Blacks Almost Nonexistent in Corporate Real Estate
Local African American power broker would like to see more in the industry
(PRWEB) January 30, 2005
The number of Black professionals in residential real estate has increased somewhat steadily since the early 1990Â’s. However, on the commercial-corporate real estate side, Blacks are a rare commodity, although it is much more lucrative than residential real estate.
“It has typically been a white-male driven industry, so minorities have never been given the chance to learn the commercial real estate ropes and past their experiences on to others”, stated James “J. R.” Foster, the only Black, and exclusive, Corporate Real Estate broker in the Tri-State area. Only 25, Mr. Foster joined The Staubach Company in 2001, as a prominent figure to grow the business, which has over 1,200 employees throughout the US. Mr. Foster believes that the industry must do more to recruit Blacks and other minorities. “I am a rarity, within Cincinnati’s Real Estate Market - as well as the rest of the global industry”.
The commercial and corporate real estate industry handles over $1.5 trillion in transactions across the US annually. According to various industry reports, of the industry's 100,000 or so professionals –asset managers, real-estate company executives, tenant rep and leasing brokers – less than 1% are African Americans. Foster has landed some very high-profile clients and lucrative deals to either relocate or expand business operations around the country, including Pfizer, Sara Lee Foods, Fox, and AGC Automotive Americas Co.. He has been the youngest and only Black broker working in a revenue - producing role in a top 10 rated real estate firm.
Entry barriers are prevalent throughout the industry and is one the most difficult obstacles to overcome. Experts believe that because of the large amount of money associated with corporate and commercial transactions, personal relationships and those with similar backgrounds as clients, take precedence over diversity. Foster was able to leverage a relationship he had developed over the years with a Cincinnati Executive to gain an interview with The Staubach Company. “In order to enter this industry, majority of it is through personal relationships and contacts within the industry”, he stated. “Once you have proven your worth, other real estate companies come calling.”
Another obstacle is the lack of awareness of the industry, although some corporate real estate firms are slowly beginning to realize the importance of having a diverse workforce because of the changing demographics. Outreach and educational programs are more likely to be implemented by a small number of successful Black-owned corporate and commercial firms than white firms.
Locally, Foster has been able to transform any color barrier issues into positive experiences by knowing the business and performing at a high level. “I do get the occasion "wide eyed" looks when I have my first introduction meeting with companies that did not know I was African American over the phone. Barriers in my opinion can be positive, because it causes you to be on the top of your game day after day”.
About the Staubach Company: The Staubach Company represents occupiers of office and industrial space in renewals, expansions, and relocations and can save you between 15-20% in your occupancy costs. Our business is saving corporations 20-25%, hundreds of man-hours, and eliminating most of the risk associated with leasing, purchasing or building real estate. TSC negotiates tenant leases and helps clients save significant time and realize lease savings as large as 20% below market. We have extensive experience in strategic consulting, site selection, acquisition, dispositions, construction consulting/project management, real estate administration, portfolio management, financing and capital solutions. We currently have approximately 1200 employees in our 58 office locations throughout the Americas and a total of 2,209 clients. For more information, please visit: www. staubach. com.
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