With over 12 years of experience, a Harvard Business School education, and a reputation for innovative strategies and client-first consulting, Katya Shabanova has earned her place as SIOR Canada Central Chapter's 2024 Office Broker of the Year. In this exclusive interview, Katya shares her journey from a math-loving university graduate to a top-performing broker and mentor. She opens up about the mentors who shaped her career, playing up her strengths in a traditionally male-dominated industry, and her unique approach to building client relationships that go beyond transactions. Read more for Katya’s insights, a masterclass in adaptability, accountability, and growth.
SIOR Canada: What’s your story, and how did you get into commercial real estate (CRE)?
Katya Shabanova: I started right out of university, graduating from Western. At the time, I was trying to decide between commercial real estate and investment banking. I’ve always been a math nerd—I love math, statistics, accounting, and calculus. Not the most popular subjects, but they’ve always been my thing.
I grew up in a family involved in real estate in Russia, but I didn’t know anyone in Canada in the industry. I thought, “Why not give it a shot?” I knew a little about real estate, so I started at Cushman & Wakefield on the support side, working in research and analysis. Timing played a big role. I was lucky enough to partner with my current partner, George Tedder. At the time, he was working with someone else, but their contract ended, and my manager suggested I talk to him. I was brand new to the business and didn’t know who George was, which shocked my manager.
George and I went for coffee. I was very shy—still a fairly new immigrant—and I think he thought I might be too shy for the business. He wasn’t too pumped about working with me, and honestly, I wasn’t sure about him either. I had other offers in banking and hedge funds and was about to leave the industry.
But I decided to give it one more shot. I reached out to George a few times, and he ignored me. Finally, I sent him an email that said, “Hi George, what on Earth is it going to take for me to get this job?” He came by my desk and said, “You’re hired.” I was shocked. He told me he needed to see the hunger and the spark, and I guess I showed it.
We’ve been partners ever since—about 12 years now. I started as his associate, and over time, we’ve grown into a real partnership. We’ve built a team and continue to grow. That’s how I got into real estate—realizing you have to be a little hungry and show some teeth.
In an unstable market, clients can sense whether you’re there to close a deal or to genuinely help them.
SIOR Canada: Are strong personality traits valued in this industry, given its highly social nature?
Katya Shabanova: Personality is important, but people can carve out different niches in this industry. Some are very analytical and introverted but still successful because their clients respect that. Others are extremely social and outsource a lot of the research work, focusing on networking and negotiation. Both can be very successful.
For me, it’s always been about relationships coming before transactions. Our team sees ourselves more as consultants than brokers. We hold our clients’ hands through the process. During COVID, for example, we did a lot of work pro bono because clients needed support and guidance during such uncertain times. Our niche is being consultants—cross-country, cross-border, and cross-industry consultants.
SIOR Canada: What tipped you more toward commercial real estate versus investment banking?
Katya Shabanova: The social aspect was important to me, but there’s also something very tangible about real estate compared to the stock market. When I graduated, I thought real estate seemed more stable and recession-proof.
SIOR Canada: What key factors do you believe contributed to your success in last year’s market conditions?
Katya Shabanova: Three things stand out. First, the consulting approach I mentioned earlier—putting relationships before transactions. In an unstable market, clients can sense whether you’re there to close a deal or to genuinely help them. Sometimes, we’d advise clients to delay a transaction because it wasn’t the right time. Not many brokers do that.
Second, accountability. In an uncertain market, taking responsibility for your advice and actions is crucial. We’re there with our clients from A to Z, beyond the typical broker role—through signing the lease and even into project management. That continuity gives clients peace of mind.
Third, innovation. It might sound cheesy, but not settling for the typical approach is key. During COVID and the last few years, many would reuse the same presentation decks with just a new logo. We focused on tailoring our approach to each client’s unique needs, thinking outside the box. That’s how we’ve managed to grow our market share—by adopting a “one size fits one” approach instead of “one size fits all.”
Being different—whether it’s being a woman, younger, or both—can be a big advantage if you position it right. When you walk into a pitch and you’re not just another guy in a blue suit, it stands out.
