMS & BUDGETS
Global Real Estate DEI Survey Volume III 33
DEI PROGRAM & INITIATIVES
A rm’s commitment to DEI can be demonstrated in various ways, including having a program or some initiatives to address
inequality, establishing a formal committee to lead eorts, and dedicating budgets to doing so. According to Survey
respondents, 95.8% of rms address DEI in some measure, up slightly from 95.3% in 2022, although this may be due to
changes in the sample of responding rms. Some 36.3% of rms report having dedicated DEI budgets.
Do you have a dedicated budget?
30.4%
55.2%
14.4%
2
0
2
3
2
0
2
2
No
(26.1%)
No, our DEI initiatives are funded from the budgets
of other business areas (e.g., HR budget)
(37.6%)
Yes
(36.3%)
Note: Outer circle denotes 2023 data and inner circle represents 2022 data.
Data is reflective of the 95.8% of participants with either a formal DEI
program or some initiatives and/or policies.
Do you have a formal committee?
71.1%
28.9%
2
0
2
3
2
0
2
2
No
(36.3%)
Yes
(63.7%)
2
0
2
3
How do you address DEI?
53.6%
41.7%
4.7%
2
0
2
2
We do not have a
formal DEI program,
but we enact some
DEI initiatives
and/or policies
to improve DEI
at our company
(39.4%)
We have a formal
DEI program in place
at our company
(56.4%)
We do not
have a
DEI program
(4.2%)
Note: Outer circle denotes 2023 data and inner circle represents 2022 data.
A formal DEI program refers to a fully documented, holistic program that
has been approved by the firm’s senior leaders and adopted as a means of
directing, and ensuring accountability for, the firm’s DEI initiatives.
Note: Outer circle denotes 2023 data and inner circle represents 2022 data.
Data is reflective of the 95.8% of participants with either a formal DEI
program or some initiatives and/or policies.
DIMENSIONS OF DIVERSITY
Global Real Estate DEI Survey Volume III 34
2022
2023 57.0%
2022
2023 55.6%
2022
2023 47.5%
2022
2023 39.5%
2022
2023 38.1%
2022
2023 36.8%
2022
2023 36.8%
2022
2023 10.3%
2022
2023 57.8%
2022
2023 62.8%
Sexual orientation
Gender and/or gender identity
Race/ethnicity/nationality
93.9%
100.0%
79.1%
Age
66.8%
Family status*
5.1%
Physical disability (visible)
57.1%
Physical disability (not visible)
56.1%
Mental health condition
44.4%
Religion
49.5%
Veteran status**
42.3%
Refugee status
41.8%
Socioeconomic background
38.3%
Mental or cognitive disability/neurodiversity
10.2%
2022
2023 96.4%
2022
2023 93.7%
2022
2023 72.6%
DEI PROGRAM & INITIATIVES
This chart shows the diversity dimensions addressed by the average CRE organization’s DEI initiatives. Globally, over nine in
ten rms address race/ethnicity/nationality (96.4%), followed by gender and/or gender identity (93.7%). The next dimensions
most addressed are sexual orientation (72.6%), age (62.8%) and family status (57.8%). Physical disabilities both visible and
invisible are addressed by over half of respondents.
* Family status includes: marriage/partnership status, parent/guardian status, caregiver status. ** Veteran status was only asked of participants completing the survey on behalf of their North American operations.
Data is reflective of the 95.8% of participants with either a formal DEI program or some initiatives and/or policies.
