Michelle Landers

Perhaps not surprising to anyone who has worked in the industry or attended a commercial real estate event, the profession remains overwhelmingly white and male. Why the lack of diversity? For one, real estate is a legacy industry and many in positions to hire choose to select those who are a part of their networks. While it may have improved since then, the 2013 Commercial Real Estate Diversity Report showed that more than 75 percent of senior CRE executives were white men. They held the majority of mid-level and CRE professional positions as well. 

Some may dismiss the data and point to the region’s booming real estate industry as proof that a lack of diversity poses no real problem. But studies show that diverse teams make better decisions, are more accurate and perform better. Why? 

Working with a diverse team challenges assumptions and makes team members think more carefully and test their conclusions. Here in Greater Boston that means producing even better projects and testing the limits of new perspectives to solve the most vexing problems in our industry, such as continuously rising construction costs, housing affordability, NIMBYism and resiliency planning. 

Diversity Without Inclusion Is an Empty Promise 

“Diversity is useless without inclusivity,” Christine Roirdan wrote in the Harvard Business Review. Hiring one woman or one person of color is a start, but it is not likely to yield tremendous benefits. Instead, firms need to provide opportunities for input and advancement by placing a value on bringing new faces into the office and listening to their voices.  

“Diversity is being invited to the party. Inclusion is being asked to dance.” That sentiment from Netflix Vice President of Inclusion Strategy Vernā Myers illustrates the importance of supporting the advancement of diverse candidates. For if they can’t dance, they may never be able to truly succeed. 

As we kick off our Fall Meeting, which draws over 6,000 real estate professionals from across the globe, ULI Boston/New England has taken an important step to support minority land use professionals, by launching Pathways to Inclusion. Through this initiative, 32 people of color will receive no-cost registration to the three-day Fall Meeting, plus a one-year membership to ULI. The Pathways program provides access to networks where relationships are formed and deals are made. 

JPMorgan Chase, one of the sponsors, expressed pride at being involved in the initiative. “Ensuring that all members of our community have access to the right tools and resources is critical to driving inclusive growth throughout Greater Boston,” said Rick Macdonald, a New England regional manager.  

One meeting or one year of membership is unlikely to transform the industry, but you have to start somewhere. By making this opportunity available, and encouraging members to provide employer/institutional support to minority professionals, we hope to start changing the face of the industry and proving the maxim that diversity is strength. 

Michelle Landers is the executive director of ULI Boston/New England.