When Savills Studley Executive Vice President Lisa Davidson started out in commercial real estate in 1985, the opportunities seemed endless.
“In the beginning, I'd hear older women talk about the glass ceiling and I'd think, ‘What are you talking about? There's no glass ceiling!'” said Chicago-based Davidson, who was appointed to the Savills' board earlier this month. “But as you move up in an organization, and as you become more successful, you start to feel it.”
Although the Equal Pay Act was signed into law 55 years ago, women in full-time work still earn less than men in almost every single industry across the United States. In commercial real estate, women pull in a median wage of $115K, compared to $150K for men, according to Commercial Real Estate Women Network's most recent benchmark study, released in 2015. That works out to be an average income gap of 23.3%.
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