Avison Young
Avison Young, a commercial real estate company with a history of more than 34-years, acknowledges that there is diversity and inclusion work to be done within its walls and throughout the industry. The firm believes that the industry needs to be powered by people who represent a diverse array of perspectives and thinking. As such, the company has been working to evolve its diversity and inclusion strategy to improve policies and accountability surrounding these goals. Within the past year, Avison Young established a global D&I advisory council to focus on workforce diversity initiatives. The council, which includes 20 individuals of different tenures and backgrounds from across the company, works to ensure that the firm links its D&I strategy to its business strategy. In addition, the council examines the company’s activities in the areas of supplier diversity, employee recruitment and team member engagement, while comparing best practices and mapping out plans to bridge gaps. The company created a Black Professionals Resource Group and expanded its Women’s Network and IDEA Network that focuses on LGBTQ+ individuals. Furthermore, outside experts along with several of the company’s black professionals facilitated a series of candid conversations about race, white privilege and micro-aggressions, and the company dedicated its annual day of giving to fighting racial social injustice through internal learning, listening and action. Avison Young supports these D&I initiatives at the highest levels, including executive leadership training in D&I areas.
Bozzuto
Seeking ways to innovate beyond what others are doing in commercial real estate is Bozzuto’s focus as a company. With a strong foundation surrounding social good and belonging, the company prides itself on inspiring its competitors. It has been recognized as a leader in developing industry standards on everything from employee training to residential management operations, and social good and diversity initiatives are no exception. The year 2020 marked a major shift in the country, with increased racial tension and social injustice, and Bozzuto responded by offering employees hope and actionable change. Bozzuto’s CEO, Toby Bozzuto created and circulated an action plan to all employees, and the company launched Courageous Conversations following the murder of George Floyd, which offered safe spaces for employees to talk and share experiences. The company provided an educational series focused on timely issues, such as race and the importance of voting. It enhanced its seven employee resource groups and updated its unconscious bias training. In addition, Bozzuto launched a formal corporate social responsibility program called Rise by Bozzuto just before the pandemic started as a vehicle to impact its communities. The company’s focus starts at the top, with the executive team leading by example. In 2017, Toby Bozzuto signed the CEO Action for Diversity and Inclusion “I Act On” pledge, setting the tone for diversity, equity and inclusion at every level of the company.
CBRE
Diversity, equity and inclusion is a strategic priority at CBRE. The company’s DE&I efforts, led by chief responsibility officer, Tim Dismond, include continually activating programs designed to strengthen gender balance and the advancement of women in the workplace. CBRE’s 12-person board of directors includes three women and four diverse men. Additionally, its global executive committee includes 13 leaders, five of whom represent diverse backgrounds. The company has implemented a global strategic framework that can be modified to meet regional needs. CBRE’s internal programs include regional DE&I councils focused on accelerating the company’s progress in recruiting, developing and retaining diverse talent; a targeted leadership succession plan that incorporates diverse successors; an 18-month targeted development and mentoring program designed to advance the company’s commitment to improving gender balance in senior ranks; and a leadership development program for emerging and new leaders in the Americas. CBRE has 15 employee-based resource groups with more than 16,000 members, each group offers professional development and community involvement opportunities, along with networking across all business lines and regions. The firm’s women’s network, which focuses on key issues including gender parity, work/life balance, professional development, advocacy and support for working parents, is the company’s largest employee-based resource group with more than 4,500 members. CBRE has committed to spending $1 billion with diverse suppliers this year and plans to expand targeted spending to $3 billion by 2025.