DEI GOALS AND SUCCESS
Global Real Estate DEI Survey Volume III 35
DEI PROGRAM & INITIATIVES
Inclusion of written goals/objectives
Yes, we set both
quantitative/measurable
and qualitative goals
(28.4%)
Yes, we have
qualitative goals
(23.9%)
Yes, we set quantitative/
measurable goals
(15.9%)
No, we do not set
formal/written goals/
objectives, but we plan to do
so within the next 12 months
(15.9%)
No, we do not set formal/written
goals/objectives, and we do not
currently plan to do so
(15.9%)
This dataset shows the extent to which CRE rms commit to DEI goals/objectives, and what they consider a successful
outcome. Of the rms that have a DEI program or some initiatives/policies, almost seven in 10 (68.2%) set quantitative and/or
qualitative goals. Having greater diversity throughout the organization continues to be the top measure of success as voted
by 80.8% of respondents, followed by improved employee engagement/productivity at 64.7% of rms. Dierences in data
from year to year may be due to changes in the sample of responding rms.
Data is reflective of the 95.8% of participants with either a formal DEI program or some initiatives and/or policies.
Most important outcomes
Greater diversity throughout
the organization
80.8%
Improved employee
engagement/productivity
64.7%
Greater diversity at the
senior leadership level
46.4%
Higher employee
retention
49.1%
Improved decision
making/improved
rm performance
41.5%
Improved rating/ranking
from third-party evaluation
7.1%
Up from 78.5%
Down from 57.0%
Up from 60.5%
Up from 42.5%
Down from 46.0%
Up from 6.5%
Data is reflective of the 95.8% of participants with either a formal DEI program or some initiatives and/or policies.
23.9%
Respondents cited creating or supporting affinity groups focused on
underrepresented groups as the fifth most impactful DEI outcome, with
over two in five firms that implement this strategy ranking it as one of their
most impactful.
25.5%
One-quarter of firms that currently provide DEI-related training
consider it one of their most impactful initiatives, with only
creating scholarships/internships for underrepresented groups
ranking higher.
TEN MOST IMPACTFUL DEI POLICIES
Global Real Estate DEI Survey Volume III 36
DEI PROGRAM & INITIATIVES
Which policies currently implemented have the greatest impact in achieving DEI goals? Participants were asked to rank the
three DEI polices they deemed to be the most impactful. What follows is a top 10 list of the most impactful DEI policies from
all Survey respondents. Shooting to the top of this year’s ranking is the creation of scholarships/internships to increase the
number of underrepresented individuals in candidate pools. Dierences in data from year to year may be due to changes in
the sample of responding rms.
2023 2022
Creating scholarships/internships to increase the number of underrepresented individuals in candidate pools
31.6% 18.0%
Providing DEI-related training 25.5% 14.6%
Oering programs that provide a work/life balance (e.g., childcare, exible work arrangements) 25.1% 33.7%
Ensuring there are individuals from underrepresented groups in the candidate pool before making a hiring decision
25.0% 26.3%
Creating or supporting anity groups focused on underrepresented groups 23.9% 13.2%
Gathering and analyzing feedback from employees on DEI practices and outcomes (e.g., engagement surveys)
18.4% 12.2%
Holding events to celebrate/promote/inform about specic groups (e.g., Pride Month, Black History Month, International Women’s Day, etc.) 17.8% 14.6%
Ensuring the hiring team includes employees from underrepresented groups
13.8% 9.8%
Evaluating employees based on well-dened, pre-determined criteria (job performance reviews) 13.8% 20.5%
Providing mentorship or formal sponsorship/advocacy for individuals from underrepresented groups
12.9% 6.3%
Determining who, or which
party, holds the ultimate
responsibility for achieving
corporate goals through DEI
initiatives is important. In this
year’s Survey, nearly one-third
of respondents (32.3%) said
that the C-suite (executives
excluding the chief diversity
ocer) takes the lead in
decision-making on DEI policies
and initiatives. Last year, one-
quarter of respondents said so.
There has been a signicant
decrease from 27% to 18.6% of
companies making decisions
through a DEI team or
committee, although it remains
the second most popular
method. In third place is
decision-making by a senior-
level DEI employee, including a
chief diversity ocer, which has
increased from 11.5% to 16.8%.
There has also been a decline in
those giving this responsibility
to the board of directors, from
6.5% to 3.1%.
