Project REAP Unveils First Virtual Academy

In a move that could bring the commercial real estate industry its most geographically widespread talent pool—and therefore, the most diverse group of future workers its ever recruited—Project REAP (Real Estate Associate Program) has launched its first-ever completely virtual, live and on-demand program, the ULI/REAP Fall Academy 2020. 

Formerly offered in-person, the 22-year old program provides education for minorities interested in a career in commercial real estate. The offering is meant to boost the industry’s roster of professionals who identify as members of a minority group. Fewer than 1,000 people of color work in the industry, which employs more than 125,000 professionals, according to the announcement of the program. REAP has increased multicultural representation in the industry by 10%, organizers claim.

While virtual programming has become part of the “new normal” foisted upon working professionals due to the Coronavirus, it also allows REAP to expand beyond its usual borders.

“We look forward to having participants from across the nation join us this fall,” said Osayamen Asemota-Bartholomew, REAP chief program officer. “Because this semester’s program is virtual and on-demand, REAP is able to recruit students from a wider geographic base than ever before and to offer all a great degree of flexibility in scheduling while retaining our same trademark standard of excellence.”

REAP’s first-ever virtual program comes just in time for an awakening around the need for more opportunities, and parity, for women and people of color in commercial real estate. Currently, women represent only 36.7% of the industry, and that level of employment hasn’t changed much in 15 years, according to a recent report, the “2020 CREW Network Benchmark Study: Gender and Diversity in Commercial Real Estate.”

Further, the salary gap between genders is a striking 55.9%. Women also aren’t advancing as much as their male counterparts; only 9% of C-suite positions in CRE are held by women. Also of note, among the 2,930 respondents to the survey, just 16% said that 25% or more of their professional colleagues are Black, indigenous or people of color (BIPOC). Yet, over half of survey participants revealed a culture shift in their workplaces regarding diversity, equity and inclusion.

Working to bridge that gap, Project Reap’s eight-week program this fall will provide on-demand courses, live webinars and industry panel discussions, taught by senior-level CRE professionals. Candidates must have a four-year degree, or be a graduating senior, from an accredited institution and they must have a clear interest in commercial real estate, but experience is not necessary.

REAP also recently created a 7-point Call to Action to move the CRE industry closer to its diversity goals. That announcement urged C-suite professionals to partner with—and invest in—historically-Black colleges and universities, minority professional organizations, diverse suppliers and take several other steps to foster greater inclusion of BIPOC workers and professionals.

Provided in partnership with the Urban Land Institute, Project REAP’s 2020 program is sponsored by Marcus & Millichap; RXR Realty; Cushman & Wakefield; Poline Associates; Nuveen; Flagship Healthcare Properties; Seritage Growth Properties; PGIM Real Estate; Piedmont Office Realty Trust; and Ackman-Ziff.