Canadian commercial real estate leaders must develop a high-performance culture if they want their businesses to succeed in the future, say executives interviewed for a recent Connect Canada CRE leadership series.

Peter Senst, president of CBRE’s national capital markets group, said “it all starts” with such a workplace environment.

“And, building a high-performance culture means you have to have everybody on the same page.,” he said. “So, every level of your company has to be clear on what that means.

“They have to be committed to what that means, and everybody has to feel they’re going in that direction together. So, if you want your company to change, if you want to go in a different direction, you have to have that.”

To achieve their goals, CRE companies must also ensure that they hire the right people, he added. The next generation of industry leaders’ desire and willingness to help others will drive companies and cultures into the future..

“It’s really everybody sharing in that idea that you’re there to help others, and it’s not just something for your company,” he said. “This is how you affect other people’s thinking and how you’re delivering results in the market.”

Strong leadership buy-in is “absolutely crucial” to enable organizations to reach their goals, said Christina lacoucci, head of Canada for BGO.

“Leaders at BGO set the tone for our firm by fully endorsing and embodying the values and direction they want the organization to pursue,” she said.

“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.”

To build a strong environment, she strives to foster “a culture of innovation” that encourages cross-functional teams to experiment with new ideas, with support from leaders who value creativity and reward calculated risks. She views the thorough evaluations of new ideas, regardless of whether they succeed, as a learning opportunity that is crucial for growth and innovation.

BGO created an innovation lab where leaders encourage the exploration of ideas that benefit clients.

“With each project we undertake, we not only expand the organization’s knowledge base, but also uncover new opportunities for future consideration,” she said. “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.”

As a lifelong learner, she prioritizes the nurturing of a workplace environment that encourages continuous learning and refuses to accept the status quo. That ensures the team is evolving and “leading with courage on industry advancements.”

To develop and maintain a high-performance culture, leaders must also foster a collaborative environment in which everyone’s voice gets heard, she added. That means encouraging tough questions, especially “But why?” to uncover the root causes of obstacles to progress and to drive meaningful change that includes 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,” she said.

“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.”

Alan MacKenzie, CEO of JLL Canada, regards what he calls an organization-wide commitment to “quest for best” as the company’s greatest recent achievement. Driven by JLL’s global board, the quest includes a “deep commitment to decarbonization,” and a focus on promoting diversity, equity, and inclusion in the industry.

“We aim to set an example in these areas, and our leadership encourages us to create and execute this vision locally,” said MacKenzie, including himself in that leadership group.

Diana Hoang, founder and CEO of Toronto-based development firm Spear Realty, strives to build a high-performance culture that is “very diverse.” Spear activities that are devoted to strong ethics, professionalism and gender equality.

“We continue to press upon diversity, inclusion and equality,” she said. “How do we pertain to that at Spear? Our model is one-to-one hire: Male to female or vice versa.

“That’s always been the model for our company. It’s not whether we have to hire a female, but we do like to have that pattern. Even the seating arrangement is male-female-male-female, just to get the variety and equality.”

To build a high-performance culture, Hoang emphasizes relatively modest goals.

“We’re not going to be able to climb Mount Everest today or in one week, but every week, we look at: What are we doing now?” she said. “How can we enhance it by starting off by 2% or 5%? How can we make a difference?

“We don’t lose sight of what we’re going after, which is constantly improving the process to make the process better.”

CBRE’s Senst advises CRE newcomers seeking to advance their careers to stand out and differentiate. That means doing things at a scale that is just different than anyone else.

“That’s what will drive your career to different levels,” he said. “That’s what’s going to get you promoted to the next level. Because we’re all looking for who stands out, who’s willing to do things at a different level. Because we all want to design the next generation of each and every company in the real estate space to be able to withstand these kinds of challenging markets and thrive.

“Not just survive.”

First and foremost, emerging and future leaders must embrace the importance of mentorship by both receiving and giving advice, said BGO’s lacoucci.

“Mentoring is not only about imparting knowledge, but also about learning from those you mentor,” she said. “It’s a reciprocal process where both parties grow, and it’s crucial to pass that forward to the next generation.”

lacoucci also called for emerging and future leaders to remain curious and committed to learning on a daily basis. She advises tomorrow’s leaders to surround themselves with diverse perspectives and build strong relationships while always trying to lead with lead with integrity, humility, and kindness.

“Real estate, regardless of where technology leads us, will always be a people-driven business,” she said.

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