32.3%
25.0%
18.6%
27.0%
16.8%
11.5%
14.2%
12.0%
8.0%
9.5%
3.5%
2.0%
6.5%
3.5%
1.5%
3.1%
Board of directors
Other senior leadership*
Other committee**
CEO
Human resources
A senior-level DEI employee
(including chief diversity ocer)
DEI team/committee
C-suite (other executives
excluding chief diversity ocer)
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2023
2023
2022
2023
DEI DECISIONMAKING
Global Real Estate DEI Survey Volume III 37
DEI PROGRAM & INITIATIVES
* Other senior leadership includes: any higher-level positions that are not covered under the other categories listed, including positions such as managing directors, partners and senior/executive vice presidents of non-HR departments.
** Other committee includes: ESG committee, risk committee.
Data is reflective of the 95.8% of participants with either a formal DEI program or some initiatives and/or policies.
28.2%10.7%61.1%
31.6%10.3%58.1%
22.6%13.2%64.2%
16.7%17.5%65.8%
23.0%10.3%66.7%
13.7%22.9%63.4%
2022
2023
2022
2023
2022
2023
Creating scholarships/internships to increase the number of
underrepresented individuals in candidate pools
Broadening or being exible on educational and
experience requirements for new hires
19.6%18.4%62.0%
15.6%18.1%66.3%
2022
2023
Ensuring there are individuals from underrepresented groups
in the candidate pool before making a hiring decision
21.3%12.4%66.3%
27.8%10.2%62.0%
2022
2023
Reaching outside the CRE industry to increase your pool
of candidates from underrepresented groups
Reviewing postings, application processes, and assessments
to eliminate adverse impact or bias
Currently implemented
Plan to implement in the next 12 months
No current plans to implement
58.1%
Nearly six in ten (58.1%) rms said they are creating scholarships or
internships to increase the number of underrepresented individuals
in candidate pools. A further 10.3% plan to do so in 12 months.
65.8%
Almost seven in ten (65.8%) respondents say they are reviewing their processes
to eliminate adverse impact or bias when hiring. This is the top strategy for
increasing the number of hires from underrepresented groups.
TOP STRATEGIES FOR RECRUITMENT & RETENTION
Global Real Estate DEI Survey Volume III 38
DEI PROGRAM & INITIATIVES
The ve most popular strategies for boosting recruitment and retention of underrepresented groups are shown below.
Respondents continue eorts to ensure representation of candidates from underrepresented groups in candidate pools and
to broaden the scope of requirements of new hires. For a full list of strategies on recruitment and retention, please refer to the
accompanying spreadsheet sent to all Survey respondents.
TOP 5 DEI PARTNERS, BY REGION
Global Real Estate DEI Survey Volume III 39
DEI PROGRAM & INITIATIVES
Asia-Pacic CRE rms companies lean heavily on university alumni connections and campus diversity groups
to increase diversity within their organizations. The Urban Land Institute (ULI) also plays a signicant role by
oering two distinct partnerships for Asia-Pacic CRE rms to benet from: Women’s Leadership Initiative and
Young Leaders Group. Additionally, nearly one in ten rms in the region look to the Champions of Change
Coalition as a means to promote diversity.
Asia-Pacific
Europe
North America
In Europe, university alumni and campus diversity groups are commonly seen as go-to partners for increasing
diversity, similar to the Asia-Pacic region. The Urban Land Institute’s Young Leaders Group is also a signicant
partner for real estate rms surveyed. Moreover, Europe has access to specic organizations such as Real
Estate Balance and Women Talk Real Estate, which are frequently mentioned partners in the eort to foster a
more diverse pool of professionals.
In North America, the CRE Women Network (CREW) is most frequently cited as a partner by respondents. As in
Asia-Pacic and Europe, alumni networks and campus diversity groups remain important, as are Historically
Black Colleges and Universities, the latter of which is tapped into by one-third of respondents. SEO/PREA is
another major aide for diversity hiring initiatives. The complete lists of partners for all regions is available in an
Excel spreadsheet provided to Survey respondents.
