As D.C. Real Estate Looks To Improve Diversity, City Benefits From ‘Deep Bench’ Of Talent

The push to recruit, engage and promote diverse talent in commercial real estate has been one of slow progress over the past few years.

Bisnow's analysis this year shows that at the very largest companies in the industry, women make up about 26.2% of C-suites and 31.9% of boards. For people of color, that number drops to 12.8% of C-suites and 19.6% of boards. Those figures represent small upticks, each a percentage point or two, across the board since 2021.

Although there is still clearly more work to do, the diversity landscape in D.C. is somewhat ahead of the game, panelists at Bisnow’s annual Women Leading Real Estate awards ceremony said, positioning the city as one that can set an example in the industry.

“Because of the immense talent of developers — Black developers, developers of color — that’s here, there’s a deep bench. And not only is it deep, it’s well connected,” Tiffany Durr, a senior director for strategic investments at Local Initiatives Support Corp., said onstage Thursday evening at the Washington Marriott Georgetown. 

Durr leads a racial equity fund that works across the country, so she said she sees the ranges of impact from a bird’s-eye view. Durr said what D.C. has is something you don’t find in many markets when it comes to diversity. 

"It has this multiplier effect of bringing new talent, finding new talent, encouraging new folks who haven’t thought about real estate and bringing them in," she said.

The District is a majority-minority city. In 2021, 43.9% of the population was Black, 11.3% was Hispanic and 36.7% was white, according to census data. 

Sofia Royce, Associate Vice President of PR for Real Estate at The Brand Guild, a nearly all-female firm, said D.C.'s diverse landscape puts her local real estate clients in a position to lead the charge for change. 

“I’m very lucky to get to work with developers and have a seat at the table when they’re talking about initiatives they’re doing and helping them see the side of investing in diversity as not only incredible for their talent pool and what they’re doing but also as messaging and creating opportunities for them to be thought leaders across the nation,” she said. 

When the discussion turned to one of the hot topics of the past few years in real estate, the future of office space, panelists said that it is important that employers think about their physical footprints in a way that helps in the push to improve diversity. 

“I think a lot of how a company creates their built environment speaks to the type of people who are going to want to come work for them,” Women In Real Estate co-founder Brittany Rose said.

Rose co-founded W.I.R.E in 2021. The chapter-based membership organization aims to connect and drive resources to women in residential and commercial real estate. 

“There’s a lot of cultural difference between other industries and commercial real estate, and I think that as the population of younger and more women enter the space, we are going to have to have a lot of conversations about design and a lot of adjustments to the built environment and making it a really great space that works for everyone,” she said.

Following the panel discussion, Bisnow revealed the winners in four categories honoring women in real estate, which were selected by a panel of judges. The nominees were first announced in early December, with the winners revealed at the event.

Rising Star winner: Artemis Real Estate Partners Senior Vice President Rachel Salerno

Leader of the Year winner: Lerch, Early & Brewer principal Stacy Silber

Deal-Maker of the Year winner: The Garland Co. Architecture Territory Manager Fallon Williams

Innovator of the Year winner: RCKRBX Executive Vice President Kris Broder