Morehouse College, the historically Black liberal arts institution for men in Atlanta, 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. For real estate brokers, who are typically higher paid and have other agents working under them, Blacks are 5 percent of the total. In commercial real estate management, less than 2 percent of top-level positions are held by Black men.
The Morehouse Real Estate Institute will expand access to career pathways within the Division of Business and Economics Division. The new real estate classes, which will be available in 2024, will be open to all Atlanta University Students, which includes underrepresented students of color at Morehouse, Spelman College, and Clark Atlanta University. The Institute’s students will study the fundamentals of real estate and learn about the benefits of investing in commercial and residential properties to build wealth. The Institute will also serve as a pipeline for internships, entrepreneurship, and social change in the industry.
“The Morehouse Real Estate Institute will become a talent pipeline that will prepare rising Morehouse Men and Atlanta University Center students to compete for top jobs as future real estate agents, brokers, executives, and entrepreneurs,” said David A. Thomas, president of Morehouse College.