SIOR Canada: When you talk about being innovative, are you referring to strategy, technology, or something else?
Katya Shabanova: Mostly strategy and how we approach clients. When pitching, many focus on why they’re amazing and should win the business. We tailor our pitch to the client’s specific needs, coming up with unique strategies. It could be a creative way to approach a landlord, a different way to analyze their data, or even a unique clause in negotiations.
The strategy side is where we focus most of our creativity, but we aim to innovate and improve throughout the entire process.
SIOR Canada: Who are your biggest inspirations and helpers in the industry?
Katya Shabanova: My partner, George, has been a huge mentor for me. He’s shaped how I approach business. Another big influence early in my career was Chuck Scott, the former CEO of Cushman & Wakefield. He helped shape our strategic approach to business. Those two have been the most influential for me.
SIOR Canada: As a woman in the industry, do you think there are special hurdles you’ve had to push through?
Katya Shabanova: This might be an unpopular opinion, but I actually think being a woman in this industry is an asset. Sure, there are challenges—the industry is still a bit of a boys club, while our clients are becoming increasingly diverse—in terms of background, gender, age, and more. Clients want to work with people who reflect them, and we don’t always do that.
Being different—whether it’s being a woman, younger, or both—can be a big advantage if you position it right. When you walk into a pitch and you’re not just another guy in a blue suit, it stands out. Of course, you have to build a reputation, and there’s a fine line between being assertive and being perceived as too aggressive. You have to be careful about how you build your character. Overall, I’d say there are pros and cons, but right now, the pros outweigh the cons.
Third, always look in the mirror if something isn’t working. Early in my career, I was told, “If something’s not going your way, check the premises and look in the mirror.” Most of the time, you can change the situation by adjusting your approach.
SIOR Canada: What advantages do you think younger professionals have in the industry?
Katya Shabanova: Younger professionals tend to be more innovative, especially with technology. Right now, AI is a big topic, and younger people often speak that language more fluently. If your clients are younger, that’s a huge advantage.
There’s also the energy and drive that comes with being younger. I’m not necessarily talking about fresh graduates, but mid-level professionals who are still high-energy, know the trends, and can connect with clients on things like travel, brands, or other interests.
In this industry, you have to be a bit of a chameleon. With traditional clients, you might focus on financial statements or conservative strategies. With a tech client, the conversation is completely different. Being agile and adaptable is key, and I think younger professionals often excel at that.
SIOR Canada: What advice would you give to young professionals or up-and-coming brokers looking to break into the industry or your asset class?
Katya Shabanova: First, it’s important to find the right fit for the team when pitching business. If you’re pitching to clients like bankers or wealth managers, bring a senior team member with experience. If you’re pitching to a tech company, bring a diverse team that understands their market and culture. You have to match the client’s needs and speak their language.
Second, be hungry. There are opportunities in both up and down markets, but I think there are more opportunities in down markets because people get discouraged, and the competition shrinks.
Third, always look in the mirror if something isn’t working. Early in my career, I was told, “If something’s not going your way, check the premises and look in the mirror.” Most of the time, you can change the situation by adjusting your approach.
Finally, transparency is crucial—not just with clients but with colleagues too. Never lie, but go beyond that. Be honest about what’s best for the client, even if it doesn’t immediately benefit you. That builds trust and loyalty.
SIOR Canada: What are your goals for 2025?
Katya Shabanova: I’d like to run a marathon. I’m training for one right now, so that’s a fun goal. On the business side, we want to grow our team and expand our business both vertically and horizontally. We’re looking to be more proactive with existing clients and attract new clients in different sub-industries.
I’m optimistic about 2025. I think there will be a lot of activity across the industry, and our goal is to stay relevant and ahead of the pack. Of course, external factors like interest rates and tariffs could impact things, but we’ll adapt and keep moving forward.
Katya Shabanova’s journey is a testament to the power of innovation, accountability, and client-focused leadership in commercial real estate. Ready to hear more inspiring stories? Explore our other SIOR Spotlights and discover the leaders shaping the future of the industry.
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