Omicelo recently joined a group of capital providers and seasoned real estate developers in evaluating proposals from up-and-coming entrepreneurs in the commercial real estate industry. Baker Tilly, the ninth largest global accounting firm, hosted this innovative rapid think-tank with a focus on developing diverse developers as part of their new initiative called DevelUP.
After participating in this think-tank and reflecting on the work of Omicelo Cares, specifically the Real Estate Co-Powerment Series that has demystified the real estate development process for over 250 community members, we began to analytically assess the value of diversity in business and commercial real estate.
Our thoughts on the true economic case for diversity in commercial real estate are the topic of our latest Forbes article. A few snippets are below and we hope you enjoy the full 7 minute read.
- We are in the midst of an eerie phase of diversity in the boardroom that, put crassly, goes something like this: “George Floyd was a while ago, but ESG and DEI are getting very important overall.”
- If one believes that growth from 2% “minority” representation to 20% means that 18% of the existing developers need to be kicked out of the industry, they should throw that idea in the garbage.
- No one is interested in their cheese being moved, not from White to Black, from Midwest manufacturing to production in China or any other derivation of what feels like harm to one’s own potential future. So how do we grow the pie?
- One would have to envision a scenario where more diversity in commercial real estate actually leads to more overall economic growth that grows the pie more than any one group’s proverbial slice.