Building The CRE Diversity Pipeline: Project Reap Welcomes 2020 Class
Project REAP is a 10-week educational program that introduces people of color who are already working in professional career positions to different facets of commercial real estate.
NEW YORK CITY- Project REAP, a national diversity and inclusion initiative program geared toward commercial real estate, is working to shift the makeup of industry professionals to a more representative workforce that mirrors the national and global communities where real estate investments are made. To that feat, the program has welcomed its New York City 2020 class at CBRE’s Midtown office.
Launched in 1998, Project REAP, or the real estate associate program, is a 10-week educational program that introduces people of color who are already working in professional career positions to different facets of commercial real estate. Many of the participants hold advanced degrees in various fields ranging from architecture and law to technology, and currently some work in the commercial real estate industry.
Commercial real estate has faced long-standing issues in garnering traction around racial and gender diversity and is reflected in statistics that highlight the lack of a racially diverse workforce. According to recent data Project Reap has cited, at the senior executive level, White men dominate positions by more than 75 percent, Black men represent 1.3 percent, Asian men represent 1.6 percent, Hispanic men represent 2.9 percent, while Black, Hispanic and Asian women combined represent less than 1 percent.
With these statistics top of mind, Project Reap is more determined to ensure its largest class coming out of New York this year, which totals an estimated 42 students, doesn’t feel the burden of being the ‘only’ in a room and that they’re empowered to have a seat at the table, Osayamen Asemota-Bartholomew, newly appointed chief program officer and acting executive director of Project REAP, tells GlobeSt.com.
Asemota-Bartholomew knows first hand the benefit of a diverse workforce, having worked in the public relations and music industries prior to becoming a commercial real estate professional. She has seen a broader change in diversity in commercial real estate but says there’s still more work to do. She joined Project REAP in 2013.
“It’s very important because commercial real estate is an industry that you don’t really hear multicultural professionals learn about,” she said. “Real estate is what keeps the world and this city moving and it’s always good for business to have multicultural talent in your industry. We live in a multicultural world, so it will always be important.”
This year’s opening reception keynoter and Project REAP alum Buwa Binitie, founder of affordable housing development firm Dantes Partners, encouraged the class to strive for excellence. “Learn the business inside and out,” he said. “Even if it’s outside of what you do, know the business and ask yourself what is your bottom line in the end, is it worth it.”
Charles Plaisimond, of Project REAP’s New York City Class of 2017, is a part of the Workplace Strategy Group at CBRE. He says the program has broadened his definition of what entrepreneurship means for him.
“I had the opportunity to narrow down where to self-actualize what I’m interested in. It’s been a great experience to gain visibility and progress my career in real estate,” he said. “The networking alone, the conversations you have, help in the realization of one true pursuit of the American Dream – owning real estate.”
Program sponsors include the International Council of Shopping Centers, Urban Land Institute, the Building Owners and Managers Association, NAIOP, National Multifamily Housing Council, the National Apartment Association and the Institute of Real Estate Management.