Amid a variety of forces—geopolitical, economic, and organizational—requiring a recalibration of terminology and workforce management approaches, the commercial real estate industry shows signs that it is continuing to invest in strategies to foster belonging and inclusion. For example, more than nine in 10 North American real estate firms reporting that they are keeping related programs in place—largely because they are seen as good for business.
This is one of the key findings from the recently released Global Real Estate Workforce Survey (Volume IV), which offers a timely overview of how firms are managing the ongoing challenges to workforce composition, culture, and personnel practices across North America.
Formerly known as the Global Real Estate DEI Survey, the renamed Global Real Estate Workforce Survey now reflects a broader scope. While demographic representation remains a core component, the survey also examines how organizations foster employee engagement, support inclusive workplace cultures, address pay equity, and expand access to careers in commercial real estate.
Research for this edition was conducted between June and September 2025 by Ferguson Partners and was supported by 19 global commercial real estate associations, including ULI, RICS, NAIOP, CREW Network, CoreNet Global, and others.
Participation in this volume was lower than in prior years, reflecting the broader pressures facing the industry. As a result, only the North America edition is being released publicly. While the reduced respondent base limits direct comparison with earlier editions, the results still provide a meaningful snapshot of how firms are approaching talent, culture, and inclusion during a period of deep institutional change.
About the Survey
The Global Real Estate Workforce Survey is a biennial survey that documents changes in workforce demographics, organizational culture, and personnel practices across the commercial real estate industry. Volume IV reflects responses from 57 organizations, representing a total of 42,125 full-time real estate professionals and approximately $716 billion in assets under management across North America.
“This is a moment of shifting practice for the industry,” said Rachel MacCleery, ULI’s senior fellow for thriving places. “At the same time, the survey shows how firms are continuing to invest in culture, engagement, and inclusion, even amid real pressure and constraints.”
Budgets, Engagement, and Organizational Commitment
The North America results reflect continued investment in people practices, even as firms navigate shifting priorities.
- More than nine in 10 respondents report having formal inclusivity programs or related policies in place, and nearly 44 percent maintain a fully documented, firm-wide program approved by senior leadership.
- Over the past year, 38 percent of firms changed the terminology to describe their programs, often moving away from “DEI” toward language such as “inclusivity” or “belonging.”
Despite budgetary pressures, many organizations continue to fund efforts that support inclusion:
- 30 percent of firms report having a dedicated inclusivity budget.
- An additional 44 percent fund initiatives through other business areas such as human resources.
- 71 percent reported no change in inclusivity-related spending over the past 12 months.
Employee engagement and retention remain key areas of focus. Almost 78 percent of respondents assign employee resources to inclusivity-related efforts, with firms dedicating an average of 1.2 full-time equivalent employees to this work.
Representation and Workforce Composition
Among participating North American firms, women account for 43.5 percent of the overall workforce, while nearly one-third (32 percent) of U.S.-based employees identify as persons of color.
Representation remains strongest at junior and mid-level roles, with more pronounced disparities at senior leadership and board levels.
The survey also highlights the ongoing adherence to critical support policies, such as access to mental health and non-work-related support (87.5 percent) as well as parental leave beyond the legal requirements. These benefits reflect an ongoing commitment to employee retention and well-being, especially during the current period of workforce transition.
Employee Resource Groups: A Leading Practice
Employee Resource Groups (ERGs)—voluntary, employee-led groups that help foster connections, understanding, and a sense of belonging in the workplace—were cited as the most impactful in fostering inclusive workplaces:
- 40 percent of firms currently sponsor ERGs.
- An additional 11 percent plan to do so within the next year.
A Snapshot During Industry Recalibration
Despite the survey’s reduced respondent base relative to the earlier editions, Volume IV of the Global Real Estate Workforce Survey nonetheless offers a meaningful portrait of an industry responding to significant changes in regard to talent, culture, and inclusion.
About the Global Real Estate Workforce Survey
The Global Real Estate Workforce Survey is conducted in collaboration with Ferguson Partners and supported by 19 global commercial real estate associations, including AFIRE, AIA, APREA, AREF, BOMA, BPF, CFMA, CoreNet Global, CREW Network, EPRA, NAIOP, NAREIM, NCREIF, OSCRE, PFA, PREA, RICS, REALPAC, and ULI.
The survey was formerly known as the Global Real Estate DEI Survey. Readers can explore the full report to learn more about the most impactful practices and how employee demographics were distributed across the industry in 2025. Support for the research was provided by the Robert Wood Johnson Foundation.
The views expressed in the report and article do not necessarily reflect the views of the Foundation.
