Bisnow's 2025 DEI Data Series
This year, “DEI” didn’t just slip off homepages and annual reports — it got buried in euphemism.
“Culture.” “Belonging.” “People.” Even “ESG.” These are the stand-ins now paraded by firms still trying to diversify real estate’s upper ranks. But make no mistake: As a word, “DEI” is in hospice.
And yet the scoreboard kept ticking up.
Across the 100 biggest CRE firms Bisnow has tracked for six years running, women now control 27.5% of C-suite seats and 32.9% of board chairs. People of color claim 14.8% of executive roles and 20.8% of board positions. That’s five years of gains, carved out under headline panic, legal crosshairs and the full blast of political fire.
The moves aren’t even. Brokerages boosted women but lost ground on race. Lenders flipped the script and minted three new female CEOs. Developers and investors barely twitched. REIT boards ticked up while their C-suites sagged.
But ultimately, power still clustered where it always has — only 10 CEOs are women and eight are people of color.
If 2020 was the pledge and 2021 to 2023 were the playbook years, then 2024 was the retreat. Which is why 2025 will be remembered as the pivot. The work hasn’t stopped, but it did change outfits. Consultants call it leadership. Coalitions call it talent.
It’s the same game, only relabeled to slip past the watchful eye inside 1600 Pennsylvania Ave.
The rebrand won’t last forever. As Gen Z, the most diverse generation in U.S. history, firmly takes the reins, the box score will demand more than new labels.
— Mark F. Bonner, Bisnow Editor-in-Chief | Sept. 12, 2025
The Data
Bisnow's 2025 analysis of the racial and gender makeup of CRE's largest companies
Diversity in the top ranks of CRE inched forward despite the sharp backlash to DEI.
The Rewrite
All across CRE, companies are pulling down webpages about diversity, erasing the word “DEI” and pivoting the messaging.
The Future
Advocates for diversity in CRE said they aren’t ending their push to make the industry more inclusive — just adjusting their strategy.
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