March 1 marks the start of Women’s History Month. After 38 years in the commercial real estate business, it seems appropriate that I make a few comments. First, it’s hard to believe that this much time has gone by! I may have “experience” (code word for being of a mature age 😊) but this industry has been so enjoyable that I remain energized by the people I meet and the deals and projects yet to be done. Every day and every deal are different.
I started in the business in 1984, well before there were real estate degrees and frankly before there were many women in the business. I fell into the business – by answering a want ad in the newspaper. I am sure there are some reading this blog that remember those days! I had a brief 6-month stint in property management before I moved into the world of real estate development. From that start I was able to grow into increasing roles of responsibility in several fabulous organizations.
So, I was a part of history along with a handful of other women making our way into the commercial real estate industry. Was I intimidated? Sometimes. Sometimes not. There were too many times to count where I was the only woman on the team, in the meeting or at the lunch. Yet, in many ways it was a benefit to stand out from the crowd – as long as my performance was good. And when a new group is entering an industry, they work really hard to make sure they are doing a stellar job. I had so many great mentors, primarily men, at the start. And family and friends that cheered me on.
I have tried to pay it forward by spending time with other women, telling them about the industry, opening doors and mentoring. Each time I was the mentor I learned just as much from my mentee!
In the early days, the men in the industry had close networks – guys they had built relationships with and who liked to do business together. This is probably where there was the biggest challenge of breaking in – sourcing the deals and projects where women could have the same shot at wealth creation as the men. To be honest, as much as the industry has changed in terms of the percentage of women in the industry, there is at times, still a good old boys club. But we are a far cry from where we were in 1984.
Of course, the women created their own networks to grow business, learn, mentor and cheer each other on. In the 1990s small groups were created under the banner WIRE – Women in Real Estate. I have a close and admired male friend who was determined to break into our WIRE group. I told him it required a skirt and heels. He never showed up but sent me a fun cease and desist letter (you know who you are). Now in 2022 there are women-focused organizations such as CREW, MNCREW, WIRED-UP and so many other real estate related groups for women (and men).
Commercial real estate covers such a wide range of professions, and some have grown in diversity faster than others. Where I live – in the space of development, brokerage and project management – we have made some gains for sure. But when will we really be successful? When other underrepresented and diverse groups increase in the commercial real estate industry. We have a long way to go there. And the home run is when we do not even have to talk about any of this anymore – we are one big, diverse and integrated team doing commercial real estate deals and projects. That richness of diversity – viewpoint – experience, will make commercial real estate and our community even better.
As I look back, during this 2022 Women’s History month, I recognize what a fun ride this has been! And it is not over of course! I had my share of mistakes and learned a lot (still learning), and more successes than I could have imagined. Times of stress and times of laughter and joy. The people I have met, the amazing companies that hired me and gave me opportunities and now, my own company for 8 years alongside the most wonderful of teams.
History reminds me to remember how truly fortunate I am.