NREV and ULI Europe have published a short paper focusing on DEI challenges, progress and initiatives across Europe. Findings include that there is a growing commitment by the European real estate industry to putting in place strong policies and initiatives to address DEI needs and practises – 92% of firms surveyed have formal DEI practises in place or initiatives to improve DEI.

The paper combines data from a joint global survey on diversity, equity and inclusion (DEI) undertaken by seven leading industry associations (ANREV, INREV, NAREIM, NCREIF, PREA, REALPAC and ULI) together with Ferguson Partners in December 2021, alongside additional interviews with leading DEI professionals, including senior fund managers, leading HR practitioners, dedicated DEI experts and CEOs.

Key takeaways and themes from the paper:

• There is a growing commitment by the European real estate industry to putting in place strong policies and initiatives to address DEI needs and practises – 92% of firms surveyed have formal DEI practises in place or initiatives to improve DEI
• DEI efforts have been catalysed by the pandemic – it has led to a greater focus on employees and increased business interest in achieving social goals
• Improved DEI helps create real estate that is resilient and fit-for-purpose as it gives business the ability to create an asset that is relevant to the people and communities who use them
• Europe is leading the way when it comes to physical disability
• Both visible and non-visible disabilities were addressed in 81% of European organisations’ DEI initiatives
• Some businesses reported putting efforts into ensuring interview processes are unbiased, improving the physical office environment for neurodivergent needs and engaging with third party non-profit disability organisations
• 86% of European firms report having initiatives that address race, 71% have policies around sexual orientation, and social economic background was being addressed by 57% of European firms
• Many reported that socio-economic background will take greater precedence in DEI policies going forward, as recruitment is still largely led by word of mouth and employee referrals
• In terms of solutions, many firms are partnering with diverse recruitment organisations and engaging with secondary schools to encourage careers in real estate
• Addressing gender inequality is a top priority for Europe
• Every European company that took part said that gender was directly targeted by its initiatives – yet only 14% of boards of directors in the region are women (Asia-Pacific 26%, 21% North America), showing that Europe is lagging behind at senior levels
• Respondents identified potential solutions as mentoring partnerships between women at different levels; analysing people metrics; introducing flexible working and prioritising childcare and introducing paternity leave policies
• Data gathering is the main challenge to DEI progress, as legal restrictions hamper the collection of demographic data in Europe

For full details of all of the findings, read the report on ULI’s Knowledge Finder.