The Real Estate Roundtable and six national real estate trade associations this week announced a first-of-its-kind alliance that aims to foster supplier diversity throughout the industry. (News release, Feb. 14)
The Commercial Real Estate Diverse Supplier (CREDS) Consortium
- The Roundtable is joined by CREW Network, ICSC, Mortgage Bankers Association, NAIOP, Nareit, and the National Multifamily Housing Council in the CREDS Consortium.
- The CREDS Consortium aims to improve and accelerate opportunities for “MWBEs”—shorthand for firms owned by minorities, women, veterans, LGBTQ+ persons, and persons with disabilities – in the chain of vendors, service providers, and other suppliers that support the real estate industry. (CREDS Frequently Asked Questions)
- The CREDS Consortium has initiated a pilot program with SupplierGATEWAY—a leading supplier management software platform and minority-owned firm that automates and simplifies supplier and vendor management. (Roundtable Weekly, Feb. 10)
- SupplierGATEWAY provides software tools and a robust vendor database that allows real estate companies to track, report, and procure services and materials from MWBEs. Members of the CREDS associations can subscribe to SupplierGATEWAY’s platform at discounted rates through the end of 2024.
- Upon this week’s CREDS Consortium launch, Real Estate Roundtable board member and chair of its Equity, Diversity, and Inclusion Committee, Jeff T. Blau (CEO, Related Companies), said, “Diversifying the supply chain in real estate must be a collective effort – and I am proud to be a part of this deeply impactful program. This vital work will help us lift up MWBEs and provide the industry with real tools to connect with these businesses and track spending. With partners like my fellow Roundtable board member, Ken McIntyre (CEO, Real Estate Executive Council) and the RER staff, together, we are on the road to expanding opportunity across the industry.”
- Real Estate Roundtable President and CEO Jeffrey DeBoer said, “Owners, developers, and financiers of commercial and multifamily real estate are committed to help minority, women, and other historically under-represented entrepreneurs prosper in our great industry.”
- “The CREDS Consortium can help our members realize their intentions to advance economic opportunities across the vast and varied supply chain that serves real estate, makes our buildings productive, and strengthens the fabric of our communities,” DeBoer added.
DEI and ESG Goals
- SupplierGATEWAY tools that measure and track MWBE procurement spending can support companies’ efforts to advance environmental social and governance (ESG) and diversity, equity, and inclusion (DEI) goals. Hiring companies can also post their purchase orders and other contracting opportunities through the CREDS portal to be matched with potentially qualified MWBE firms.
- CREDS associations’ members can subscribe—at a discounted price—to SupplierGATEWAY’s vendor management software and a comprehensive database of more than 1 million MWBE suppliers through the Consortium’s portal page.
- SupplierGATEWAY Founder and CEO Ade Solaru said, “Our partnership with the CREDS Consortium is an important component of our mission to generate meaningful economic impact at scale for our customers. Each member of the CREDS associations can now create meaningful social impact at the local level without sacrificing efficiency, cost or risk.”
- The CREDS Consortium also hopes to gain insights from the pilot program about supplier diversity trends across the commercial real estate industry to strengthen the program in the future.
- Learn more about the CREDS Consortium pilot program. Interested companies can contact Julian So ( firstname.lastname@example.org) to schedule a demo of the system.
More information on the initiative can also be provided by Roundtable Senior Vice President and Counsel, Duane Desiderio, and other points of contact listed at the end of the CREDS Consortium’s “ Frequently Asked Questions” document.
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