How diversity can solve the problem of aging players in the commercial real estate industry.
Statistics on the commercial real estate industry show that it is increasingly led by an aging population. In fact, the average age of just the property management sector is well into the 50s. With retirement age creeping up on many of the major players in the industry, it’s essential to think about bringing in new leadership and ensuring succession. Industry experts identify a greater focus on diversity as the best way to address this major employment issue. Your commercial realty advisors weigh in on diversity in the commercial real estate industry.
As the commercial real estate client base becomes more diverse, so should the employees that serve them. Without talent from diverse backgrounds, the industry will have a difficult time breaking into these markets and appealing to consumers. Additionally, when businesses make a more concerted effort to recruit employees from a wider pool, they benefit from having different viewpoints and experiences to leverage. This makes businesses more adaptable and in-tune with the various needs of their clients.
A focus on diversity can also help the commercial real estate industry reduce rates of employee turnover. When companies make an effort to be more accepting and create an inclusive environment, everyone benefits. For instance, by celebrating unique viewpoints and encouraging new ideas, all employees are more willing to speak up and offer their insight. Feeling welcome and heard will keep employees loyal and invested in the company’s success.
Finally, by recruiting a more diverse range of talent, the commercial real estate industry can set itself up for continued success. When traditionally underrepresented parties such as women and minorities see people like themselves in senior management roles, they feel more confident in their ability to advance. This will ensure that younger workers continue to flock to the industry, ensuring succession for generations to come.
These are some of the ways in which a focus on diversity can help the commercial real estate industry address an aging workforce and ensure succession. Looking for more insight into the industry? Then don’t hesitate to turn to the commercial realty advisors that you can trust. Contact us at California Commercial Realty Advisors, Inc. for assistance today.