COMMENT For the UK real estate sector, International Women’s Day affords us an annual opportunity to revisit gender balance within our industry. We can check in on the changes happening as well as holding those decision makers to account.
This year the theme of IWD23 is #EmbraceEquity. Equity in the built environment means creating an inclusive world. To do this we need equal numbers of men and women working in the sector at all levels as well as a diverse mixture of backgrounds and ethnicity.
Significant change
Our industry has historically struggled with female representation, in 2021 figures showed just 15% female representation within real estate. This reflected a slight increase of 2% on 2018 figures. It is clear that conversations are being had and we are privy to many but it is undeniable that change has been disappointingly slow. Slower in fact, than many other sectors. Until now that is.
Industry behaviour when it comes to equity in recruitment has switched. The client conversations we are having now are very different to ones we had at the same time in 2021.
As real estate recruiters we have seen a significant change in the last year with regards to industry decision makers and how they are recruiting. In the first two months of 2023 our female placements were just over 50% and we are being routinely asked to ensure we put forward an equal number of female and male candidates for every role being recruited.
We have always worked hard to ensure that women candidates were given the same opportunities in our industry. Against some tough odds, within 18 months of trading, Madison Berkeley’s female placements were 50%. However, prior to 2022/23 we found we were very often doing the pushing when it came to female representation on candidate lists.
Money talks and the reason for this turnaround is growth risk fear. This year the industry has demonstrated that large UK real estate deals and partnerships are dependent on companies being able to show their business is inclusive.
If a business is unable to convey this, they are often overlooked for opportunities. It has become a real growth risk for any real estate business not to demonstrate an equal level of women within their senior positions.
It is no longer a tick box exercise as organisations are choosing to work with others who can demonstrate equity and a modern outlook.
Aside from that, if a team is not demonstrably diverse and inclusive it will affect the quality of work within the built environment and investors may find their buildings becoming not fit for purpose. If only men are present at all stages of real estate development, buildings will not fully represent society as a whole.
New figures back our marketplace experience. Some 52,000 employees responded to the Real Estate Balance Industry Survey 2022, released in February.
Overall, it found female representation in our industry was 44%. At board level within the sector it is 29% female and at senior and leadership level 27%.
Positive trajectory
While not as positive as that headline figure, this is undeniably a large and welcome leap. It does show change is happening at a faster rate than it has done up to this point.
Bringing more women into the industry and retaining them must be a priority. Without paying attention to this we will not be able to ensure parity in gender offerings for roles going forward.
We continue to carefully guide our clients and candidates through hiring with diversity in mind. As part of those conversations we also tackle the retaining of females at senior levels within organisations and work to ensure clients have systems in place to address this.
Change, however big or small, should be applauded and this feels like the real estate sector is on a positive gender trajectory to #EmbraceEquity.
Clare Coe (pictured, left) and Nina Zeilerbauer (pictured, right) are co-founders of real estate recruitment firm Madison Berkeley