University alumni and campus diversity groups 33.3%
ULI Women’s Leadership Initiative 19.0%
Women’s leadership groups within chambers
of commerce
9.5%
ULI Young Leaders Group 9.5%
Other 23.8%
University alumni and campus diversity groups 35.7%
ULI Young Leaders Group 32.1%
Women in Real Estate Network (WIRE) 28.6%
Real Estate Balance 21.4%
Other 39.3%
Commercial Real Estate Women Network
(CREW)
38.1%
University alumni and campus diversity groups 37.5%
Historically black colleges and universities 33.9%
Sponsors for Educational Opportunity/
PREA Foundation
30.4%
Other 31.0%
TOP 5 RETENTION & PROMOTION STRATEGIES
Global Real Estate DEI Survey Volume III 40
DEI PROGRAM & INITIATIVES
6.3%5.8%87.9%
7.3%6.1%86.6%
9.5%8.7%81.8%
11.7%18.6%69.7%
8.8%22.4%68.8%
3.9 3.992.2%
9.1%3.087.9%
8.0% 4.587.5%
2.9%
11.7%85.4%
2.9%
6.3%90.8%
Currently implemented
Plan to implement in the next 12 months
No current plans to implement
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
Providing DEI-related training
Evaluating employees based on well-dened,
pre-determined criteria (job performance reviews)
Implementing anti-discrimination policies with
whistleblowing/complaint mechanisms
Oering programs that provide a work/life balance
(e.g., childcare, exible work arrangements)
Outlining job requirements and setting clear expectations
87.9%
Almost nine in ten (87.9%) of respondents say they oer programs that
provide work/life balance (such as childcare and exible work arrangements)
and a further 3% plan to implement this in the next 12 months.
18.6%
Almost seven in ten rms (69.7%) provide DEI-related training as a
retention and promotion strategy. Among rms that do not yet provide
this, 18.6% intend to introduce such training within 12 months.
A counterpart to getting diverse employees through the door is retaining and promoting them. The Survey shows a
consistent approach from CRE firms when it comes to strategies to keep and grow talent from underrepresented groups.
Outlining job requirements and setting clear expectations is the top strategy, followed by offering work/life balance
programs and implementing anti-discrimination policies. For a full list of strategies on retention and promotion, please
refer to the accompanying spreadsheet sent to all Survey respondents.
11.4%87.1%
19.2%5.5%75.3%
21.3%75.3%
24.7%72.8%
19.2%4%76.8%
4.785.1%
16.2%82.1%
15.4%77.7% 6.9%
3.4
8.8% 19.6%71.6%
7.8%
10.2%
10.8%81.4%
Currently implemented
Plan to implement in the next 12 months
No current plans to implement
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
Ensuring dress code requirements are inclusive
(e.g., provisions for natural hair,
religious garments/accessories, etc.)
Providing a breastfeeding room
Expansion of time o
(e.g., additional holidays, mental health days, etc.)
Providing access to external mental health/
family counseling/non-work-related support
Promoting inclusive employee social events
1.7
2.5
1.5
TOP 5 INCLUSIVE WORK CULTURE STRATEGIES
Global Real Estate DEI Survey Volume III 41
DEI PROGRAM & INITIATIVES
5.5%
Three-quarters of rms (75.3%) have expansion of time o as an inclusive
policy. Among rms that do not yet provide this, a further 5.5% plan to
implement this policy within 12 months.
75.3%
Helping working mothers feel comfortable and included at work by
providing breastfeeding rooms is currently practiced at 75.3% of rms.
A further 3.4% of rms plan to implement this policy within 12 months.
The chart depicts various tactics that CRE organizations employ to foster a sense of inclusion and support among employees in the
workplace. In addition to promoting inclusive employee social events, respondents say other top strategies include providing
access to external mental health/family counseling and support, as well as more time o for mental health days and holidays. For
a full list of strategies on inclusive work culture, please refer to the accompanying spreadsheet sent to all Survey respondents.
