What do you want to be when you grow up? “A commercial real estate professional” is hardly ever the answer you’re going to hear from a four-year-old.
The path to commercial real estate is rarely linear. Most people find their way to the industry with a connection; you have a family friend or relative who worked in the industry. And that leads to a lot of homogeneity... which we’d like to change.
Prologis just announced a $3 million donation from the Prologis Foundation to Morehouse College, one of America’s top-tier historically Black colleges, to create an endowed fund for the new Morehouse Real Estate Institute (MREI). This new initiative will expand opportunities for students of Morehouse College, Spellman College and Clark Atlanta University to learn about commercial real estate and prepare for careers in the industry.
To make this announcement, our CEO and co-founder, Hamid Moghadam, joined university leaders and students for the inaugural MREI event.
Bridging the racial gap in real estate
According to the U.S. Bureau of Labor Statistics, only 10 percent of real estate professionals are Black. For real estate brokers, who are typically higher paid and have other agents working under them, the gap widens to 5 percent for Black brokers.
We think the industry will be stronger and more successful with a workforce that is more reflective of the diversity of the nation. This partnership will expand opportunities for Black students to pursue real estate studies, setting them up for promising careers in a rapidly evolving industry.
Next year, MREI will start offering a variety of classes that will equip students with the essential knowledge of real estate and the benefits of investing in commercial and residential properties. In addition, the institute serves as a pipeline for internships, entrepreneurship opportunities, and a catalyst for social change in the industry. MREI coursework will also be available to Spelman College and Clark Atlanta University.
Beyond the financial contribution, Prologis will also educate and engage with students by sharing our industry expertise through guest lectures, specialized workshops and on-campus training programs. Our East Region and Atlanta market leaders were on hand for the kick-off event, where they shared their career journey and advice with students.
This is an exciting new partnership that our CEO believes will pave the way for a diversified talent pool for the entire the commercial real estate industry.
“We are excited to partner with Morehouse College in the creation of its Real Estate Institute,” Hamid said. “We take our leadership role in this industry seriously and believe that this collaboration will help cultivate a diverse pool of talent to the benefit of the entire commercial real estate industry.”
We look forward to working closely with Morehouse College leaders, students and alumni to build and expand this long-term partnership. It was exciting to see how engaged these smart and ambitious students were who attended this first event. We’ll continue to provide updates on our work with the MREI here along the way.
