Executive Summary: 2015 CREW Network Benchmark Study Report
With the release of its third comprehensive benchmark study, CREW Network has measured progress for women in commercial real estate over an unprecedented 10-year span, tracking and analyzing specialization, compensation and career achievement by gender. This long-term project has been made possible by the support of CBRE, premier underwriter of the 2005, 2010 and 2015 reports.
CREW Network’s 10-year research span reflects a remarkable diversity of positions and specializations within the commercial real estate industry. Respondents spanned entry-level to C-Suite positions and represent all major specializations within the field – asset and property management, brokerage and sales, development and financial services.
The 2015 study included the same questions as the 2005 and 2010 studies to guarantee data integrity and consistency. Survey respondents revealed important gains made by women in the industry, as well as areas where inequalities persist.
The latest CREW Network study data can help guide women striving to advance their careers in the industry, inform companies and managers about the values and priorities of their employees and enhance the research and program agenda for CREW Network and other like-minded organizations striving for equality.
Download your copy here: 2015 CREW Network Benchmark Study Report
What I Learned from CREW Leadership Summit
Rachel Jennings, Alabama Center for Real Estate
Value of CREW Network
The CREW Network is so valuable to its members! CREW Network represents 10,000+ members in over 70 major markets across North America (there are even chapters in Canada!). 54% of members report receiving a referral from another member in the last 12 months. For me, the opportunity to build relationships with industry mentors is unmatched. Women of CREW are genuinely interested in supporting other women
in the industry, whether locally or in another market. In my short time as a member of CREW, I have already built relationships that I know will make a lasting impression on my career.
A funny story: Leaving Detroit after the Leadership Summit, I was seated outside the hotel waiting for an airport shuttle. I struck up a conversation with another CREW member who was also waiting when the hotel attendant came over and said “your ride is leaving the airport and will be here in 30 minutes”. My new friend Claire didn’t hesitate to offer to drop me off at the airport even though she wasn’t headed there herself. A local friend picked her up minutes later and I very gratefully accepted a ride. It is little things like this that make me realize the impact of the CREW Network, especially when you are out of your comfort zone. There is always a friend nearby!
Importance of Supporting CREW Foundation
CREW Foundation is the philanthropic arm of CREW Network. The Foundation dedicates all of its resources to advancing women in the commercial real estate industry. The Foundation provides scholarships for future female leaders as they pursue universitylevel education that will lead to careers in CRE. In my role at the Alabama Center for Real Estate, I have known three female students to receive CREW Scholarships (Chandler Davis ‘11, Abby Hall ‘14, Taylor Benjamin ‘15). In 2016, CREW Foundation awarded ten $5,000 scholarships (a whopping total of $610,000 since 1998). Perhaps more impactful is the paid internship opportunity for the recipients, an 18 month membership for CREW Network, and a complimentary
registration for the CREW Network Convention & Marketplace. Amazing!
Industry Research Tracking Women in CRE
The mission of CREW Network is to influence the success of the commercial real estate industry by focusing on four key initiatives: business development, leadership development, industry research & career outreach. CREW Network is the leading producer of research on women in commercial real estate. The Benchmark Study Report is produced every 5 years by CREW Network. Important takeaways from 10 years of research
● Income differences between men and women are shrinking, but a significant income gap still exists (23.3% difference in median total annual compensation).
● Men continue to outnumber women in CSuite positions (17% of men versus 9% of women)
● Women’s satisfaction with career success is now exactly equivalent to men’s
The 2015 study found a potential “aspirations gap” between men and women in the industry. A new question, “To what level of management do you aspire to reach at the peak of your career?”, was added in 2015 to attempt to explain why male and female satisfaction differs over time in the industry. The results indicated that men, much more than women, aspire to the CSuite, while the most common answer for women was to reach the SVP/partner level.In addition to the Benchmark Study, CREW Network also produces white papers to provide research on a myriad of other topics.
CEO Gail Ayers is highly respected & will be missed greatly
Gail S. Ayers, Ph.D. has served 11 years as the CEO of CREW Network. Ayers announced her upcoming retirement to a room of 200 chapter leaders during the Council Meeting at the Leadership Summit. You could feel a level of sadness come over the room, a reluctance to say goodbye to an outstanding leader. “Gail’s visionary leadership and her ability to take big ideas and turn them into actionable initiatives will continue to have a long and lasting impact on the commercial real estate industry,” said Laurie Baker, Senior Vice President of Fund & Asset Management at Camden Property Trust and 2016 CREW Network President. “She has been a leading voice in promoting the benefits of diversity and gender equality, which
ultimately leads to better decision making and overall success for organizations and the industry.” CREW Network is the fastest growing organization in commercial real estate, with membership doubling in the last 11 years under Ayers’ tenure. Counted among her many accomplishments at CREW Network include the organization becoming a member of the Real Estate Roundtable; and establishing an executive level mentoring program designed to help high potential women reach the CSuite. In addition, Ayers led the development of CREW Network’s thought leadership white paper initiative, which addresses issues directly impacting the advancement of women in the industry.
Detroit is the “Comeback City”
The city of Detroit is known by many nicknames The D, Motor City, Motown. I even heard it called “Detroilet” during my short trip. During the keynote luncheon on the “Resilience of Detroit” by Deputy Mayor Isaiah “Ike” McKinnon, we also learned that Detroit was once known as the “Murder Capital of the World”. The city of Detroit and its residents are not proud of the negative connotations that some of the nicknames bring, but they are proud of the resurgence that the city has seen under the new mayoral leadership of Mike Duggan. Duggan has received national attention for being the first white mayor of Detroit since the 1970s. Duggan’s campaign slogan “Every neighborhood has a future” brought pride to its residents. Mr. McKinnon credited Mayor Duggan’s leadership with turning the lights back on in the city of Detroit. Under their leadership, Detroit has seen a financial turnaround, a drastic reduction in crime and economic development. We heard from local Detroit CREW members who spoke to the monumental changes seen in Detroit in just under two years. A once iconic American city, it is my hope that Detroit will continue to make strides in a positive direction so Americans can enjoy for years to come all of the rich history and tradition that Detroit has to offer.
CREW Network Convention & Marketplace | October 19-22
New York City
Anyone can register to attend! You don’t have to be a chapter leader to take advantage of this opportunity to expand your network, be inspired by some of the most insightful speakers, and hear the latest on what’s happening in CRE! Convention speakers include:
● Amy Cuddy, Author, Business Leader & Professor at Harvard Business School
● Mary Ann Tighe, CEW New York TriState Region, CBRE
● Sallie Krawcheck, CEO & CoFounder, Ellevest
● Admiral William H. McRaven, USN (Ret.), System Chancellor University of Texas; Prior to becoming chancellor, McRaven was the commander of U.S. Special Operations Command, leading a force of 69,000 men and women and counterterrorism operations worldwide. McRaven is credited for organizing and overseeing Operation Neptune Spear, the special ops raid that took down terrorist leader Osama bin Laden on May 2, 2011.
Get more information & Register online: www.crewnetwork.org/events/conventions