Women Shaping the Future of Real Estate: Leadership, Strategy, and the Built Environment
Panel by Jonathan Wener Centre for Real Estate at the John Molson School of Business (2025) | Academic Insights
Montréal, Canada
A few weeks ago, I had the privilege of participating in a panel hosted by the Jonathan Wener Centre for Real Estate at the John Molson School of Business of Concordia University, in Montreal, Canada. I joined two well-known academics, Avis Devine and Erkan Yӧnder, for a thoughtful discussion on a topic that has been relatively muted over the past year yet remains critically important to the future of our industry.
The panel Women Shaping the Future of Real Estate: Leadership, Strategy, and the Built Environment explored how leadership diversity influences corporate strategy, sustainability, organizational culture, and performance outcomes. The discussion began by acknowledging the persistent challenge in real estate: despite commitments to diversity, women remain underrepresented in senior leadership roles. Token appointments, such as a single woman on a board, rarely deliver meaningful impact. Research shows that when a woman CEO is supported by multiple women on the board, firms demonstrate more disciplined risk management, greater investment in sustainable buildings, and clearer strategic focus. This underscores the importance of moving beyond symbolic inclusion to achieve real representation that drives measurable benefits.
We have reviewed insights drawn from both academic research and executive practice. In August 2023, Avis and Erkan published How Gender Diversity Shapes Cities: Evidence from Risk Management Decisions in REITs, a study that I found particularly valuable. My own entry into real estate differed from many of my peers, as I was fortunate to have several female managers and role models, including my mother, who influenced and supported my career path.
Diverse leadership teams approach risk, capital allocation, and sustainability differently, leading to stronger long-term outcomes. Decision-making dynamics improve when multiple perspectives are present, fostering richer debate and more balanced strategies. Yet, many firms continue to act as though one woman at the table is sufficient, revealing a disconnect between evidence and practice.
Turning to organizational realities, the conversation highlighted that mentorship alone does not create advancement pathways; advocacy and sponsorship are critical for ensuring underrepresented talent gains visibility and opportunities. Effective practices include transparent role definitions, stretch assignments that build leadership capacity, and leadership cultures that reward diverse contributions. Barriers remain in how teams are structured, how decisions are escalated, who gains visibility with senior leadership, and how incentives are tied to ESG and diversity goals. Culture and incentive systems were identified as high-return areas for immediate improvement.
We have also focused on practical actions the industry can take. Firms should adopt deliberate board composition practices, succession planning, and measurable diversity targets. Progress requires tracking metrics such as representation across leadership tiers, ESG-linked performance, and promotion pathways. For women navigating advancement, confidence, resilience, and the ability to act fearlessly in male-dominated environments are critical, alongside skills in strategic thinking, adaptability, and stakeholder management.
Given the three of us have a naturally positive outlook on business and life in general, we shared our optimism about growing investor expectations, governance reforms, and educational pipelines that emphasize diversity, despite current headwinds. We believe that the next generation of leaders will bring strengths in collaboration, sustainability focus, and innovation, which could reshape organizational norms. The key message was clear: the industry must move beyond tokenism and embed diversity as a driver of performance, resilience, and transformation in real estate.
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