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December 4, 2023

SPECIAL REPORT: Diversity In CRE Is Rising, But The Industry's Troubles Threaten Progress

Last Call For Tickets To Atlanta 2024 CRE Forecast

The year 2023 will be remembered by real estate for many things — a rise in layoffs, bankruptcies and foreclosures, and a decline in property values and transactions.

But despite the grim reality of the moment, the leadership ranks at the industry's largest firms have never been so diverse. 

People of color make up 12.8% of the C-suites at 89 of commercial real estate's largest brokerages, developers, finance firms and real estate investment trusts, up from 11.6% in 2022 and 10.9% in 2021. Women in the C-suite have seen their representation increase to 26.2% this year from 25.6% in 2022 and 23.5% in 2021.

That slow but steady progress is found in this year’s installment of Bisnow’s DEI data series, a multiyear investigative project started in 2020 amassing statistics on the diversity of the boards and executive leadership of the biggest companies in real estate.

Read the full story here.

 
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How Juneau Construction Makes An Impact In The Competitive Southeast Building Market

PRESENTED BY:   Juneau Construction
 
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When developer Core Spaces had a vision for a 19-story building to house students on a logistically challenging site in Atlanta, it turned to a general contractor with expertise in the sector and a reputation for client service. Its choice paid off when Juneau Construction Co. saw to it that …

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This Week's Atlanta Deal Sheet: Law Firm Expanding At One Atlantic Center

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A growing local real estate and corporate litigation law firm used a pending loan maturity held by a fund run by Starwood Capital Group to extract below-market rents on its expansion at an iconic Midtown Atlanta office tower. 

Krevolin & Horst renewed and expanded a 23K SF lease to occupy the entirety of the 35th floor of One Atlantic Center, the 50-story, 1.1M SF tower at 1201 West Peachtree St. Krevolin & Horst will increase its footprint from 17K SF and move up from the 32nd floor, according to Savills.  Savills Vice Chairmen…

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Political Backlash Against DEI Having A ‘Chilling Effect’ On CRE's Diversity Push

 

More than three years removed from the murder of George Floyd, the attitudes inside commercial real estate firms toward diversity, equity and inclusion have morphed from initial enthusiasm to fatigue, and now fear of backlash.

With the Supreme Court's decision to strike down affirmative action at universities and what is expected to be a contentious election year — combined with the slowest commercial real estate market in over a decade — proponents of diversity in commercial real estate are pushing harder than ever to keep their agenda from coming under attack. 

“The Supreme Court's ruling … put a stake in the ground that has really taken the wind out of the sails for diversity across the landscape,” said Ken McIntyre, the CEO of the Real Estate Executive Council and a director on the boards of Newmark and Acadia Realty Trust.

“Even in corporate boardrooms, their companies are now wondering whether they should embrace diversity initiatives,” he added. “And if they do, they are being counseled to do it very carefully.”

Read the full story here.

 
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