This chart depicts DEI demographic data collected from participating CRE rms. Responses suggest rms are increasing eorts
to collect DEI data on all measures, although this change may be due to the sample of responding rms. The top metrics
collected are gender and/or gender identity, age, and race/ethnicity/nationality.
TOP DEI METRICS TRACKED
Global Real Estate DEI Survey Volume III 42
DEI PROGRAM & INITIATIVES
Age
98.6%
Educational background
90.4%
Gender and/or gender identity
99.2%
Family status
(e.g., marriage/partnership
status, parent/guardian status,
caregiver status)
77.8%
Veteran status*
57.8%
Physical disability
(visible)
68.2%
Refugee status
18.5%
Languages spoken
64.4%
Mental or cognitive
disability/
Neurodiversity
38.5%
LGBTQ+ status
51.1%
Socioeconomic
background
10.4%
Race/ethnicity/nationality
94.8%
Up from 96.9%
Up from 93.6%
Up from 98.4% Down from 97.7%
Down from 73.8%
Down from 85.0%
Up from 47.9%
Down from 65.1%
Up from 30.1%
Up from 17.9%
Up from 51.2%
Physical disability
(not visible)
66.7%
Up from 52.9%
Down from15.6%
Mental health condition
33.3%
Up from 29.0%
* North America only.
PAY EQUITY STRATEGIES
Global Real Estate DEI Survey Volume III 43
DEI PROGRAM & INITIATIVES
This chart depicts strategies CRE rms are taking to ensure employees are paid fairly across all genders and/or gender identity
and levels in the organization. Almost two-thirds of Survey respondents (62.9%) said they are analyzing gender-based pay
gaps to increase pay equity. A further 15.3% of rms said they are planning to implement this strategy within 12 months. For a
full list of strategies on pay equity, please refer to the accompanying spreadsheet sent to all Survey respondents.
14.8%14.8%70.4%
50.0%27.1%22.9%
Working to increase the level of
pay transparency at your company
31.0%15.8%53.2%
Using redemption strategies
(e.g., making pay adjustments)
27.8%23.7%48.5%
21.8%15.3%62.9%
48.0%18.8%33.2%
39.3%7.9%52.8%
38.4%17.0%44.6%
Analyzing pay gaps based on
race/ethnicity/nationality/age
Analyzing pay gaps based on gender
2022
2023
2022
2023
2022
2023
2022
2023
Currently implemented
Plan to implement in the next 12 months
No current plans to implement
Other pay equity initiatives indicated: engaging third-party compensation analysts, referencing market data
18.8%
Almost one in ve
respondents (18.8%) said
they plan to work on
increasing the level of pay
transparency at the rms
within the next 12 months.
44.6%
While most rms analyze
pay gaps based on gender,
a smaller proportion
(44.6%) look into race/
ethnicity/nationality/ age
to even out dierences.
52.8%
Slightly over half of
respondents (52.8%) use
redemption strategies, such as
making pay adjustments, to
rectify inequalities in employee
compensation levels.
Other
Other policies/initiatives currently
enacted include annual compensation
review, benchmarking against
industry data, using job bands to
determine salaries, and working with
a third party to analyze pay levels.
TOP 7 DEI OBSTACLES
Global Real Estate DEI Survey Volume III 44
DEI PROGRAM & INITIATIVES
Survey respondents said that the greatest obstacles to successfully developing and implementing DEI initiatives at their
organizations are manifold. The three main stumbling blocks to DEI success are DEI’s low priority vis-à-vis other programs, the
lack of connection between DEI policies and business goals and objectives, as well as budgetary issues. Just 9.1% of
participants say that they do not have barriers, while 5.2% say they are too early in their DEI strategy. The barriers facing the
remaining 85.7% of participants are below.
