Beyond the spend: How corporate real estate is a key driver for elevating diversity in the industry, workforce and communities

Abstract

Diversity, equity and inclusion (DEI) in corporate real estate (CRE) is not only valuable to companies, but necessary to create more opportunities to bring generational wealth to disenfranchised communities. While advancements have been made in recent years, more work in the industry is needed. Today, we find approximately 29 per cent Black, Indigenous, People of Colour (BIPOC) representation among all real estate professionals, and just 10 per cent representation in brokerage. Another study finds that women occupy less than 37 per cent of CRE roles and only 9 per cent of C-suite positions. Despite enthusiasm and commitments, there appears to be considerable room to grow DEI more broadly throughout CRE. In fact, a recent study demonstrated that collective efforts to achieve parity in the industry have seen little progress over the past several years. Intention is important, but demonstrating this intention is a commitment. DEI must encompass all areas of CRE and not be limited to diverse supplier spend strategies. This means DEI strategies for CRE professionals should embrace and address the needs of the stakeholder communities they affect, and the companies that are more advanced in this area must push the boundaries in the industry. This paper provides guidance for building holistic, intentional DEI programmes, including an industry-leading example of the global CRE partnership between Colliers and Cummins. It concludes with a roadmap for any company to take meaningful steps toward a DEI strategy that has lasting significance.