The new influencers: three women who are transforming the commercial real estate industry

From labour shortages to climate change, the commercial real estate industry continues to face key challenges as 2022 comes to a close. It’s never been more urgent to harness the power of the other half of the talent pool in traditionally male-dominated industries.

We spoke to three Canadian female powerhouses in commercial real estate about their successes, challenges and advice for the next generation of women.

Marion LaRue, principal and architect, DIALOG

Marion LaRue is an architect and principal at DIALOG’s Vancouver office. Her area of commercial real estate design expertise includes sports, recreation, public and institutional projects. Currently Ms. LaRue is working on student residences and dining commons for Simon Fraser University, the Vivo for Healthier Generations recreation centre in Calgary, a student housing facility for North Island College on Vancouver Island and an aquatics/ice arena addition in Edson, Alta. She is passionate about creating environments that inspire people to take ownership of their health and well-being.

What do you like about working in commercial real estate?

I get a great deal of gratification from the improvements the facilities make in people’s lives. I also find public sector clients are fun to work with and they respect and value our expertise as designers. This field provides architects with a tremendous opportunity to be creative.

What are the biggest challenges and opportunities facing commercial real estate today?

Some of the most significant challenges include the exponentially rising cost of construction, lack of women in the work force, labour shortages impacting delivery schedules for both consultants and the construction trades, recession challenges exacerbated by interest rate hikes and increasing carbon emissions that continue to contribute to global warming.

To mitigate these challenges, we need to invest in new design and construction technologies. We need to invest in more affordable housing and daycare for families so more women continue to enter the labour force. We must also focus on repurposing existing infrastructure and limit new building wherever reasonably possible.

What opportunities and challenges do you see where you live?

Vancouver’s opportunities include harnessing the creativity of green building, research at local institutions such as UBC, and embracing vertical farming, given the tremendously high cost of land. Our challenges include growth limited by geography, rise in sea level and the ongoing tug of war to keep agricultural land supplying food to our communities.

Which projects are you most proud of?

My most career-defining project is the design and construction of the Richmond Olympic Oval for speedskating for the 2010 Winter Olympics. The facility is now the vibrant home of community recreation and sports in the City of Richmond, a successful example of a post-Olympics venue that is improving the health and well-being of all users; it was also one of the first projects to robustly engage the local First Nations in meaningfully contributing to its design.

What sacrifices have you had to make as a woman in a male-dominated industry?

I didn’t spend as much time with my children as I would have liked. At times I’ve had to manage my compensation expectations or even the expectations for the types of work. I’ve been careful with how I voice my opinion on some topics at times as it can be a judgmental industry. I’ve waited longer than some men for the same opportunities. Some of my male mentors have been incredibly supportive and provided me with opportunities along the way. But I didn’t have many female role models, which has driven me to focus on mentorship in my career.

What advice do you have for women who are pursuing a career in this industry?

I would recommend that you ask for what you believe you are entitled to, with integrity. Take more risks earlier in your career and know the choices you make matter significantly down the road. Build relationships with as many men and women equally and be self-aware – it’s critically important.

Patricia Phillips, CEO of PBA Group of Companies

Patricia Phillips is the chief executive officer of the PBA Group of Companies, a full-spectrum real estate company based in Calgary, which owns and developed the city’s Dorian hotel. She has closed more than $1.5-billion in transactions in her role. Before joining PBA Group, Ms. Phillips was the founder and CEO of three successful private oil and gas companies, served as an economist on trade policy development for the Tokyo Round of the General Agreement on Tariffs and Trade (GATT) in Geneva, and worked on Wall Street as a financial analyst.

Why did you choose this line of work?

I’m immensely grateful to have had the privilege of growing up within a supportive family of business leaders. My father was a local real estate developer and his passion for creating community was extremely formative in my own development. The ability to collaborate and create opportunities speaks deeply to me; it was a natural progression into the hospitality industry, as it provides further opportunities to support the local economy while showcasing Calgary as a world leader in its own right.

What are the biggest challenges and opportunities facing commercial real estate today?

Moving into 2023, we realize supply chains will continue to be challenging; however, the PBA team and I are relying heavily on our local relationships to help cut down on wait times, while ensuring we support local vendors and suppliers whenever possible.

Which projects are you most proud of?

Our most recent development, The Dorian hotel, is the first to be built in Calgary’s downtown core in over a decade and the city’s only female-developed and owned hotel. Less than 2 per cent of hotels are owned and developed by women worldwide. It’s also the city’s only dual-brand lifestyle hotel, which allows us to target specific demand segments, and offer two unique price points with shared amenities.

What do you think needs to change to make the industry more accessible?

I strongly believe and advocate that our industry requires more diversity and inclusion. Unfortunately, for many years commercial real estate has been seen as a man’s world and a “boys’ club.” I’m hopeful this is currently changing. I’ll use PBA as a great example; we prominently feature females within our leadership team and board of directors.

What advice do you have for women pursuing a career in this industry?

Give yourself permission to follow your passions and trust your gut when you have a calling to do something interesting. We spend a lot of our youth living up to other people’s expectations, but in the end, we are the only ones who need to live with our choices. Never shy away from surrounding yourself with people smarter than yourself as this only improves your own skill set. Being self-aware is key and finally, give back to your community any way you can.

Diana Hoang, managing director/broker of record, owner of Spear Realty

Diana Hoang is the founder and managing director of Spear Realty Inc., a commercial and industrial real estate brokerage based in Toronto. Ms. Hoang began her career in the industry in 2009 in a publicly traded company that allowed her to work with teams specializing in all facets of commercial real estate. Since starting her business in 2021, Ms. Hoang has led more than $500-million in real estate transactions, including record-setting deals for leading landlord groups.

Why did you choose this line of work?

I’ve always had a passion for marketing and sales; I enjoy being practical, resolving issues and helping groups maximize their rate of return. About 13 years ago as I was raising my two young daughters, I found a position as an administrator with a large commercial real estate firm in Toronto. Then I transitioned into a full-time non-licensed assistant, got my licence and began as a fully licensed adviser in the industrial space.

What projects do you have on the go right now?

Expansion is top of mind to keep up with demand from existing and new clients who want that boutique level of client care and expertise. We’re looking at increasing our numbers of agents who specialize in various areas and asset classes. Within the span of one year, we grew to a team of 10 active associates and plan to expand further to 30 by 2023.

What kinds of sacrifices or concessions have you had to make as a woman in a male-dominated industry?

The day does not stop at 5 p.m. I am still juggling schoolwork and family, managing kids’ extracurricular activities, sacrificing both my personal time and the time needed for career advancement, and working and taking conference calls even when on vacation with the family.

How are you doing business differently these days?

We’re proud to have an equal number of active female commercial agents at our office and plan to keep focusing on hiring, training and retaining more. Our mandate is to move towards 100-per-cent digital and paperless operations.

What advice do you have for women pursuing a career in this industry?

Be flexible, tolerant, always search for alternate solutions, and be creative to achieve your end goal. Perseverance will win the day – you should never take no for an answer.