Rael Diamond talks commercial real estate and career success 

By Marielo Siliona – Contributor

Last month, on Oct. 31, 2023, Bishop’s Real Estate Club (BREC) hosted its inaugural event on campus featuring Rael Diamond, CEO of Choice Properties, Canada’s largest real estate investment trust. Focused on the ownership of commercial real estate with an enterprise value of approximately $16 billion, Choice Properties boasts the largest retail portfolio in Canada and is headquartered in Toronto, ON. 

Speaker background 

Diamond, originally from South Africa, immigrated to Canada at the age of 18 and earned his bachelor’s degree in accounting at York University. His interest in accounting was kindled during his youth in South Africa, where he noted: “In South Africa, the best general business degree is a chartered accountant degree.” After a stint at Deloitte and later joining Brookfield Asset Management, he assumed the role of CFO at the Canadian Real Estate Investment Trust in 2012. Diamond progressed to become Chief Operation Officer in 2015 and is presently the CEO of Choice Properties. 

Why commercial real estate? 

Connor Von Teichman, a fourth-year BBA student and event organizer, posed the opening question: why should young individuals pursue a career in commercial real estate? Diamond responded, emphasizing the importance of pursuing one’s interests and highlighted his trajectory from accounting to real estate, one of the country’s largest asset classes. 

Passion for real estate 

When asked about his passion for real estate, Diamond underscored the long-term durable cash flow from owning real estate assets. He also discussed the flexibility and gratification derived from providing diverse individuals with places to live, work and shop, to name a few. Additionally, he shared insights about cultivating passion through hard work. 

Adoption of technology in real estate 

Discussing the impact of technology on real estate, especially artificial intelligence (AI), Diamond acknowledged the industry’s evolution and the use of AI in architectural work. Expressing concerns about job displacement due to AI advancements, he referred to AI as “the factory of the future”. Diamond also highlighted the energy demands of data centers, pointing out that many data centers may not be built in Canada due to insufficient power infrastructure.  

Career tips for students interested in real estate and advice for success 

With the growing interest in real estate among students, Diamond provided valuable insights for aspiring professionals. Emphasizing the importance of working with mentors who support and encourage growth, he outlined key ingredients for success: hard work, intelligence and honesty. 

Speaker events like these can contribute significantly to students’ professional development by offering career advice from experienced professionals and addressing topics of interest. The Bishop’s University Real Estate Club says they received positive feedback for hosting Diamond.