Change Agent: Christina lacoucci, BGO

Connect CRE Canada has launched a new leadership series in which we interview Canadian commercial real estate industry leaders about emerging trends, keys to their companies’ success and other factors that enable them to be difference-makers.

This interview is with Christina lacoucci, head of Canada and Canadian chief investment officer for BGO. Headquartered in Miami, BGO was formed through a merger between GreenOak Real Estate and Bentall Kennedy in 2019. With more than a century of history in Canada, BGO provides investment management, development, lending, and real estate services across the globe.

lacoucci explains how she strives to foster a culture of innovation and achieve strong leadership buy-in while guiding future leaders.

How do you navigate the transition from established practices to pioneering new frontiers within your organization?

As the leader for BGO in Canada, I have been particularly focused on fostering a culture of innovation. This involves encouraging cross-functional teams to experiment with new ideas, supported by a leadership team that values creativity and rewards calculated risks. I view the thorough evaluation and testing of new ideas – whether they succeed or don’t – as a learning opportunity, which is crucial for growth and innovation.

For instance, we created an innovation lab where we actively encourage the exploration of ideas that benefit our clients. With each project we undertake, we not only expand the organization’s knowledge base, but also uncover new opportunities for future consideration. This approach has led to meaningful advancements, such as climate resiliency projects at the property level, which deliver important defensive strategies for a future where volatile climate conditions will be an essential variable in our asset management plans.

What are the essential elements for achieving significant progress within your organization and the industry as a whole?

Strong leadership buy-in is absolutely crucial. Leaders at BGO set the tone for our firm by fully endorsing and embodying the values and direction they want the organization to pursue.

This commitment from the top encourages the entire team to align with organizational goals and fosters a culture of agility and accountability. This allows us to be responsive and adaptable to new opportunities and industry changes.

As a lifelong learner, I’ve prioritized the nurturing of a workplace environment that encourages continuous learning and professional development. In my experience, the trap of ‘We’ve always done it this way’ stifles innovation and growth. By challenging the status quo and prioritizing learning, we ensure that our team is not only evolving, but also leading with courage on advancements in our industry.

Fostering a collaborative environment where everyone’s voice is heard is also key. Often, this means encouraging tough conversations and asking the critical question “But why?” to help uncover the root causes of obstacles to progress and to drive meaningful change that is inclusive of a wider range of views and ideas. At BGO, our culture code and its four pillars – Focus on What Matters, Be the Change, Together we Win, and Do the Right Thing – are deeply embedded within the culture of our firm, and I view them as defining characteristics for all employees. It is my daily responsibility to integrate these values into the core of our business in Canada and to tap into these values to not only drive growth and performance for the business, but to create a highly motivating work environment for all who have chosen BGO as their career destination.

Looking forward, what critical changes do you foresee for the industry in the coming years? What advancements do you hope for?

Looking ahead, the real estate industry faces several critical challenges and opportunities that will shape its future. One of the most pressing issues is the need to address the repositioning of obsolete office spaces. The traditional office market is undergoing a secular shift that will not resolve itself through the status quo. This challenge will demand collaboration across the private and public sectors to create effective public-private partnerships that can drive meaningful change.

Another critical area is the ongoing evolution within ESG and sustainability – something I am extremely passionate about. The journey to net zero is an ambitious goal that will require a collective effort from the entire industry. Rapid advancements in sustainability practices are encouraging, but the path forward is full of unknowns. The key to success lies in sharing insights where organizations can collaborate and learn from both successes and failures.

Finally, the integration of data analytics and AI represents a transformative force in the industry. The rise of proptech and the incorporation of AI into everyday operations will significantly alter how real estate functions. These advancements are not just about efficiency – they are integral to driving sustainability and growth. As the industry continues to evolve, companies will need to develop the competencies to evaluate and adopt these types of new technologies, or risk getting left behind.

As we acknowledge the industry’s rising stars, what guidance can you offer them to become catalysts for positive change?

My guidance to emerging and future leaders is rooted in a few key principles that have always resonated with me. First and foremost, embrace the importance of mentorship – not just as a recipient but as a giver. Mentoring is not only about imparting knowledge, but also about learning from those you mentor. It’s a reciprocal process where both parties grow, and it’s crucial to pass that forward to the next generation.

Believe in your unique perspective and have the courage to share it. Your voice matters, and it’s essential to stand up for what you believe in. This conviction will not only help you navigate challenges, but also inspire others to rally behind your ideas.

Stay curious and committed to learning every day. The real estate industry is ever evolving, and the willingness to adapt and grow is what will set you apart. Surround yourself with diverse perspectives and build strong relationships. Real estate, regardless of where technology leads us, will always be a people-driven business.

Finally, always try to lead with integrity, humility, and kindness. These three traits will guide you through the ebbs and flows of your career and equip you to confront any experience with fortitude and character.

We need more energy, more ideas, and more quality people choosing a career path in commercial real estate, and I look forward to the opportunity to work with and learn more from the next generation of talent that will define the future of our industry and the communities we will build together.

Click here to see the full Change Agents: Leaders Driving Progress series.