The commercial real estate industry has made strides toward reducing the gender gap, but it still has a way to go.

The 2020 Commercial Real Estate Women Network, or CREW, benchmark study, the most recent one conducted, found that women represented roughly 36% of CRE professionals, a number that has remained stagnant for the last 15 years. And while there are a record number of women in brokerage positions, they still only account for 29% of those roles.

These numbers underscore why it is so important to highlight women in CRE and celebrate the important work they are doing to advance the industry and women’s position in it. This is what Bisnow will do at its Toronto Women Leading Real Estate Celebration on Nov. 16 at the Sheraton Centre Toronto Hotel. Register here for the event.

Bisnow spoke to three women who will be celebrated at the event: Natalka Falcomer, chief real estate officer at OJO Home Canada Ltd., who is nominated for the Rising Star award; Tracy Macdonald, senior managing director of industrial at Colliers International, who is nominated for Deal Maker of the Year; and Julie Phillips, partner and president at Flat Iron Building Group, who is nominated for Leader of the Year.

They discussed the positive changes they have seen for women in CRE, the lengths the industry still has to go and the advice they have for the next generation.

This story was produced by Studio B, Bisnow’s in-house content and design studio. Bisnow news staff was not involved in the production of this content.

Natalka Falcomer, chief real estate officer, OJO Home Canada Ltd. — nominated for Rising Star

Bisnow: What does it mean to you to be nominated for a Bisnow Women Leading Real Estate award?

Falcomer: Being honored with the Bisnow Women Leading Real Estate award is a powerful recognition of one's hard work, and it comes with a significant responsibility to lead by example, be a role model and inspire future generations. I’m specifically touched by this nomination as I was nominated by a critical mentor and “sponsor” of mine. He is not only an industry titan but also someone who has been critical in my career path and development. Having his ongoing support all these years later is humbling.

Bisnow: What strides do you think the CRE industry has made toward better representation when it comes to women in the workforce, and where is there room for improvement?

Falcomer: Certainly eradicating notions such as women not being logical and taking sexual harassment seriously have advanced women's desire to work in the real estate space. Ensuring equal pay and becoming advocates for women has also helped women grow in the industry. However, there is significant room for improvement with respect to how women who are mothers are treated and viewed.

For example, a very hot topic is returning to the office versus working from home. The loudest voices for return to the office have been from the CRE industry, which has a lot to lose if office buildings remain empty. What the industry doesn’t realize is that little flexibility pushes capable and hardworking mothers out of the industry, as they are the ones who continue to bear the brunt of domestic and childcare duties.

I know of numerous mothers who are exiting or are actively looking to exit the CRE space because of the back-to-office mandate, as five hours of sleep, two-hour commutes, not putting their children to sleep and carrying the burden of cooking and cleaning is untenable. In fact, back-to-office mandates have ironically reduced a mother's productivity, as the commutes and in-office interruptions eat up valuable hours of work time. Looking at the data, versus just statements that being in the office is the only way to be productive, rethinking how we use the office and repurposing empty office space rather than pushing out working mothers are ways we can improve female representation in the CRE industry.

Bisnow: What advice do you have for the next generation of women looking to start or advance their careers in CRE?

Falcomer: We often believe that those who succeed have some special talent or are uniquely smarter than others. This couldn't be further from the truth. I've seen many “average” people rise to the top because they first think about others. Here are three ways to become a star:

Providing Value For Free

Offering value without expecting an immediate return is a strategic move that can yield substantial long-term benefits. When you freely share your knowledge, skills or expertise with others in your industry, it demonstrates your commitment and passion for your work. This approach often attracts mentors who recognize your dedication and selflessness. By selflessly contributing, you not only build a reputation as a team player but also establish credibility and trust within your professional network.

Taking On Unwanted Tasks

Volunteering to handle the tasks that others may shy away from is a strong indicator of grit, resilience and humility. It showcases your work ethic and willingness to do what it takes to get the job done. Those in positions of power and influence are likely to notice your dedication and reliability. By tackling these less desirable tasks, you prove your value and dedication to the team, which can lead to opportunities for promotion and career advancement.

Building Up Others

Focusing on making the lives of your colleagues easier is a cornerstone of effective teamwork and leadership. By offering assistance, support and being a collaborative team member, you not only foster a positive work environment but are also viewed by leaders as someone who contributes rather than selfishly focuses on their own advancement. This characteristic, selflessness, is critical to both your own well-being, as being a good person is intrinsically valuable, and to being someone others want to work with. This latter element is critical to your advancement, as people work and promote people who they want to be around.

To hear more, register here for Bisnow's Toronto Women Leading Real Estate Event. 

Tracy Macdonald, senior managing director, industrial, Colliers International — nominated for Deal Maker of the Year

Bisnow: What does it mean to you to be nominated for a Bisnow Women Leading Real Estate award? 

Macdonald: I am honored to be nominated in this category and to be in the company of this esteemed group of ladies. I don’t go to work thinking about being recognized for my achievements or dedication to the industry, so to be nominated is a humbling experience.

Bisnow: What strides do you think the CRE industry has made toward better representation when it comes to women in the workforce, and where is there room for improvement? 

