Today, commercial real estate remains a field in which the vast majority of developers are white. …
The disparity has many sources, including many African-Americans’ unfamiliarity with the field and subsequent dearth of connections. But the biggest challenge, Black developers say, is gaining access to capital, including loans, loan guarantees and equity. That may be the result of limited balance sheets, short track records or a lack of wealthy and influential networks. As a result, their firms struggle to grow and remain on the margins as cities around the country see their downtowns reshaped by other, deep-pocketed developers.
Observers say it’s not a new problem.
“There’s a long history in real estate of this; it’s been systematic and pronounced for decades, centuries,” said Christopher J. Mayer, a professor of real estate at Columbia Business School.
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