Project REAP issues call to action to the C-suites of leading CRE firms and Fortune 500 Companies
New York, NY Project REAP (Real Estate Associate Program), one of the nation’s largest diversity initiatives for commercial real estate (CRE) for over 20 years, has issued a Call to Action addressed to the C-suites of leading commercial real estate firms and Fortune 500 companies. The letter is issued by REAP board chair G. Lamont Blackstone together with chief program officer and acting executive director Osayamen Asemota-Bartholomew and REAP’s Board of Directors.
“A real estate community devoid of substantial and meaningful representation by multicultural professionals–Black, Latinx, Asian, Native American and other persons of color–is neither economically nor morally justifiable today,” said Asemota-Bartholomew.
Blackstone noted that while REAP “has been making inroads in the CRE landscape since its founding over 20 years ago and its subsequent expansion through several of the nation’s leading cities, the commercial real estate industry continues to lag behind other economic sectors in terms of diversity. Now is the time to take action to correct the imbalance. The industry can win the future or see it fractured. This is no longer an optional indulgence, but an economic imperative.” REAP has had programs in major metropolitan areas including New York City; Chicago; LA; Atlanta; Dallas; Cleveland and Columbus Ohio; and Kansas City.
Both Asemota-Bartholomew and Blackstone point out that the pandemic is disproportionately affecting communities of color, making it especially critical that swift and decisive action be taken at this juncture.
The Call to Action notes: “America must unleash the talents of all its citizens to propel its economic recovery, a reset from what may be the worst economic crisis since the Great Depression.”
It continues, “The history of racially restrictive deed covenants, redlining, and the urban densification of segregated communities still haunt the landscape of our industry. Inequity of opportunity is not sustainable.”
The key initiatives of the Call to Action are:
- Embrace Diversity–Ensure a multi-racial, multi-ethnic, multi-gender workforce at all levels to catalyze superior performance of the entire corporate team.
- Be an Ally–Commit to partnerships with REAP and similar organizations; collaborate with historically Black colleges and professional organizations that serve and support minority communities in real estate, architecture, engineering, and law.
- Be Intentional about Diversity–Adopt the NFL’s Rooney Rule in hiring and promoting (i.e. conduct meaningful, not pro forma, interviews with under-represented minority candidates for all open positions including top-tier positions and board seats); recruit multicultural professionals from partner organizations; ensure diversity on BOTH the interview team and candidate pool.
- Align Supplier Diversity to CEO Compensation–Implement fully or develop a strategic Supplier Diversity plan and tie key performance indicators to your CEO’s compensation.
- Invest in Your Investment–Encourage new minority hires to participate in relevant industry organizations including ULI, ICSC, National Multifamily Housing Council, IREM, BOMA, NAIOP and others serving the CRE industry. Pay membership dues. Support diversity and inclusion programming in trade associations.
- Share Your Network–Introduce new minority hires to your professional network; develop mentorship relationships within and without the company and invite all team members into your social circle.
Several major CRE firms as well as financial institutions and major corporations have committed to ongoing support of REAP. Marcus & Millichap, which had planned to host REAP’s spring program in their Manhattan offices prior to the pandemic, has become a Platinum sponsor. Cushman & Wakefield recently pledged its sponsorship.
According to Asemota-Bartholomew, REAP will not allow the pandemic to deter or delay its commitment. “We are fully utilizing the ability of virtually connecting and actively working with a growing number of markets across the nation.”
In April, REAP kicked off a REAP Lunch Break webinar series, an interactive session featuring Blackstone and CRE leaders discussing key analytical concepts to assist in honing deal-making skills and evaluating real estate investments. Co-sponsored virtual academies and webinars are planned for the fall.