Morehouse College, the nation’s only historically Black liberal arts institution dedicated to educating and developing men, has received a $3 million gift from Prologis, the global leader in logistics real estate, to create an endowed fund that will expand opportunities for students of color to study real estate and prepare for lucrative careers with top firms in the industry. The Prologis Endowment will help to support academic programs and research launched by the new Morehouse Real Estate Institute.
The Institute was developed by the Morehouse Division of Business and Economics to prepare rising Morehouse Men and Atlanta University Center students to maximize their potential for growth, entrepreneurship, and financial prosperity in the $47 trillion U.S. housing market and the $21 trillion commercial real estate market. The Institute also aims to improve diversity within the ranks of management in the real estate industry, a sector in which racial representation for people of color has been lagging for decades.
According to the U.S. Bureau of Labor Statistics, only 10 percent of real estate professionals are Black and 82 percent are White. 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. In commercial real estate management, less than 2 percent of C-level positions are held by Black males and 75 percent of executives in the industry are White men.
Prologis, which has a portfolio or more than 1.2 billion square feet of logistics real estate in 19 countries, is actively working to improve diversity within the industrial industry and its workforce. The firm’s corporate values and DEIB initiatives align with Morehouse’s mission and focus on excellence, leadership, service, and social justice. Through its Essentials platform, which includes energy, EV workforce and operations, Prologis is reshaping the conventional landscape of industrial real estate.
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