Breaking Barriers: The Growing Influence of Women in the Commercial Real Estate Market. Strategies from Sector Leaders

– How has the presence and role of women in the real estate sector evolved during your career?

Throughout my career, I've experienced all kinds of cultures, including the financial market, a much more traditional market where being a rising woman is much more difficult. I've also worked for companies that were leaders in the diversity process. I like to believe that, in organizational environments, generally speaking, some more immature than others, we have structures more prepared to meet this demand. At WeWork, for example, we have 62% female employees in LATAM, and at the management and leadership levels, this percentage is above 50%. So, we have the two most sought-after metrics, encompassing the entire employee body and rarely reflected in top leadership. It's a source of great pride; we are surrounded by female talents, reflecting a notable advance compared to the historical representation in the top management. Additionally, we have a compliance and reporting process aimed at monitoring and maintaining our inclusive, respectful, and diverse environments for employees. We embrace the mission of keeping our communities this way.

– What strategies are essential to promote gender equality and inclusion in the commercial real estate market?

Diversity must be on all sides. Generally, I like to think about this from two perspectives. One is the leadership's strength in believing in this, setting goals for it, being very vocal, transparent, and not ashamed to take up this cause. The problem arises when this approach depends on a specific leadership that does it with the power of shouting. On the day the shout becomes less strong or leadership leaves, processes revert, and biases return. Companies naturally lean toward the easier path. And the most straightforward path is not the most diverse.

Then there's the processes side. This means looking at the recruitment process and ensuring parity of candidates who are finalists for a position so that you don't reach the final stage with only white heterosexual men to choose from. In other words, how do we insert an equal opportunity for everyone to compete for that position in that final stage? Another crucial moment is in the promotion and internal evaluation process. Are those people being chosen really the best, with the highest performance ratings, the highest level of delivery, and cultural fit? It can't be just a choice because the leader is recommending it. I believe a lot in the goals for this subject; it depends a lot on the company and its maturity. There's no point in setting the goal without changing the process.

– What advice would you give young women aspiring to hold leadership positions in the real estate sector?

This advice is valid for both men and women. The first thing is to be clear about your purpose versus the company's purpose. When this purpose is clear, choices become much easier to navigate. Be true to your purpose. We, women, receive much more judgment in general. There is so much bias associated with our choices as women, mothers, daughters, and bosses. And here comes the main tip: drown out the noise of judgments. Understand what your purpose is, and don't be ashamed of it. Don't be ashamed to say that you want a more flexible job so you can work from home as much as possible.

Another important tip is to make pacts with family members, the community, the boss—your allies, the people who are important for that purpose to happen. The truth is that in the life of a working woman, especially if there is a choice of motherhood, the only certainty you can have is that you can't do anything alone. You need a support ecosystem.

– How has the presence and role of women in the real estate sector evolved during your career?

My first contact with the corporate real estate market was at the age of 17, when I started working as a receptionist at Herzog. After an internship, a lot of work, and battling barriers for being young and female, I assumed commercial leadership at Herzog in just a few years and at a very young age. Today, I realize that I was often cornered and pressured for being a woman. Since then, more than two decades have passed, and I have witnessed the professionalization of the real estate sector and the breaking of barriers in a predominantly male market, led by women who, like me, now represent our market with mastery. Nowadays, the leading corporate consultancies in Brazil have female executives, indicating a significant change.

– What advice would you give young women aspiring to hold leadership positions in the real estate sector?

For young women aspiring to leadership positions in the real estate sector, I recommend finding inspiration in the stories of pioneering and persevering women. A clear example is my grandmother, who, with determination and courage, made her way from a humble seamstress to a successful liquor store owner. Like her, it is essential to enjoy the market dynamics, arm yourself with knowledge, work hard, and have the courage to face challenges. 

– How has the presence and role of women in the real estate sector evolved during your career?

I've been in this sector for over 30 years. I started working at a real estate development company, where men primarily held executive positions. There were a few women in marketing and human resources, but not at the executive level. However, we have seen a slow but significant evolution in Mexico over the years. Today, more than 41% of the staff at FIBRAs (Real Estate Investment Trusts) are women, and between 2020 and 2022, women's participation in their technical committees increased from 10% to 17%. Additionally, in that same period, women's involvement in intermediate committees rose from 2% to 9%, and there were advancements in salary parity. In 2022, it was reported that only 0.5% of women received a minimum wage in the sector. Although progress is still not enough, the FIBRAs sector stands out, especially compared to Mexico's business sector, where only 11% of women participate in executive boards, according to a study IPADE.

– What strategies are essential to promote gender equality and inclusion in the commercial real estate market?

Implementing strategies that address equity in the workplace is essential to promote gender equality and inclusion in the commercial real estate market. One of the most effective measures is the enactment of paternity and maternity leave policies and breastfeeding hours. These initiatives foster a more equitable work environment where men and women can balance their family and professional responsibilities without sacrificing career development. By recognizing that both genders have important family roles, an inclusive culture is promoted, and traditional gender stereotypes are challenged, contributing to a more diverse and equitable commercial real estate market.

Furthermore, it is essential to implement comprehensive policies that address various aspects of workplace equity, such as explicit norms against gender discrimination, ethical codes, guidelines & protocols to ensure equal opportunities, monitoring of the wage gap, confidential complaint lines, and gender quotas that, although not a definitive solution, can boost the search for diverse talent and promote greater gender representation in leadership positions.

– How do you think gender diversity enriches decision-making and innovation in the real estate market?

Including women in decision-making not only positively impacts the work environment & structure and employee satisfaction & performance but is also crucial for productivity. Representing approximately half of the population, excluding women means ignoring half of human potential. This is reflected in all areas because women bring unique perspectives, innovative solutions, and a different sensitivity, which helps eliminate blind spots in business management. According to the International Monetary Fund, having between 50% and 60% of women in the workforce can increase GDP per capita productivity by up to 10%.

– What advice would you give young women aspiring to hold leadership positions in the real estate sector?

To young female entrepreneurs in the real estate sector or any industry predominantly led by men, I would advise four things: first, trust yourself to overcome challenges, conquer the fear of failure, and even limit excessive perfectionism; second, study hard, as education is essential to breaking barriers; third, dare to apply what you've learned with consistency and perseverance, as this develops talent; and fourth, support other women by creating a network of solidarity.