9.2%
There is growing awareness
from senior leadership that
DEI matters. Although nearly
one in ten respondents (9.2%)
attributed inadequate
attention from senior
leadership, this is a 3.2%
improvement over the
previous year, although this
may be due to changes in the
sample of responding rms.
12.9%
Just over one in ten (12.9%) of
respondents said that gaining
sta support is their primary
obstacle to DEI success. Last
year, 8.2% of respondents said
this was the main issue,
although this may be due to
changes in the sample of
responding rms.
Low priority due to
other initiatives
25.6%
Budgetary issues
16.7%
Inadequate
attention
from senior
leadership
9.2%
Legal restrictions around
collecting demographic
information
8.5%
Proposed
DEI policies
are not
implemented
as envisioned
5.0%
Getting support
from the company’s
current workforce
12.9%
No connection between DEI policies
and business goals and objectives
17.8%
Up from 11.8%
Down from 25.9%
Down from 12.4%
Down from 11.7%
Up from 8.2%
Up from 4.8%
Down from 18.1%
Survey participants
Global Real Estate DEI Survey Volume III 45
SURVEY PARTICIPANTS
Global Real Estate DEI Survey Volume III 46
Anarock Property Consultants
ARA Asset Management (Fortune)
Baner Properties
CBRE
Cushman & Wakeeld
EQT Exeter
Hang Lung Properties
Hines
HOMA
IGIS Neovalue Asset Management
Ivanhoé Cambridge
LaSalle Investment Management
Maersk Global Service Centres
NEO
PGIM
Savills Investment Management
Siemens
SitusAMC
Unispace
Woods Bagot
Workplace Interior
Activum SG UK Advisors
British Land
CBRE
Conimmo
COIMA SGR
Crea Madrid Nuevo Norte
Cushman & Wakeeld
Grosvenor Property UK
Groupama Immobilier
Helaba - Landesbank Hessen-
Thüringen
Hines
IPUT Real Estate Dublin
Ivanhoé Cambridge
LaSalle Investment Management
Madison International Realty
Mutua Madrileña
Niam
Nokia
Octopus Investments
Patrizia
PGIM Real Estate Europe
Principal Real Estate Europe
Ryden
Savills Investment Management
SitusAMC
Swiss Life Asset Managers
Tishman Speyer
Van Lanschot Kempen
ABR Capital Partners
Accord Group Holdings
ACRE
AEW Capital Management
Anius Capital
AIMCo
Alamo Architects
aLAVEYarchitecture
Alex Wu Architect
Alexander & Baldwin
Almanac Realty Investors
Altus Group
American Realty Advisors
Arch Street Capital Advisors
Artemis Real Estate Partners
Artis REIT
Asana Partners
ASB Real Estate Investments
AvalonBay Communities
Avanath Capital Management
Avison Young
BAR Architects & Interiors
Barings
BDG Architects
Belay Investment Group
Bell Partners
BentallGreenOak
Berkeley Partners Group
BKM Capital Partners
Blue Vista Capital Management
Brasa Capital Management
Bridge Industrial
Bridge Investment Group
Brixmor Property Group
Brookeld Properties (Canada)
Brookeld Properties Multifamily
Cabot Properties
Cadillac Fairview
Callan
Canyon Partners
Carmel Partners
CBRE
Chatham Financial
Ci Design
CIM Group
Clarion Partners
CMLS Financial
Colliers International
Cominar
Continental Realty Corporation
Corporate Real Estate
Management
Crombie REIT
Crow Holdings Capital
Cuningham
Cushman & Wakeeld
David Cornes Architect
Dermody Properties
Design Synergies Architecture
Divco West Services
Dream
DWS Group
EHDD
Enterprise Community
Investments
Epic Investment Services
Equity Residential
Extended Stay America
FCP
Fengate Asset Management
First National Financial
Forum Asset Management
Fox Architects
GID Investment Advisers
Graceada Partners
Greystar Real Estate Partners
Gris Residential
Grosvenor Property Americas
GWL Realty Advisors
Harbert Management Corporation
Harrison Street
Hazelview Investments
Heitman
Hines
Hodes Weill & Associates
Holland Partner Group Operations
Hudson Pacic Properties
IDS Real Estate Group
Infrastructure Ontario
Intercontinental Real Estate
Corporation
Invesco Real Estate
Island Capital Group
Ivanhoé Cambridge
Jamestown
JP Morgan Asset Management
Juniper Square
Katten Muchin Rosenman
Kayne Anderson Real Estate
