Project REAP (Real Estate Associate Program) is celebrating its 25th anniversary by celebrating success of its programs looking to diversify commercial real estate. Its report, “Project REAP: Diversifying the Talent Pipeline in CRE for 25 Years,” a survey of its alumni, revealed that, after participating in the program, 71 % transitioned into, maintained or enhanced their positions in CRE, and 56% reported a significant shift in their career trajectory soon after graduation from the Academy.
In addition, 46% of alumni making $100K or higher reported significant salary increases, as much as 13 % reporting an increase to over $200,000 after completing the REAP Academy and 34% were elevated to senior (20%) or executive (14%) level roles within the industry.
“The report affirms through data and interviews what we knew to be true: REAP enables and empowers our alumni to achieve meaningful advancement in commercial real estate, a traditionally legacy driven industry vastly under-represented by professionals of color,” said REAP Executive Director Manikka Bowman. “By clearly documenting the positive results of targeted programming to enrich the talent pool, the report not only asserts the success of REAP but, moreover, points the industry to a rich resource of diverse talent prepared and ready to occupy all levels including the elusive C-Suite.”
REAP, unlike other diversity efforts that work at an entry level, is designed for high-achieving credentialed professionals who seek to transfer from such fields as law, banking, architecture and sales into CRE or to pivot from one sphere of real estate, often residential, to commercial.
In June of 2022, Bowman hired Rivera Consulting Inc., a Boston-based management and strategy consultancy helmed by a woman of color, to conduct a comprehensive impact assessment. Questionnaires were disseminated online to all 1,700 REAP alumni. Survey data was broken into three categories: Knowledge Gain; Knowledge into Practice and Creating a Diverse Talent Pipeline. A statistically significant sample of 270 alumni responded, over 15% of all surveyed.
- Lamont Blackstone, REAP’s Chair of the Board says, “REAP candidates, fellows and alumni guide their choices by data: that’s inherent in the CRE mindset, and it’s a practice that CRE executives appreciate. The report informs CRE stakeholders that diverse talent is here now — spanning all professional levels,” said REAP Chair G. Lamont Blackstone. “Diversity offers synergistic perspectives, skill sets, and experiences for meeting the challenges of industry growth. This report demonstrates that the talent search should and must extend to the highest executive ranks.”
