Diversity, Equity & inclusion
We believe in the transformative power of diversity of thought
Join NAREIM to help benchmark and share real-time best practices, promoting inclusion, diversity and equity in the real estate investment management industry
2023 DEI Survey
The Global Real Estate DEI Survey 2023 is open for data collection until September 22, 2023
Results will be released no later than January 17, 2024
In 2022, the Global Real Estate DEI Survey tracked employee demographics and DEI policies across almost 200 firms representing more than 357,000 FTEs, $2.3tn of AUM, and a cross section of the commercial real estate industry in terms of size, region and business classification.
In 2023, 19 leading CRE associations have collaborated globally on the Global Real Estate DEI Survey:
AFIRE; AIA (American Institute of Architects); APREA (Asia Pacific Real Assets Association); AREF (Association of Real Estate Funds); BOMA; BPF (British Property Federation); CFMA (Construction Financial Management Association); CoreNet Global; CREFC; EPRA (European Public Real Estate Association); NAIOP; NAREIM; NCREIF; OSCRE; PFA (Property Funds Association of Australia); PREA; REALPAC; RICS and ULI. Huge thanks go to Ferguson Partners for conducting the Survey on our behalf
2022 key takeaways:
Of the 95% of firms are addressing DEI either through a formal program or by enacting DEI initiatives and policies. Of those with formal DEI programs or initiatives, almost nine out of 10 set qualitative or quantitative goals.
Dimensions of diversity: According to the DEI Survey 2022, all firms address gender and/or gender identity as part of their policies and programs, followed by race/ethnicity/nationality, sexual orientation, age and physical disabilities (both visible and non-visible).
Diversity - across the regions:
In North America, the gender balance moved in favor of more female representation in CRE between 2021 and 2022 - increasing by 3.7%. According to the Survey, 42.5% of the workforce was female in 2022, up year-over-year from 41%.
In North America, representation by people of color also increased year-over-year by almost 8%, increasing from 29% in 2021 to 31.3% in 2022.
Among organizations reporting for Europe, female representation increased by almost 4% in 2022 - rising to 39.5% up from 38% in 2021.
In Asia-Pacific, participants reported that women represented 50% of the workforce, up from 47% in 2021 — a 6.4% increase year-over-year.
DEI policies & their impact: The DEI Survey 2022 asked participants to list their most impactful DEI policies. Respondents ranked 60 policies, according to their definition of impact – with employee communication, work/life balance and interviewing underrepresented candidates among the three most impactful. A full list of the 60 policies can be accessed by NAREIM members, by clicking here.
Source: The Global Real Estate DEI Survey 2022, produced by ANREV, INREV, Ferguson Partners, NAREIM, NCREIF, PREA, REALPAC and ULI
DEI @ NAREIM
The Global Real Estate DEI Survey is the only corporate benchmark for diversity, equity and inclusion metrics and management best practices in CRE globally. The report covers more than 140 pages of individual data points, including, but not limited to:
DEI program structure, resources and ownership
Policies focused on recruitment, retention, training and development, inclusivity, tracking and accountability and pay equity
Employee demographics by gender (including non-binary data for North America), race/ethnicity and nationality, across seniority and job function
DEI hiring, promotion and departure trends year-over-year
From 2023, the Survey is sponsored by 16 leading CRE associations, including: AFIRE; AIA (American Institute of Architects); APREA (Asia Pacific Real Assets Association); AREF (Association of Real Estate Funds); BPF (British Property Federation); Corenet; CREFC; EPRA (European Public Real Estate Association); NAREIM; NCREIF; OSCRE; PFA (Property Funds Association of Australia); PREA; REALPAC; RICS; ULI. It is produced in association with Ferguson Partners.
The Survey in 2022 collected more than 192 unique organizations submitting 210 responses and representing more than 357,000 full-time employees and a total gross AUM of $2.3 trillion. Data was collected between July 28 and October 7, 2022. The results were released December 13, 2022.
resource & best practice library
Dedicated resource library for NAREIM members of best practices and materials related to DEI strategies and initiatives. Resources include both proprietary and external materials as well as topics such as:
Top 60 list of DEI policies, ranked by impact according to DEI Survey participants
Top 50 diversity partners used by real estate investment managers to build pipeline
Top 50 organizations and diversity mentoring programs managers donate money and sponsor employee participation in
Best practices relating to:
Pay equity transparency
Measuring DEI goals, progress and impacts
Training and certification
the resource library is open to nareim members only
As part of the work of NAREIM's Inclusion & Diversity Committee, NAREIM has produced a series of interviews focused on investor perspectives on DEI.
Since early 2020, NAREIM has invited institutional investors to sit down and discuss their perspectives on diversity and inclusion and how they are working with investment managers to deliver lasting change for the industry.
Interviews already published include:
Oregon and Texas ERS
CalSTRS and The World Bank
read the investor perspectives here
NAREIM DEI committee
Chair: Rachna Velamati, Chief Diversity Officer, Heitman
Reisa Bryan, CEO, Omni/Nuveen Real Estate
Erick Harris, GC, Blue Vista Capital Management
Alexandra Williams, Director, Barings Real Estate
Chasity Boyce, Chief Diversity Officer, Barings Real Estate
Justinn Wheatley-West, HR Business Partner, BentallGreenOak
Jennifer Licciardi, Vice President, Head of Human Resources, Berkshire Residential
Dave Kutayiah, Managing Director, Head of Human Resources, Clarion Partners
Kathy Briscoe, Partner, Chief Capital Officer, Dermody Property
Tyler Scheppman, Senior Vice President, Dermody Property
Deirdre Perez, Portfolio Manager, Invesco Real Estate
Deena Goodman, Director, Human Resources, PGIM Real Estate
Pat Bailey, CFO, Principal Real Estate Investors
Anne Peck, Director of ESG+R, TA Realty
Jillen Miller, Human Resources Coordinator, Waterton Associates
The NAREIM DEI committee is focused on three initiatives: The Global Real Estate DEI Survey; partnerships to expand recruitment pipelines; best practices and resources for members.