'You're The CEO Of You': Women In DFW CRE Encourage Others To Stay The Course Through Downturn

When times get tough, workers look to their leaders for guidance. 

So as commercial real estate trudges through one of its most difficult periods in recent memory, women at the top say they offer both encouragement and comfort, hopeful that those coming up behind them see it as an opportunity for growth rather than a staging ground for failure.

The industry is in the midst of a reset, and underrepresented voices have a chance to dictate what the future should look like, Tamela Thornton, executive director of Urban Land Institute DFW, said during Bisnow’s Women Leading Real Estate event Nov. 15 at Gilley’s Dallas. 

The event celebrated 26 executives and leaders.

“The opportunity is in places that are nontraditional and will require individuals who are nontraditional to lead those activities,” she said. “Looking around this room and seeing women, people of color and young people taking control of what they think their communities should look like really is the future.” 

Over the past 18 months, CRE transactions have plummeted and development has come to a near standstill. The sudden change of pace has rocked the industry, forcing some professionals to contend with whether they can survive the storm.

For younger women in the industry, putting in extra effort when the market is down is much more meaningful than performing well when things are good, said Jihane Boury, vice chairman at Savills North America. 

“Let your bosses see you and know that you care,” she said. “Remote work is a big thing now, but people forget about you if you’re not there.” 

One of the best ways to keep busy during a down cycle is through self-development, said Lynn Peters, vice president of global operations at Retransform.

Females in the industry should spend extra time networking, familiarizing themselves with different areas of the industry and picking up new skills. 

"We should never stop learning," Peters said. "Take those opportunities when you get them to advance what your skill sets are."

It’s also an opportune time to advocate for yourself, CRB Group Director of Business Development Lynne Meers said. 

“You’re the CEO of you,” she said. “When it’s time to make a change, start making that change.” 

Down cycles are a natural part of real estate, and leaders should prepare by making sure they have money set aside for a rainy day, Meers added.

“Make sure you have grain in your storehouse,” she said.

Many large companies have slashed expenses by cutting payrolls. CBRE, JLL, Cushman & Wakefield and Marcus & Millichap have all laid off employees in a bid to protect their bottom lines.

The phenomenon could be a major blow to the gains in diversity, equity and inclusion the industry has made since the racial reckoning of 2020.

Women in the industry can mitigate the setback by not allowing fear to rule their decisions, said Melanie French, CEO of RREAF Residential.

“We already have proven in past downturns that we will rise again,” she said. “Each of you will be a part of that … as long as you stay the course.”