CREW Network
During the pandemic, the primary reason women left the workforce was to tend to childcare, remote school and family care needs. CREW Network set out to help women tackle these pressures and stay in the commercial real estate workforce. The association tripled its virtual programming and events last year to offer members more value, resources and connections when they needed it the most. It offered membership extensions for those who were experiencing job loss or other hardships. The organization also focused on grassroots support of its chapters and individual members to ensure that its mission of advancing and supporting women in CRE remained intact. In September 2020, CREW Network released its fourth benchmark study, which included for the first time a benchmark for diversity in the industry. The study found that only 16% of CRE workplaces are diverse, meaning more than 25% of professionals are BIPOC. However, more than half of respondents reported a culture shift in the diversity, equity and inclusion area; largely due to mandates from leadership or external pressure from the industry. CREW Network’s additional findings suggest that little progress has been made in increasing the percentage of women in the industry, closing the salary gap between men and women, and women continue to be less likely than men to reach C-suite positions in commercial real estate. CREW Network released a strong call to action following the study, urging the industry to treat DEI issues as a business imperative.
Duke Realty
Fostering a diverse and inclusive culture is nothing new for Duke Realty. The company has focused on such initiatives for the past two decades and is celebrating the 20-year anniversary of its diversity & inclusion council this year. The company’s focus on diversity and inclusion initiatives starts at the top, with half of its independent directors either women or diverse. During the summer of 2020, when racial injustice came to the forefront in the country, Duke Realty re-committed to tackling these issues as the company’s chairman and CEO, Jim Connor wrote a letter to all stakeholders condemning prejudice and intolerance and calling for companywide discussions on racial injustice and inequity. The company followed up with two discussions focused on diversity and inclusion. Connor and Warren Thompson, a Duke Realty board member, co-authored a thought leadership article, “Addressing Diversity, Committing to Change,” that candidly shared Connor’s experience as a member of the majority in the workplace and Thompson’s challenges as a minority in the industry. The article outlined a clear call to action for other company leaders to have honest conversations with their employees and commit to creating more diverse and inclusive workplaces. Duke Realty participates in educational programs targeted toward diverse groups of young people and engages with REAP to provide talented minority professionals information about the commercial real estate field. Last year, the company also joined the Paradigm for Parity Coalition of American businesses dedicated to addressing the leadership gender gap in America.
Trepp
Trepp has focused on being a diverse and inclusive company from the start. With pride in creating an environment for openness, empathy and civility for all employees, the company has developed a transparent hiring process focused on bringing in female employees to all teams and groups, and it has many women in its C-suite, including its CEO, chief marketing officer, chief people officer and chief of staff. The company launched the TreppMERG multicultural employee resource group to foster practices that drive diverse recruiting, retention and professional development, coordinate conversations within the company, and provide information throughout the organization. The group hosted fireside chats to discuss topics including gender and race discrimination in the workplace, where employees were encouraged to ask questions and participate in open discussions. The TreppMERG group also launched an empowerment through diversity series aimed at empowering Trepp employees through diversity education and awareness. Trepp has hosted D&I executives, Black Lives Matters experts and NYPD community affairs representatives in its discussions. Additionally, Trepp’s mentorship program connects new employees with those from other teams to further encourage conversation and a safe and inclusive workspace.
Walker & Dunlop
Walker & Dunlop aims to be a DE&I leader in commercial real estate by illustrating the power of diverse and inclusive teams to drive performance and innovation. The company is focused on creating a welcoming environment that provides opportunities for everyone while challenging the status quo and improving communities. Walker & Dunlop has recruited from historically black colleges and universities for many years and has an ambitious goal to double representation of women and minorities in management and top wage earner positions by 2025. It supports this goal by linking it to the long-term compensation of senior executives. The pandemic did not slow the company’s DE&I efforts. Instead, the company worked even harder to build on long-standing programs such as its employee resource groups. In September 2020, Walker & Dunlop hired a VP of diversity equity and inclusion to help achieve its DE&I goals. The company launched a unique initiative to promote borrower diversity in partnership with Fannie Mae, Freddie Mac, Greystar and others by identifying and removing obstacles facing minority owners and operators in the commercial real estate industry. The company has also launched programs designed to support diverse employees, including expert coaching for parents through Kunik, leadership development for women through Kahilla, and a mentoring circles program. This year, the company launched a cohort of its Men as Allies program to help strengthen its gender diversity efforts.
