AZCREW

PLEDGING TO PUSH AHEAD

While recent research shows a clear setback in progress for women in commercial real estate, AZCREW works toward solutions to improve diversity, equity and inclusion

By ERIN THORBURN

Many people, industries and submarkets are collectively eager to shift the conversation away from COVID-19. But, what happens if you were undeniably impacted to the point where it significantly set your personal progress back? This is the precise scenario women in commercial real estate have found themselves. In fact, according to CREW Network’s research report, “A Catalyst for Change: COVID-19’s Impact on Women in Commercial Real Estate,” the wait to reach gender parity — which was 99.5 years prior to the pandemic — increased to 135.6 years.

KEY BENCHMARK STUDY TAKEAWAYS

CREW Network’s 2020 Benchmark Study Report focusing on gender and diversity in commercial real estate revealed a wealth of valuable statistics in the areas of progress for women; compensation; career trajectory; career aspiration and satisfaction; success factors and barriers, and workplace diversity and culture. The study’s participants consisted of 2,930 industry professionals, with 82.4% identifying as women; 17.5% identifying as men; 13% identifying as black, indigenous or people of color (BIPOC), and 3.3% identified as lesbian, gay, bi-sexual, transsexual, queer/questioning, intersex or asexual (LGBTQIA). Here are some of the key takeaways from each category:

PROGRESS FOR WOMEN

There was a 5.4% increase in women responding to the benchmark study ages 39 years and younger, demonstrating a “growing generation of young and emerging women professionals in the industry.”

COMPENSATION

The average fixed base salary in commercial real estate in 2020 was $112,000 for men and $100,802 for women.

CAREER TRAJECTORY

Since 2005, the percentage of women in real estate has remained consistently between 35% and 37%.

CAREER ASPIRATION AND SATISFACTION

Women under the age of 40 were more likely than women over the age of 40 to target the C-suite level.

SUCCESS FACTORS AND BARRIERS

In 2020, both men and women said the respect of their coworkers is the most important factor in their career satisfaction.

WORKPLACE DIVERSITY AND CULTURE

Only 16% of benchmark study participants reported that 25% or more of the professionals in their workplace are BIPOC.

For a demographic of people who were already struggling with diversity, equity and inclusion (DEI), the pandemic not only further disrupted advancement for women, it brought to light simply how much improvement in these areas is still needed. For the women of AZCREW — as part of the larger CREW Network — the pandemic also presented an opportunity. It provided an invitation for the leaders and members of CREW to do what they do best: unite, collaborate, problemsolve and execute positive change. For CREW this means conducting comprehensive research and establishing solutions based on what their findings unearth.

“Industry research is one of CREW Network’s four pillars, alongside business networking, leadership development and career outreach — all critical focus areas for women’s advancement,” says Wendy Mann, CREW Network CEO. “With the support of CREW Network Foundation, we are the world’s leading producer of research on gender and diversity, equity and inclusion in commercial real estate.”

Adds Heather Skinner, president of AZCREW, “Not only does CREW Network do the research and provide data to companies and leaders in the industry, but they also provide thought leadership and a data-driven plan to achieve lasting progress.”

Data discovery: deep-rooted disparities

Prior to the 2021 CREW Network COVID study, the organization’s previous research has long uncovered disparities in gender, diversity, equity and inclusion.

“Our 2020 CREW Network benchmark study data indicated that collective efforts to achieve parity and greater diversity were far from complete,” says Mann. “In fact, very little progress has been made in the last 15 years.” MEMBER SPOTLIGHT

