Inspiring Leaders in Our Changing Industry: Karen Whitt, Colliers/CREW Network

This summer, Connect CRE is producing a series titled, “Inspiring Leaders in Our Changing Industry” as a follow-up to last summer’s “Leading in Tough Times” series. We’ve selected leaders around the U.S. and across the commercial real estate spectrum to discuss significant changes in the industry and their organizations. In this installment, you’ll hear from Karen Whitt, president of Real Estate Management Services U.S. at Colliers and president of CREW Network.

Industry Inspiration: What recent industry advancement impresses you the most, and why?

In real estate, the old mantra of “location, location, location” is being joined by a new contender: “technology, technology, technology.” The rapid pace of technological advancement means that by the time a new tech becomes routine, we’re already looking forward to the next innovation.

One notable example is the evolution of solar panels. Modern panels are vastly improved from the ones of the 1990s: they are lighter, cheaper, more durable, and more efficient. Researchers at institutions like Oxford are even developing solar panels so thin they could be printed on various surfaces, akin to inkjet printing. This innovation highlights how technology continues to reshape our industry, making infrastructure investments in renewable energy increasingly attractive.

Additionally, advancements in Proptech and electrical redundancy are reducing reliance on municipal services and third parties, leading to more cost-effective and reliable property operations. The ongoing development in these areas demonstrates how technology is transforming the real estate landscape.

The Road Ahead: Looking forward, what critical changes do you foresee for the industry in the coming years? What advancements do you hope for?

In property management, anticipating potential challenges is key. We must operate under the assumption that issues like flooding, natural disasters, mechanical failures, and emergencies are not just possibilities but eventualities. Being prepared for these scenarios is crucial for effective recovery and damage prevention.

Looking ahead, critical changes in the industry will likely focus on enhancing resilience and adaptability. Advancements we hope for include more sophisticated predictive analytics to foresee and mitigate risks, improved building materials and designs for better disaster resilience, and advanced technologies for proactive maintenance and emergency response. By staying ahead of potential problems and investing in innovative solutions, we can better protect properties and ensure their long-term value.

While these challenges have remained largely unchanged over time, extreme weather events have become more frequent. We’re likely only beginning to discover how technology can help us prevent property damage and protect human life.

Satellites are revolutionizing our ability to communicate with remote sites and are democratizing access to advanced imaging capabilities. Their “god’s eye” view allows us to analyze and prepare for climate risks, such as flooding and wind damage, in innovative ways, and even assess seismic patterns more critically. This enhanced perspective also informs property insurance by providing a more comprehensive view of risk.

Similarly, the potential of artificial intelligence (AI) is just beginning to unfold. Its generative capabilities are particularly exciting, and it’s poised to significantly impact how we process information. In the same way we engage specialized consultants today, AI will increasingly play a role in how we identify areas that need closer scrutiny. It has the potential to assist with disaster scenario simulation, stress-testing plans and predicting likely risks.

Guiding the Next Generation: As we acknowledge the industry’s rising stars, what guidance can you offer them to become catalysts for positive change?

To truly excel, it’s crucial to be proactive and insightful. Catalysts spot opportunities for improvement, connect the dots, and develop actionable strategies. Take a critical look at your role, become an expert in it, and propose ways to enhance performance or make a greater impact. Approach problems from different perspectives and aim to prevent future issues, not just address the immediate ones. Maintaining an open dialogue with peers and supervisors can help create comprehensive plans and integrate different aspects of the organization or industry into your solutions.

Rising stars also need a strong, reliable business network. I encourage them to join an organization like CREW Network that offers valuable networking and professional development opportunities. In addition, I strongly encourage companies to invest in rising stars’ leadership development—especially women, who are more likely to face barriers to advancement. Walk your talk by sponsoring them and supporting their professional development and engagement in organizations such as CREW Network.

Click here to see the full Inspiring Leaders in Our Changing Industry series.