Excerpts from an interaction with Pallavi Shrivastava, Head of Workplace Consulting, India, JLL. She is a dynamic and results-oriented leader in commercial real estate (CRE) with over 20 years of experience spanning various geographies, including the United States and India. Her domain expertise lies in workplace strategy, design, and D&B (Design and Build) of workplaces for Fortune 200 companies' key clients (occupiers).

What trends led by women are emerging in real estate, and how do they impact market dynamics and consumer preferences?

Women constitute 24 percent of the workforce in India, which means they constitute a strong and growing consumer base for products and services in India. This also means that women will have a stronger role in influencing the purchase decision of what they desire to spend on. Driven by a natural instinct of creativity and general management strength, women are making significant strides in the real estate industry, and their influence is shaping various trends and impacting market dynamics.

Here are a few prominent trends led by women:

First one is the increased female representation. There has been a notable increase in women entering and advancing within the real estate sector. This surge in female professionals has led to more diverse perspectives and decision-making in the industry. Women are bringing a focus on Sustainability and Wellness: Women are driving the demand for sustainable and wellness-focused properties. They are more mindful of environmental concerns, energy efficiency, and the overall health and well-being of occupants and the planet. As a result, developers and investors are incorporating sustainable features and wellness amenities into their projects.

Secondly, there is a rise in female entrepreneurship that has led to women launching their own real estate businesses at a growing rate. They are investing in properties, managing portfolios, and developing projects. And this has a direct impact on influence on the way we think and design real estate which is more inclusive, safe, and holistic in nature. Women play a significant role in shaping design preferences in the real estate market. Female buyers and tenants often prioritize softer aspects which are not limited to aesthetics, functionality, and attention to detail but also human-centric design and inclusive built environment.

These trends driven by women are reshaping the market by diversifying product offerings, driving sustainability, promoting flexibility, and offering a more inclusive approach to design and real estate decision-making. As women continue to exert their influence, their priorities and preferences will have an enduring impact on the industry.

What specific challenges do women face in leadership roles within the real estate industry, and how can these barriers be overcome to drive greater diversity and innovation?

Women continue to face challenges in leadership roles within the real estate industry. Some of these challenges include, but are not limited to, gender bias, lack of representation, and inadequate opportunities for business networking and career advancement. Women often encounter gender bias and stereotypes that can hinder their progression and opportunities within the industry. For example, due to the traditionally low representation of women in the workforce in India, workplaces were usually designed and built without considering their unique gender needs. Biases regarding leadership abilities, negotiation skills, and industry knowledge may also exist. Overcoming this challenge requires creating awareness, promoting diversity and inclusion initiatives, and implementing strategies to address unconscious biases. Unconscious biases are sometimes so deeply rooted that they can go unnoticed and unresolved.

"As women continue to exert their influence, their priorities and preferences will have an enduring impact on the industry"

Another significant challenge is the underrepresentation of women in senior leadership positions. The limited visibility of female leaders can lead to a lack of role models and mentors for aspiring women professionals. Uneven opportunities for networking and advancement lead to unequal relationship-building, which is extremely crucial for career advancement. Women may face challenges in accessing networking opportunities historically dominated by male professionals, and this is no different in real estate. Encouraging and facilitating inclusive networking events, speaking engagements, and platforms can help women build essential connections and visibility and facilitate acceleration in their career growth.

What steps can be taken to drive diversity and innovation in the real estate industry?

To drive greater diversity and innovation, the real estate industry can take several steps, but most importantly, it can create a vision of the journey and strategy for meaningful changes that will help create an impact.

Some of the initiatives that have helped drive the changes include:

Promoting Diversity Initiatives: Real estate organizations can actively promote diversity and inclusion initiatives, including setting diversity targets, monitoring progress, and implementing policies that support gender equality.

Mentorship & sponsorship programs: Establishing mentorship and sponsorship programs can provide women with guidance, support, and opportunities for professional growth. I have personally benefited greatly from leadership sponsorship in my career journey, which came my way at JLL via the APAC Women in Leadership Program.

Creating a Supportive Culture: Fostering an inclusive and safe culture that values diverse perspectives and encourages participation from all employees. This can be achieved by offering training and education on unconscious bias and recognizing and rewarding achievements regardless of gender. It is essential to create an environment where women can thrive and contribute their unique perspectives and talents to the industry. For example, JLL regularly conducts gender sensitization training and has several industry-leading DEI (Diversity, Equity, and Inclusion) initiatives, such as Women in Account Management and communities that foster a sense of engagement and purpose among employees.

How do women leaders in Workplace Consulting steer the real estate industry's approach to workspace dynamics?

Women leaders in workplace consulting play a crucial role in steering the real estate industry's approach to workplace and occupiers portfolio in several ways:

Designing Inclusive Workspaces: Women leaders in workplace consulting bring a deep understanding of diverse work styles, preferences, and needs. They advocate for inclusive workplace design that considers factors such as flexibility, accessibility, ergonomic considerations, and diverse collaboration spaces. Their insights and expertise help create work environments that cater to the needs of all employees, promoting productivity and well-being.

Driving Workspace Innovation: Women leaders in Workplace Consulting often have a keen eye for identifying emerging trends and technological advancements that can enhance workspace dynamics. They are at the forefront of incorporating new technologies, smart building solutions, and innovative design concepts into workplace strategies. This enables organizations to adapt to evolving work patterns and leverage technology for improved employee experiences and operational efficiency.

Promoting Employee Well-being: Workplace dynamics greatly impact employee well-being, and women leaders in Workplace Consulting often prioritize this aspect. They advocate for wellness-focused design elements, such as biophilic design, adequate natural lighting, improved indoor air quality, and spaces that support physical activity and mental rejuvenation. Their influence ensures that employee well-being is integrated into the design and operation of workspaces.

Through their leadership in Workplace Consulting, women leaders influence and shape the real estate industry's approach to workplaces of the future. They bring a unique perspective, deep understanding of anthropology, sociology, behavioral science, innovative, and creative ideas. Their contributions help organizations create dynamic, inclusive, and productive work environments that drive human-centric design to improve and measure business outcomes.

Women are no longer just responding to the Future of Work but they are shaping the Future of Work, Built Environment and thus shaping the real estate industry of the next generation.