Breaking the Diversity Barrier in Commercial Real Estate
New Company Simplifies the Process of Sourcing Diverse Commercial Real Estate Service Suppliers
Florham Park, NJ, February 22, 2022 – New commercial real estate firm CRESDA (Commercial Real Estate Supplier Diversity Alliance) aims to advance diversity in the commercial real estate industry through its national member base of certified diverse commercial real estate companies. CRESDA will simplify the process of sourcing diverse commercial real estate service suppliers for Fortune 500 companies nationwide.
Lack of diversity in the commercial real estate industry has been under increased scrutiny over the past few years and past 18 months as the US faces a national reevaluation of inequities. The last year and a half has seen some of the largest players in global real estate prioritize these issues, with Blackstone, the largest global landlord, appointing a Global Head of Diversity, Equity and Inclusion (DE&I) for the first time in June 2021. Many others have followed suit; CBRE appointed a Chief Responsibility Officer in 2020, Cushman and Wakefield similarly appointed its first Chief Diversity, Equity and Inclusion Officer, JLL expanded its internal team dedicated to DE&I initiatives and many more.
Inclusion initiatives are necessary progress towards a more equitable industry, and yet only part of the equation. Another component involves supplier diversity and the purchasing power of corporations employing commercial real estate services. Supplier diversity and inclusion (SD&I) programs are popular within large corporations, but to date their reach has been minimal in the commercial real estate space. In part, these SD&I programs have historically overlooked the professional services category, such as real estate brokerage. In addition, it can be cumbersome to find and vet adequate, diverse real estate service providers capable of handling multimarket mandates.
CRESDA provides a solution by simplifying the process of procuring diverse real estate providers on a national scale. CRESDA creates a one-stop-shop for companies looking to hire diverse real estate service providers for multi-market initiatives, with a member base that is highly vetted for capability and guaranteed certified minority, women, or veteran-owned. CRESDA’s principals provide oversight and advisory on every transaction, ensuring seamless cross market service. “We hope through this business model we can enact real change,” shared CRESDA founder Nancy Glick, “CRESDA members will band together to break barriers in the commercial real estate industry