Eighty-nine percent of senior executives at major real estate firms report that most industry organizations fail to have adequate CEO succession plans, and nearly one-third say they are not confident that their firms could immediately select a new CEO.

The findings are from a report released by Urban Land Institute, a global research and education organization, and Russell Reynolds Associates, a global executive search and assessment firm.

In fact, 48 percent of respondents say their firms review CEO succession plans at least annually, and 43 percent of respondents include assessments of potential internal CEO candidates. Additionally, 28 percent of respondents say they include specific capabilities necessary for future CEOs in their succession plan, and 22 percent of respondents classify their succession plans as formal documents. Only 18 percent of respondents say they incorporate timetables for new CEOs.