With 85+ years in the commercial real estate industry, Walker & Dunlop has observed firsthand an industry-wide problem: the lack of diversity, equity, and inclusion for minority and women-owned firms in CRE.
Despite the work of many in the industry to bring effective solutions to address the problem, the diversity gap remains, with as much as 60 percent of CRE professionals reporting that their own workplace is “not very” or “not at all” diverse. As further indication of the continuing challenge, one study found that only 5 percent of assets under management are managed by minorities, and 2.5 percent are managed by women.
In the spring of 2021, we launched CREUnited, an alliance of major industry leaders and minority-owned businesses dedicated to increasing minority representation in commercial real estate.
The primary goal of CREUnited is to increase minority participation across the entire commercial real estate industry, with the overarching goal of growing assets under management by underrepresented groups. Through an alliance with leading CRE firms, actionable solutions and strategies are driving the change required to achieve our goal.
Executing our vision requires collaboration from every part of the CRE ecosystem. Kelly Mitchell, SVP and Head of Walker & Dunlop’s Client Services group, explains: “Building the networks that will move the needle on diversity in commercial real estate requires people who own real estate and have an interest in investing in communities, companies that are willing to invest alongside owners, organizations or people who are willing to provide loans, and vendor partners who can provide administrative and technology support to young minority firms.”
What’s happened since CREUnited’s inception? Take a look back at 2022 results and a look forward to what we’re doing in 2023 when you download your complimentary copy of our Multifamily Outlook report.
Help us break down barriers for minority owners and operators in CRE today.