Macdonald: I’ve observed positive changes in diversity and representation within the CRE industry over my 25-plus years of experience. Progress in this area is essential for fostering a more inclusive and equitable workplace. We can find room for improvement with equal pay, representation at senior levels, work-life balance and our continued outreach to educational institutions and communities to introduce more women to CRE as a viable career path.

Bisnow: What advice do you have for the next generation of women looking to start or advance their careers in CRE?

Macdonald: The real estate industry can be challenging, and setbacks are common. Stay persistent, learn from failures and use them as opportunities for growth. Don’t be afraid to negotiate for what you deserve in terms of compensation, opportunities and advancement. Advocate for your career, which may mean pursuing new opportunities or entering a different sector of the CRE industry.

To hear more, register here for Bisnow's Toronto Women Leading Real Estate Event. 

Julie Phillips, partner and president, Flat Iron Building Group — nominated for Leader of the Year

Bisnow: What does it mean to you to be nominated for a Bisnow Women Leading Real Estate award? 

Phillips: Being nominated is an extraordinary recognition that goes beyond personal achievement. It symbolizes the collective efforts of a community of open, bold and hardworking women, as well as our allies, who are committed to forging a path toward a more inclusive and equitable future for all in the real estate industry.

This nomination serves as a reminder that together, we are cultivating a new standard within our industry. It highlights the strides we have made in promoting diversity, challenging stereotypes and advocating for a more inclusive workplace. It also reinforces our shared dedication to breaking down barriers and pushing for a transformation in our industry.

In essence, this nomination is not just about one individual. It’s a reflection of a broader movement that is tirelessly working to create a better tomorrow for everyone. It motivates us to continue our journey toward positive change, setting an example for the next generation and ensuring the real estate industry becomes a place where talent and potential are recognized without regard to gender.

Moreover, it is imperative to recognize that women's empowerment is part of a broader effort to achieve higher levels of other kinds of diversity and inclusion as well. Therefore, while we give special attention to gender today, and rightly so because more work needs to be done in this area, we must not neglect the importance of ensuring that our teams are equally diverse in terms of educational background, socioeconomic status, levels of expertise, cultural and ethnic identity, and other factors pertinent to our team members and their experiences. It is only when we achieve this larger balance that all kinds of perspectives are genuinely heard and engaged, and teams work at their optimal best. So, while we focus on gender today, it is really about creating a better, more inclusive workplace overall.

Bisnow: What strides do you think the CRE industry has made toward better representation when it comes to women in the workforce, and where is there room for improvement? 

Phillips: The CRE industry has demonstrated significant and progressive efforts to address gender gaps. Notably, there are well-established initiatives promoting awareness, a strong presence of women in senior roles, the existence of robust support networks, formalized training and development programs and a transparent approach to addressing pay disparities and workplace culture. On the real estate side, for brokers, property managers, developers and asset managers, the industry remains on an upward trajectory in its journey toward gender diversity and equity.

Still, even within the real estate side of CRE, women are significantly underrepresented in leadership roles, particularly at the C-suite and board governance levels. A lack of C-suite representation in these award nominations underscores the challenge of addressing this issue, as seeing women in these positions serves as an essential motivator for others.

In contrast, the commercial construction sector presents a more challenging scenario. As a historically male-dominated industry, progress in addressing gender diversity has been notably slower. Initiatives to enhance women’s participation in the construction side are still in their infancy, lagging behind the real estate component. Awareness remains lower, and there’s a shortage of role models, rendering the industry less attractive to women.

Efforts to recruit and support women in construction have been made, but gender stereotypes, pay disparities, limited advancement opportunities and, at times, unwelcoming work site cultures persist. Recent controversies over basic facilities like on-site washrooms highlight the industry’s need for substantial transformation. However, every industry has its starting point, and there’s optimism that the construction sector will eventually catch up, learning valuable lessons from more progressive sectors.

The fundamental change both sides of the industry can effect is increasing female representation in leadership roles while promoting data transparency in compensation and advancement requirements.

Bisnow: What advice do you have for the next generation of women looking to start or advance their careers in CRE? 

Phillips: Remember that these industries may have unique challenges, but they also offer substantial opportunities for women to make a meaningful impact. Your passion, dedication and commitment to your career goals will be your strongest assets in your journey to success in CRE and commercial construction.

Be Persistent And Resilient

Both CRE and commercial construction can be challenging industries. Be prepared for setbacks and rejection. Stay persistent, learn from your experiences and develop resilience.

Advocate For Yourself

Don’t be afraid to negotiate for fair compensation and advancement opportunities. Advocate for your value and contributions within your organization.

Learn From Challenges And Empower Others

Challenges and setbacks are an integral part of the journey. Embrace them as opportunities for growth, and recognize that your experiences can serve as valuable lessons for both the women who have paved the way and those who will follow in your footsteps. You have a responsibility to elevate everyone around you and encourage all women and allies to advance the industry together.

Be Confident And Assertive

Confidence and assertiveness are key attributes for success in both industries. Believe in your abilities and express your ideas and opinions with conviction.

Stay Inquisitive And Adaptable

Be open to learning from experiences, adapting to changes and staying curious. Both the CRE and commercial construction landscapes continually evolve, and those who adapt thrive.

To hear more, register here for Bisnow's Toronto Women Leading Real Estate Event.