The commercial real estate industry has long been one of the region's major economic drivers, with Dallas-Fort Worth setting the standard for the national market. In fact, the real estate industry accounts for 17% of the region's $534.8 billion economy, the nation's sixth-largest, according to a recent report by the North Texas Commission.
This trend continues despite office market challenges due to the pandemic, as well as numerous economic challenges and the unprecedented impact of the interest rate environment on capital markets.
While the CRE industry's role in the region's continued growth and success has remained consistent, industry leadership development has changed dramatically. Leaders solve complex problems, do so in an evolving economic landscape, collaborate with diverse audiences to deepen understanding, and drive innovation that drives change and positively impacts all of North Texas. Must be able to do so.
Acumen with the ability to embrace and adapt to regional diversification and the evolving CRE environment to maintain a position at the forefront of the industry nationally, even in the face of sector disruption and economic instability. We need to develop leaders with
Additionally, North Texas' workforce is rapidly growing and evolving, leading the country as the fastest-growing region last year with an 8.1 percent job growth rate, more than double the national average. To retain top talent while attracting new talent and maintaining a strong pipeline of qualified CRE professionals, understand who your future leaders are and how best to develop them. is needed.
Leadership development is a continuum, beginning at the beginning of a career and as individuals progress, their development needs change. For example, while mentoring has always been an important component of leadership development and is often considered most important early in a career, there is now less emphasis on mentoring as an ongoing relationship. Masu. Leadership development should include both top-down and bottom-up coaching as an individual's career evolves. So, regardless of our role or career experience, we learn new aspects of leadership.
While the thrill of helping shape a city's skyline certainly draws professionals to the industry, today's workforce also derives immense value from purpose-driven projects. They care about work that helps people, businesses, communities, cities and entire regions thrive. Leaders at all stages of their CRE careers need to understand our world and how different perspectives can impact projects. One of the most meaningful ways to experience this is through community involvement.
These community engagement opportunities serve three purposes:
- They introduce commercial real estate professionals at all stages of their careers to key community and industry leaders.
- Working with industry experts and community members helps develop a critical sense of emotional intelligence and an open approach to communication and listening.
- This enables team members to strengthen and apply leadership skills through purpose-built commercial real estate projects.
At the Real Estate Council, the organization I lead, leadership development for our members includes introducing young professionals to senior industry leaders, intentional mentorship programs, and a program for young professionals to learn about the industry from their peers and leaders. There are several aspects such as educational opportunities. Board or committee experience and leadership programs such as the Associate Leadership Council and Leadership Alumni Association.
But the most impactful leadership experiences come from learning more about communities, especially those that aren't part of everyone's daily life. Through TREC, hundreds of members have the opportunity to engage their communities and provide hands-on support and industry expertise to catalytic projects that transform historically underserved areas. Masu.
For example, as part of the Associate Leadership Class program, each year participants select a neighborhood revitalization project that impacts local social, political, and community issues. This annual mission includes developing budgets and schedules for proposed projects, designing them, raising funds through in-kind donations, and volunteering on-site to complete the project.
These types of initiatives create lasting bonds between members and community leaders while deepening members' understanding of how the city works. Similarly, our Young Her Cancers work on projects that support change in underserved communities.
As our industry, workforce, and region evolve, we must evolve as professionals to continue CRE's rapid growth and success. This includes attracting and retaining a strong talent pipeline and fostering leadership development opportunities that engage future leaders.
Linda McMahon is President and CEO of the Real Estate Council, the state's largest commercial real estate organization.
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Linda McMahon
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Linda McMahon, President and CEO of The Real Estate Council, has been active in community development efforts for 20 years.