JACKIE ORCUTT > Senior vice president > CBRE BACKGROUND: Orcutt made the list of AZ Big Media’s 20 Most Influential Women in Arizona twice (2020 and 2014) as well as being selected as Commercial Executives Woman in Power (2017) and being featured in AZRE magazine’s 40 Under 40 (2013), Orcutt is widely recognized for her leadership and expertise within the local business and real estate communities. Her success as an industrial broker in the Metro Phoenix market has aided her in completing upwards of 23.87 million square feet of transactions valued at over $2 billion in the last eight years alone. Orcutt has also been named top producer in the Phoenix CBRE office for 2018, 2019 and 2020. IMPACT OF AZCREW: “From my first committee meeting to the most recent convention, AZCREW has provided a safe and inspiring environment for me to grow my career and network,” says Orcutt. “As a working woman, mother, wife, leader and co-worker, time is precious. AZCREW acknowledges schedules are important.” Orcutt adds her appreciation of the organization’s consideration and prioritization of varying lifestyles by providing a host of different opportunities. “Event times vary from morning to lunch, happy hour and sometimes evening affairs, in order to accommodate all spectrums of life for working women,” she says. And, each event, no matter when or where it’s held, provides plenty of instances for learning, mentoring and serving the community with “a wide range of activities all geared toward inclusivity.” SOURCE OF PRIDE: A member of AZCREW since 2009, Orcutt relishes the opportunities the organization invites to influence and inspire other women to begin a career in commercial real estate. “With AZCREW, I have had the opportunity to support Arizona State University female Master of Real Estate Development (MRED) students via scholarships, special projects and employment interviews,” she says. “The local and global mentoring programs and leadership certificate programs are unmatched. With every new woman who enters the workforce, I am more and more grateful for the organization and its charge to advance women globally within commercial real estate.”

The benchmark’s findings were thorough and illuminating. First, the report demonstrated that commercial real estate continues to be a maledominated industry, with 36.7% of women holding occupations within the market — a percentage that has remained largely unchanged for over a decade. Additionally, women continue to earn less than men with a fixed salary gap of 10.2% between genders and an alarming commission and bonus gap of 55.9%. In terms of diversity and workplace culture, combined with disproportionate minority compensation, progress has been largely woeful.

Pledge for Action

In response to CREW Network’s findings, Mann notes that, “It was time to take immediate, industrywide action.” The result: A six-part CREW Network CRE Pledge for Action. In an effort to improve DEI and support the advancement of women and “individuals in underrepresented groups including but not limited to race, ethnicity, sexual orientation, ability, religion and age,” the Pledge for Action invites industry CEO’s to sign the credo which contains the following goals: • “Partner with CREW Network to support our mission to transform the industry by advancing women and begin your efforts now to make change. • Close the compensation gap in our industry by conducting a pay equity study in your company. • Increase inclusion in your company through senior executive sponsorship of women and/or other individuals in underrepresented groups within the company. • Advance women to your company’s top roles to achieve gender diversity in leadership. • Increase diversity in your company and in the industry through intentional recruiting and hiring of individuals from diverse backgrounds. MEMBER SPOTLIGHT

CATHERINE THURINGER

> Senior managing director, business unit leader of the Phoenix office with oversight of all development activity in Arizona > Trammell Crow Company BACKGROUND: Thuringer has 30-plus years within the real estate industry. She’s been recognized for leading all phases of development, including site acquisition, land use/entitlements, design, construction, marketing, financial performance and more. Her portfolio includes several industrial and corporate office products, including upwards of 10 million square feet of development projects with a market value close to $2 billion. IMPACT OF AZCREW: A member of AZCREW since 2016, Thuringer joined the organization with the goal of enhancing her interaction and networking with other women in the real estate industry, something she continues to enjoy today. SOURCE OF PRIDE: “One of the greatest benefits of being part of AZCREW is the community that is its members,” Thuringer says. One memorable occasion she recalls is being asked to participate in a panel discussion shortly after joining AZCREW. “The panel consisted of some amazing women in real estate,” she says. “I was incredibly nervous, but the support and encouragement of my fellow panelists — as well as the AZCREW members — allowed me to relax and open up. In the end, it was a very rewarding experience.”

• Implement accountability strategies in your company to measure progress.”

