The commercial real estate industry continues to evolve in response to economic cycles, shifting workplace expectations and the long-term effects of the COVID-19 pandemic. Understanding how these changes are shaping talent, leadership and compensation is essential for firms competing in today’s market.
The 2025 CREW Network benchmark study – conducted in partnership with the MIT Center for Real Estate and supported by the CREW Network Foundation and contributing underwriters ICSC, MBA and NAIOP – offers valuable insight into these dynamics, with a particular focus on women in the industry. The study has been conducted every five years since 2005.
The study is designed to inform companies, managers and industry leaders about the priorities and experiences of commercial real estate professionals while strengthening the data that supports efforts to advance women and other underrepresented populations across the sector.
Who Participated
A total of 2,450 professionals across CRE sectors completed the survey between Jan. 20 and April 30, 2025. Nearly 90% of respondents reside in the United States, with an additional 8% based in Canada. Most participants identified as women (86%) and as non-Hispanic white (85%).
Participants responded to 80 questions, several of which were newly added or substantially revised to reflect evolving industry conditions and post-pandemic workplace trends. Together, the responses provide a broad snapshot of progress, persistent challenges and emerging risks facing the industry’s workforce.
Progress, Alongside Persistent Barriers
One of the most notable findings is that gender-based pay gaps have narrowed over the past five years. The fixed salary gap decreased from 10% to 4%, while the overall compensation gap – including commissions, bonuses and other variable pay – declined from 34% in 2020 to 13%.
Women’s compensation and career satisfaction have also remained relatively stable during negative market cycles, positioning them more securely in downturns. In addition, women are benefiting from increased workplace flexibility, including greater access to remote and hybrid arrangements.
At the same time, the study identifies several areas where progress has stalled. For the first time in the history of the study, women reported that gender discrimination in the workplace is their primary barrier to success. Women currently comprise 38% of the commercial real estate workforce – a modest one percentage point increase since 2020, but a figure that has remained nearly unchanged for two decades. Despite greater parity in base salaries, women continue to earn less than men overall.
Compensation: Near Parity, Structural Gaps Remain
Compensation remains one of the most closely watched indicators of equity and opportunity. The 2025 study found that women earn 4% less than men in base salaries, 13% less in total compensation packages, and 35% less in commissions, bonuses and profit sharing.
Average base salaries are now closer to parity, with men earning $151,418 compared to $146,103 for women. The narrowing of the overall compensation gap since 2020, however, was driven largely by a decline in men’s average commission and bonus earnings rather than a significant increase in women’s variable compensation.
For firms that rely heavily on performance-based compensation, these findings underscore the importance of examining how incentive structures may affect long-term equity and retention.
Career Ambitions and Advancement
In 2025, men and women report similar long-term aspirations for C-suite roles. This convergence reflects a decline in men’s aspirations – from 43% in 2020 to 30% in 2025 – rather than a corresponding increase among women. Among the youngest women respondents, aspirations for senior leadership roles such as senior vice president or partner remain steady, but interest in C-suite positions has declined.
Women are also more than twice as likely as men to report that their career progression or compensation has been negatively affected by marital or family status or caregiving responsibilities. The share of women reporting such impacts increased to 27%, up from 21% in 2020.
Although most respondents believe that opportunities, advancement, support, culture and compensation for women have improved since 2020, men are significantly more likely than women to report improvement – suggesting a persistent perception gap that leaders should not ignore.
Workplace Culture and Conduct
Workplace culture continues to present challenges. Nearly 6% of women reported experiencing sexual harassment at work in the past year, compared with less than 1% of men. Approximately one-third of women reported experiencing sexist behavior within the past year – a meaningful improvement from 45% in 2020, but still high.
Flexible Work and Future Risk
Finally, the study captures how the pandemic has permanently altered work patterns. Commercial real estate professionals now spend just 56% of their time in the office. Women work remotely an average of 2.5 hours more per week than men, a flexibility that appears to offer short-term benefits. However, individuals who spend more time in the office tend to receive promotions at higher rates – a dynamic that could contribute to a future gender-based promotion gap.
What This Means for NAIOP Members
For NAIOP members, the 2025 CREW Network study offers both evidence of progress and clear headwinds. Compensation gaps are narrowing, flexibility is increasing and career satisfaction remains resilient. Yet workforce representation, advancement pathways and workplace culture continue to present real risks to talent retention and leadership development.
As firms navigate an increasingly competitive and cyclical market, addressing these challenges will be essential – not only to advance equity, but to strengthen the industry’s long-term performance and leadership pipeline.
Disclosure: This blog post was created with the assistance of AI tools. All content has been reviewed by the author.