Wildcat Management
Only 15% of businesses in the US are owned by women and Wildcat Management is proud to be one of them. The company focuses on real estate development through neighborhood revitalization and the idea that cities can grow and modernize while preserving the buildings upon which they were founded. Founder and president, Tanya Ragan has grown her company and brand significantly since its inception to become one of the top Texas female-run companies in the heavily male-represented real estate and investment field. During civil unrest that marked the summer of 2020, Wildcat Management sponsored a group of local artists to paint bright images and positive messages across boarded-up businesses. Wildcat Management was intentional in hiring a female-identifying artist to create a mural on the exterior of its storefront. Likewise, Wildcat Management collaborated with the local neighborhood association to produce a map of the local artworks and coordinate an “art walk.” In this situation, the company demonstrated the necessary innovation to turn a tumultuous time into a destination activity that ultimately worked to the favor of local businesses by inviting both local tourism and a feeling of community, while demonstrating sensitivity toward the tragedy at hand. Wildcat Management is actively involved with Downtown Dallas Inc., which seeks to stimulate a vibrant downtown environment and create a culturally inclusive urban community.
WOMEN OF INFLUENCE 2021
DIVERSITY CHAMPION: FIRMS
Newmark believes that having diverse employee ownership helps promote an entrepreneurial culture that aids in staff recruitment and retention. As such, the company offers employee equity ownership incentives and awards. One of the hallmarks of Newmark’s businesses is equal opportunities along with a commitment to contributing to the common good. The company continues to diversify its workforce and has implemented programs such as Network of Women, which supports recruitment, development and retention of women across the organization. Further, Newmark is developing ESG initiatives to support and implement these values through conscious environmental approaches, responsible social actions and thoughtful governance structures. The company encourages its brokers and employees to support their communities and collectively the company has supported more than 300 different charities through volunteerism and philanthropy. Barry Gosin, Newmark’s CEO, financially supported the establishment of a center for equity and inclusion at Pace University to increase opportunities for underrepresented groups as well as support ongoing efforts in anti-racism and equity. The company is also a member and participant in the Mortgage Bankers Association Path to Diversity Scholarship Program and a sponsor of the Summer Enrichment and Analyst Development programs run by Artemis Real Estate Partners, a female-owned financial firm with a track record in fostering diversity. Newmark co-leads the Women’s Empowerment, Leadership and Diversity chapter within the International Association of Outsourcing Professionals and participates in job fairs and job boards that work to reach a diverse applicant pool.
Shawmut Design and Construction
Construction management firm, Shawmut Design and Construction is accelerating its diversity, equity, inclusion and belonging efforts and seeking tangible, quantifiable results, building upon its years of work in the area. In 2014, CEO, Les Hiscoe declared DEI&B a business imperative for the company and created a diversity leadership council to build awareness of unconscious bias, improve managerial, promotion and mentorship systems, and use data to establish accountability. Through its efforts, Shawmut Design and Construction has diversified its workforce to now represent 44% women in entry-level construction management teams, 24% women at the senior level and an overall workforce that is comprised of 35% women. The company continues to hold itself accountable by gauging how inclusive the culture is based on engagement surveys and open feedback. During the past year, Shawmut Design and Construction created task forces to increase partner outreach and participation with minority, woman and local business enterprises; it established a scholar program at Roger Williams University to provide three four-year scholarships and paid internships at the company for underrepresented students; it deployed inclusion learning and awareness plans to help employees learn about unconscious biases; and established regional Diversity Leadership Councils to enhance its Diversity Leadership Council. It partners with historically black colleges and universities to engage with students pursuing degrees in construction and engineering. The company also focuses on supplier diversity by pursuing its own internal supplier diversity goals regardless of client ask.
Newmark
Design by Roberto Jimenez/ALM
Design by Roberto Jimenez/ALM