According to Mann, upwards of 90 CEOs have signed the CREW Network pledge since Sept. 30, 2021. Greater Phoenix Economic Council (GPEC) President and CEO Chris Camacho is one local leader who has signed. Additionally, a number of AZCREW annual sponsors have signed: CBRE, Cushman & Wakefield, NAI Global, Ryan and Sonoran.

“As a public-private partnership, GPEC has a unique understanding of the power of a concerted effort toward a common goal. Our model of regional economic development is dependent upon intentional cooperation and in our experience, it’s a very powerful approach to positive progress,” Camacho explains. “Similarly, CREW Network is made up of industry leaders from across the globe with a common goal: to provide better opportunities for women and other underrepresented groups to succeed in the commercial real estate industry.”

Camacho further notes that supporting women in commercial real estate and the advancement of DEI efforts strengthens everyone. “By signing this pledge we’re able to take a regional, national and international leadership position among our CRE partners and peers toward this universal goal,” he says.

In terms of reach, CREW Network currently has “12,000 members worldwide in more than 75 major markets,” with a growing global reach that includes chapters in the United Kingdom, France and Mexico City.

Progress is piecemeal

As the CREW Network Pledge for Action continues to amass more signatures, there is progress to share in the advancement of women. For example, CREW’s benchmark study revealed, “more women occupy brokerage positions than ever before (29%); a 6% increase from 2015.” And, MEMBER SPOTLIGHT

HEATHER SKINNER

Vice president, global real estate > JPMorgan Chase & Co. BACKGROUND: Her experience in commercial real estate has enabled Skinner to demonstrate her expertise in leadership in a myriad of ways — from real estate portfolio management, technology implementation, project management and lease negotiation to asset management, capital planning and more. IMPACT OF AZCREW: “I can share my perspective as a woman in the industry for 15 years, the only job I’ve ever had has been in commercial real estate,” Skinner says. “In the past, I haven’t always felt welcomed. Now that is no longer the case. CREW Network and AZCREW have connected me with role models, mentors, sponsors, and friends in this industry. I’ve received leadership training, sharpened my skills and broadened my experience in this organization. I’ve learned that we do belong,” she says. SOURCE OF PRIDE: “I’ve had a rewarding CREW career and it’s not over yet! I’ve been honored to serve in many capacities: on the board of directors for two chapters (AZCREW and CREW New Mexico), as a member of the Global Industry Research Committee, a Global Nominating Committee member, and a graduate of our distinguished Leadership Certificate Program. I am grateful for these opportunities, but my biggest source of pride is helping to build a more diverse, just, and inclusive industry for the next generation of CRE leaders”

“More women (32%) are aspiring to the C-suite, a 4% increase from 2015.”

It’s also important to illuminate how organizations like CREW Network encourage and support solidarity and inclusion of women in commercial real estate in and of themselves. And thus, play a significant part in improving the landscape, especially for upcoming generations.

“We’re pushing to make the industry more inclusive and diverse because it needs to be,” Skinner stresses. “The future holds challenging, complex problems. These can only become opportunities when all voices are welcomed and have a seat at the table.”

Adds Barbi Reuter, CREW Network president and CEO for Cushman & Wakefield | PICOR, “It is not enough to say we are inclusive and that all belong at CREW; we must be intentional. Every leader and member within CREW must embrace the commitment to create a belonging culture for all,” she says. “A culture of inclusion and belonging inspires engagement, breaks down barriers and accelerates growth and collaboration for our chapters, members and partners. We believe diverse voices enrich our business connections and drive innovation, and it is critical to our collective growth and success as an organization.”

And, as far as inclusion within CREW goes, Skinner has extensive experiences of being welcomed, accepted and encouraged throughout her time with AZCREW and several other chapters.

