The National Multifamily Housing Council (NMHC) joined an industry-wide group of seven real estate trade associations to announce a first-of-its-kind alliance to foster supplier diversity in the real estate industry. The Commercial Real Estate Diverse Supplier (CREDS) Consortium aims to expand economic opportunity for minority and women-owned business enterprises (MWBEs) and further diversify industry supply chains.
In addition to NMHC, CREDS Consortium associations include CREW Network, ICSC, Mortgage Bankers Association, NAIOP, Nareit and The Real Estate Roundtable. Participating associations will highlight CREDS tools that their members can use to identify, track, report and procure products and services from MWBEs and companies owned by veterans, LGBTQ+ persons and people with a disability.
“As a founding member of the Consortium, NMHC proudly continues our longstanding commitment to DEI as a business imperative that drives innovation and success,” said Sharon Wilson Géno, NMHC President. “NMHC knows that connecting more buyers with diverse sellers, and measuring those connections, are essential steps toward a more robust market that benefits both multifamily firms and MBWE partners that help power the industry. As an alliance, the Commercial Real Estate Diverse Supplier (CREDS) Consortium can amplify our efforts to strengthen industry access for diverse suppliers and support the ESG and DEI goals of our members.”
The CREDS Consortium has launched a two-year pilot program that will run through the end of 2024 with SupplierGATEWAY, a leading supplier management software platform and minority-owned firm that automates and simplifies supplier and vendor management. SupplierGATEWAY’s products include supplier sourcing, registration, risk management, compliance and management—and provide support for corporate responsibility, diversity and inclusion goals.
Members of the CREDS associations can subscribe—at a discounted price—to SupplierGATEWAY’s software platform to search for, connect with and potentially hire MWBEs as contractors, service providers, vendors and joint venture partners. CREDS associations’ subscribing members can access the vendor management software and a comprehensive database of MWBE suppliers through the Consortium’s portal page, hosted by SupplierGATEWAY. Hiring companies will also be able to post their purchase orders and other contracting opportunities through the CREDS portal.
The Consortium hopes the pilot program will yield broad insights into supplier diversity trends across the commercial real estate industry.
Visit the CREDS Consortium webpage to learn more about the initiative and access FAQs.
What CREDS Consortium partners are saying:
Wendy Mann, CEO, CREW Network
“As a global organization focused on accelerating success for all women in commercial real estate, CREW Network supports this partnership and initiative as an important business strategy to elevate ESG and DEI and create a more equitable industry for all. Women- and minority-owned businesses are a driving force behind economic growth and bringing this diverse talent to the industry is a business imperative. Companies that increase their diverse spend also see an increase in innovation and market share. It’s a win-win.”
Tom McGee, President & CEO, ICSC
“ICSC is committed to advancing diversity, equity and inclusion in the Marketplaces Industry and giving our members ways to identify and source MWBEs is one way we can do this. The CREDS Consortium helps meet the growing demand for diversity in service providers and offers our members direct access to the tools and resources they need to support their own DEI goals. We are proud to be a founding member of the Consortium and look forward to working closely with the partner organizations to further this important initiative.”
Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association
“The Commercial Real Estate Diverse Supplier Consortium is a great resource for expanding DEI and ESG opportunities in the real estate finance industry. Our members will benefit from the consortium’s work to identify minority- and women-owned suppliers that provide essential products and services. MBA and its members are dedicated to supporting and promoting supplier diversity.”
Marc Selvitelli, CAE, NAIOP, Commercial Real Estate Development Association
“NAIOP is proud to be a founding member of this important initiative. By working together, we believe this powerful alliance of real estate associations can propel our member companies’ success in achieving their important ESG goals. Facilitating access to a minority- and women-owned supplier database is an important first step in creating future opportunities between diverse vendors and developers and owners of commercial real estate.”
Steven A. Wechsler, President and CEO, Nareit
“Increasing the use of diverse service providers is an industry-wide priority that requires an industry-wide approach, which is why we are proud to be a founding member of the CREDS Consortium,” said Nareit President and CEO Steven A. Wechsler. “The CREDS-SupplierGATEWAY partnership will enable Nareit’s members to leverage existing software and tools to more quickly increase diversity and inclusivity in their respective supply chains.”
Jeffrey DeBoer, President and CEO, The Real Estate Roundtable
“We’ve heard from our members a desire to further diversify their supply chains and help meet organizational ESG goals. However, much of this process is opaque with no clear place to start or method to measure impact. The CREDS Consortium, and the tools offered through this initiative, will be a tremendous step forward for supplier diversity in the commercial real estate industry, and The Roundtable is proud to have taken a leading role in its creation.”
Ade Solaru, Founder and CEO, SupplierGATEWAY
“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.”