KKR
L&B Realty Advisors
LaSalle Investment Management
LBA Realty
LEM Capital
Lendlease
Lincoln Property Company –
Midwest
M&T Bank
MacFarlane Partners
Madison International Realty
Malone Maxwell Dennehy
Architects
McCarter & English
McGettigan Consulting
MDH Partners
Meketa Investment Group
Mesa West Capital
Mill Creek Residential
Morgan Stanley Real Estate
Investing
Morguard Investments Limited
Moto Designshop
National Equity Fund
National Real Estate Advisors
New York Life Real Estate
Investors
NNN REIT
Noble Investment Group
Northland Investment
Corporation
Nutanix
Omaha Douglas Public Bldg
Commission
ONE Properties
OPTrust
Orion Oce REIT
Otéra Capital
OZ Architecture
Pacic Urban Investors
Paramount Group
Park Madison Partners
Payette Associates
PBDW Architects
PCCP
Penzance Management
PGIM Real Estate
Phillips Edison & Company
PJMB Commercial
Prime Finance
Principal Real Estate Investors
Pure Industrial
PWWG Architects
Ram Realty Advisors
RealFoundations
Realty Income
Rialto Management Group
RioCan
Rockpoint Group
Ropes & Gray
Salthill Capital
Semple+Rappe Architects PC
Sentinel Real Estate Corporation
Shorenstein Realty Services
SitusAMC
SmartCentres REIT
SoLa Impact
SRK Architect
Starlight Investments
StepStone Group Real Estate
Stockbridge Capital Group
Stoneweg US
TDK Consulting
The Dermot Company
The Green Cities Company
The Howard Hughes Corporation
The Minto Group
Tishman Speyer
Torchlight Investors
Transwestern
Transwestern Investment Group
Triovest Realty Advisors
Trivers Associates
TSCG
Unico Properties
Vanbarton Group
Ventas
Veritas Investments
Virtus Real Estate Capital
Vornado Realty Trust
Walker and Dunlop
Weber Thompson
White Oak Partners
Woodbourne Capital
Management International
Wright Brother Construction
Company
Asia-Pacific
Europe
North America
Please note, some companies chose
not to be listed as participants.
Sponsoring and supporting associations
Global Real Estate DEI Survey Volume III 47
NAREIMis the industry association dedicated to the
business and organizational strategy of real estate
investment management. Founded in 1990, NAREIM
represents real estate investment management rms,
operating across all 3 regions globally, with a
combined AUM of $2.8 trillion.
nareim.org
Founded in 1982, NCREIF is a member-driven,
not-for-profit association that improves private
real estate investment industry knowledge by
providing transparent and consistent data,
performance measurement, analytics, standards
and education.
ncreif.org
Founded in 1979, PREA is a trade association for the
institutional real estate investment industry, with over
700 corporate members spanning the globe. Members
include pension funds, endowments, foundations,
insurance companies, investment management rms,
operating companies, and industry service providers.
prea.org
SPONSORING ASSOCIATIONS
Global Real Estate DEI Survey Volume III 48
REALPAC is the national leadership association
dedicated to advancing the long-term vitality of
Canada’s real property sector. Our 130+ member
companies represent CAD1+ trillion in AUM across all
asset classes in Canada contributing >$148 billion in
annual GDP and creating 1+ million jobs.
realpac.ca
The Urban Land Institute is a global, member-driven
organization comprising more than 45,000 real
estate and urban development professionals
dedicated to advancing the Institute’s mission to
shape the future of the built environment for
transformative impact in communities worldwide.
uli.org
Ferguson Partners is the leading talent
management and strategic advisory firm for the
global real assets industries, delivering trustworthy
solutions that help clients capitalize on the
advantages of great leadership.
fergusonpartners.com
SUPPORTING ASSOCIATIONS
Global Real Estate DEI Survey Volume III 49
If you would like to
support the Global Real
Estate DEI Survey Volume
IV, contact your local real
estate association.