“My CREW story of belonging starts with being relocated five times for work; some of those moves were quite challenging for personal and professional reasons. No matter where I’ve lived, CREW members have always had my back. This is more than an industry networking group. It really is a family and a support system.” MEMBER SPOTLIGHT

KAREN HALPERT

Senior vice president, head of property management > Orion Office REIT BACKGROUND: A 2015 recipient of AZRE’s Most Influential Women in Commercial Real Estate, Halpert’s expertise spans upwards of two decades. In addition to a diverse portfolio that includes the management of retail, restaurant, office and industrial property financial portfolio performances throughout the continental U.S. and Puerto Rico, she has managed teams of 50-plus professionals and thousands of property portfolios across the nation. IMPACT OF AZCREW: “AZCREW sets the bar high with respect to talented individuals who participate on committees and the board,” Halpert says. “There is an expectation of competence and an appreciation when individuals can focus on participation and achieve goals while balancing sensibilities such as respect and kindness.” Halpert goes on to say that while the leadership skills and ability to learn from a diverse group of talented women have been a powerful draw to the organization, the most impactful difference for her is the lasting friendships she’s developed over the years. SOURCE OF PRIDE: While Halpert joined AZCREW in 1990, her involvement with the organization leveled up in 2008. “I became active and volunteered to participate on AZCREW committees,” she says. “Like anything in life, you get out of it what you put into it and over the years my participation grew to chairing committees and becoming a board member to eventually becoming the 2013 AZCREW President.” Halpert also points to mentorship within the organization as a particularly rewarding experience. “I had an opportunity to participate in the first CREW Network Leadership Program as a mentee and then several years later became a mentor,” she says. “The experience, skills and friendships gained both professionally and personally have been well worth the time commitment.”

MEMBER SPOTLIGHT

CINDY HAMMOND

President > Churchill Commercial Capital BACKGROUND: As the co-founder of Churchill Commercial Capital, formerly Churchill Mortgage of Arizona, Hammond has upwards of 30 years of expertise within the mortgage banking industry. Prior to starting her own company, she was a principal of Hammond Commercial Real Estate Finance, vice president of John Hancock Life Insurance and served as an acquisitions analyst with First Chicago Investment Advisors. Hammond has also committed to CREW Network’s CEO Pledge for Action. IMPACT OF AZCREW: A member since CREW Network’s inception in 1986 — when it was called “WICRE,” Women in Commercial Real Estate — Hammond has a wealth of success stories resulting from her time within the organization. “I’m on the CREW Global CEO council right now, and in the few meetings I’ve been to, it’s really refreshing to see how open the participants are,” she says. “And generally, what I’ve always found in CREW is, if you call up another CREW member in another market, they’re generally going to return your call and will try to help you.” In turn, Hammond notes, “We return the favor when we get contacted by CREW members. There’s a real fellowship among the members.” SOURCE OF PRIDE: In 1991, Hammond found herself at a crossroads when the office of a life insurance company she worked for, shut down. “My husband had just quit his job as an electrical engineer to run a startup company that he founded. And we had just bought our first home and I was the stable income,” she explains. “He convinced me to go out on my own. He said, ‘Hey, we’ll get you a noise-canceling headset, a P.O. box and buy you furniture and stick it in the living room.’ And I did that.” As part of the groundwork for establishing her new business, Hammond reached out to several members of various CREW Network chapters for guidance. In the process, not only did she receive direction and advice, but also found her CREW cohorts went above and beyond to offer assistance. “When I went to California to get my license, a CREW member let me stay at her house, a CREW member was my attorney that helped with the California setup and my first deals were all in California.” After her visit to the Golden State, Hammond made her way to Las Vegas where she received much of the same treatment from CREW members until she made her way to Arizona and AZCREW (where she delights in the same camaraderie and fellowship today).

Chris Camacho

Barbi Reuter

Wendy Mann

Get involved in AZCREW

WHAT IT IS: AZCREW is the premier commercial real estate organization that dominates in the advancement and success of women within the commercial real estate industry through leadership, professional relationships, education and excellence. As part of CREW Network, the industry’s premier networking business organization, AZCREW is dedicated to advancing the success of women in commercial real estate. CREW Network’s membership of 12,000 professionals in over 75 major global markets represents all aspects of commercial real estate—providing members with direct access to real estate professionals across all geographies and disciplines. LEARN MORE: arizonacrew.org