Building for the Future: Socio-economic diversity and inclusion in UK Real Estate
Building for the Future: Socio-economic diversity and inclusion in UK Real Estate
A Bridge Group study of leading real estate organisations has found they face a “stark lack” of socio-economic diversity, especially in senior roles. The study also shows that since the previous report on socio-economic background in real estate, conducted in 2020, the sector has been outpaced by peer industries like law and financial services in improving socio-economic diversity.
The research was undertaken by the Bridge Group, supported by the JLL UK Foundation, and in partnership with Real Estate Balance.
The study analysed over 10,000 employees across thirteen of the UK’s most significant real estate companies, explored how diverse the firms are by socio-economic background (SEB), the factors contributing to the different levels of diversity, and the actions that can be taken to advance SEB diversity in real estate.
The study found that among those in senior roles, more than half (51%) are White males from a Higher SEB, while only 14% are from Lower SEBs. Also, an average of only 22% of employees are from Lower SEBs. This compares with 39% of the UK workforce, 29% in law and 33% in financial services. Employees from Lower SEBs who are also women and/or from ethnic minority groups, face compounded disadvantages.
The report outlines ten recommendations to advance SEB diversity and inclusion within UK real estate, including raising awareness of the business and societal benefits of SEB diversity, standardising data collection, and embedding inclusion across organisational practices.