Founded in 1988, AFIRE is the
association for international real estate
investors focused on commercial
property in the US. Its members
include around 175 leading global
institutional investors, investment
managers and supporting partners
from 24 countries representing
approximately $3 trillion AUM.
are.org
AREF represents the UK’s real
estate investment funds industry
to the public, legislators and
regulators in the UK, EU and
globally.Our fund and affiliate
members advise on and manage
over £50 billion of pension, charity
and personal savings.
aref.org.uk
The American Institute of Architects
works to create more valuable,
healthy, secure and sustainable
buildings, neighborhoods and
communities. Through its 200
international, state and local
chapters, AIA and its 96,000
members advocate for the value
of architecture.
aia.org
APREA is the pre-eminent regional
representative of the institutional
real assets industry across the Asia
Pacic. Our members manage
>US$20 trillion of real assets,
utilizing the APREA platform to
promote real estate and
infrastructure as the preferred
investment asset class.
aprea.asia
As the leading trade association
for commercial real estate professionals
for more than 100 years, BOMA
International represents the owners,
managers, service providers and other
property professionals of all
commercial building types, including
oce, industrial, medical, corporate
and mixed-use.
boma.org
The CRE Finance Council (CREFC) is
a trade association that promotes
liquidity, transparency and
eciency in the CRE nance debt
markets, and acts as a legislative
and regulatory advocate for the
industry, sets market standards and
best practices, and provides
education for market participants.
crefc.org
The British Property Federation
(BPF) has been the voice of the UK
real estate sector for 60 years,
championing the interests of a
sector contributing over £137bn to
the UK economy, from investors
and developers to architects,
agents and advisers.
bpf.org.uk
CFMA’s vision is to be essential to
the success and growth of
construction nancial professionals.
Founded in 1981, CFMA serves
9,000+ members and 99 chapters
across North America to create
collaborative communities and
advance the construction
ecosystem.
cfma.org
CoreNet Global represents 10,000+
executiveswith strategic responsibility
for real estate assets of large
corporations. Our mission is to advance
the practice ofcorporate real
estatethrough professional
development, publications, research,
events and networking in 45 chapters/
networking groups globally.
corenetglobal.org
With more than 290 members,
covering the whole spectrum of
the listed real estate industry, EPRA
represents over EUR 840 billion of
real estate assetsand 95% of the
market capitalization of the FTSE
EPRA NareitEurope Index.
epra.com
The Royal Institution of Chartered
Surveyors (RICS) is a globally
recognized professional body
designed to effect positive
change in the built and natural
environments. RICS develops and
enforces leading international
standards, ensuring the utmost
level of professionalism is
employed.
rics.org
NAIOP, the Commercial Real Estate
Development Association, is the
organization for developers, owners
and related professionals in oce,
industrial and mixed-use real estate.
NAIOP comprises 20,000+
members across North America,
advances responsible CRE
development and advocates for
eective public policy.
naoip.org
OSCRE Internationalis a global non-
prot consortium focused on
development of real estate data
standards and support for
implementation.Our corporate
membership represents nearly
900,000real estate investment
managers, corporate real estate
owners, occupiers and their
external business partners.
oscre.org
The Property Funds Association of
Australia (PFA) is the peak body
representing the Australian
unlisted property funds sector. We
support and promote investment
into unlisted property trusts, funds
and syndicates, and assist
members in developing and
operating their businesses.
propertyfunds.org.au
