LAWRENCE, Kan. – April 12, 2011 – Coinciding with Equal Pay Day, April 12, 2011, Commercial Real Estate Women (CREW) Network announces that parity issues with respect to salary and promotion levels between men and women in the field remain challenges. The pay gap in commercial real estate was documented in Women in Commercial Real Estate, a national study that was conducted by CREW Network at the end of 2010.
Women in Commercial Real Estate is a five-year follow-up to the first in-depth look at the issue of men and women in commercial real estate, which was conducted by CREW Network in 2005.
The 2010 study finds that greater numbers of women are pursuing careers in commercial real estate, but a pay gap still exists:
• More women are now in the $100,000 per year to $250,000 per year salary category, but still fewer than the number of men. In 2005, 8 percent of women were at the $250,000 level; by 2010, that increased to 11 percent. The percentage of men in that category decreased from 34 to 31 percent.
• In 2010, three times more men than women were at the $250,000 compensation level.
• In 2010, two times as many women as men said they earned less than $75,000 per year; in 2005, it was three times as many.
• More women are entering commercial real estate – 36 percent in 2005 compared to 43 percent today for a seven percent increase.
• The study found an increase in the number of women with less than five years of experience and women with more than 20 years of experience.
• Men still report earning a greater portion of their overall compensation from various forms of variable compensation such as bonuses, stock options, etc.; but both men and women are beginning to report that a higher percentage of their total compensation is drawn from base salary (58 percent in 2005 compared to 67 percent in 2010).
• Chief positions continue to be primarily male. In the survey, 9 percent of the female respondents reported holding a chief position – president, CEO, CFO, COO – compared to 22 percent of the men.
“In order to maximize talents, work styles, and therefore efficiency, everyone must feel that they are being rewarded at a rate that corresponds appropriately to their contributions,” says Collete English Dixon, 2011 CREW Network president.
“More and more women are being recognized for the tremendous value they bring to the commercial real estate industry and their compensation should reflect this,” said Gail Ayers, PhD, CREW Network CEO. “Our study shows that the wage gap is narrowing; but in this day and age, it is disappointing that this gap still exists. Our goal is that studies such as ours will continue to bring awareness to our industry of the disparities that exist and in turn create opportunities for change.”
The Cornell University Program in Real Estate administered the study. Respondents were reached through 13 professional associations serving various aspects of commercial real estate. The premier underwriter is CB Richard Ellis; executive underwriter is Prudential, senior underwriter is Fannie Mae and the associate underwriters are Kutak Rock, LLP and CREW Foundation.
© 2011 Florida Realtors®
Women in Commercial Real Estate is a five-year follow-up to the first in-depth look at the issue of men and women in commercial real estate, which was conducted by CREW Network in 2005.
The 2010 study finds that greater numbers of women are pursuing careers in commercial real estate, but a pay gap still exists:
• More women are now in the $100,000 per year to $250,000 per year salary category, but still fewer than the number of men. In 2005, 8 percent of women were at the $250,000 level; by 2010, that increased to 11 percent. The percentage of men in that category decreased from 34 to 31 percent.
• In 2010, three times more men than women were at the $250,000 compensation level.
• In 2010, two times as many women as men said they earned less than $75,000 per year; in 2005, it was three times as many.
• More women are entering commercial real estate – 36 percent in 2005 compared to 43 percent today for a seven percent increase.
• The study found an increase in the number of women with less than five years of experience and women with more than 20 years of experience.
• Men still report earning a greater portion of their overall compensation from various forms of variable compensation such as bonuses, stock options, etc.; but both men and women are beginning to report that a higher percentage of their total compensation is drawn from base salary (58 percent in 2005 compared to 67 percent in 2010).
• Chief positions continue to be primarily male. In the survey, 9 percent of the female respondents reported holding a chief position – president, CEO, CFO, COO – compared to 22 percent of the men.
“In order to maximize talents, work styles, and therefore efficiency, everyone must feel that they are being rewarded at a rate that corresponds appropriately to their contributions,” says Collete English Dixon, 2011 CREW Network president.
“More and more women are being recognized for the tremendous value they bring to the commercial real estate industry and their compensation should reflect this,” said Gail Ayers, PhD, CREW Network CEO. “Our study shows that the wage gap is narrowing; but in this day and age, it is disappointing that this gap still exists. Our goal is that studies such as ours will continue to bring awareness to our industry of the disparities that exist and in turn create opportunities for change.”
The Cornell University Program in Real Estate administered the study. Respondents were reached through 13 professional associations serving various aspects of commercial real estate. The premier underwriter is CB Richard Ellis; executive underwriter is Prudential, senior underwriter is Fannie Mae and the associate underwriters are Kutak Rock, LLP and CREW Foundation.
© 2011 Florida Realtors®
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