After decades under one president, the Building Owners and Managers Association (BOMA) has changed leadership. Mary Lue Peck, the former senior vice president of BOMA, is now president and CEO of the most storied association in commercial real estate.
We took this as an opportunity to talk to her about her experience in the industry, where BOMA stands today, where it’s going and how it’s going to operate. Change can be challenging, but you wouldn’t know it by talking with her. Down to earth and accessible, Mary Lue Peck brings a winning combination of joy and expertise to her leadership role. Check out our full interview below.
Background in commercial
Interviewer: What’s your background in commercial real estate, and what led you to your current position?
Mary Lue: I’ve been with the Building Owners and Managers Association (BOMA) for the past three years, and during that time, I’ve gained a deep understanding of our members, their businesses and the issues they face. This has come from engaging with members through conversations, attending industry conferences and participating in our own meetings and events.
My background is rooted in leading not-for-profit associations like BOMA. Before this role, I served as the CEO of the National Speakers Association for just over three years. Prior to that, I was the Chief Content and Engagement Officer at the Institute for Supply Management (ISM). ISM has some similarities to BOMA. For example, ISM is globally recognized for its “Report on Business,” which impacts the stock market monthly through the PMI and NMI indices.
At ISM, I oversaw products from ideation to go-to-market strategies, including sales, marketing, public relations, education and events. We had over 50,000 members in 90 countries and a federated structure with 200 local associations. That experience prepared me well for my work at BOMA, which also operates as a federated association with 81 local U.S. associations and 19 international affiliates. Together, we represent 20,000 members domestically and many more through our global network.
In my SVP role, I was focused on addressing issues that matter most to the commercial real estate industry, such as advocacy, emerging challenges and supporting growth and success in the field. In my new role of President and CEO, I’m excited to continue working with professionals across the industry.
Succession planning
Interviewer: You were Senior Vice President for three years. Was your SVP position part of a succession plan?
Mary Lue: Henry Chamberlain was here for 39 years, with 23 years as President and CEO. He knew he was going to retire, and the plan for a potential succession came up during my interview process. We treated it like a trial period — I got to try out the role, and they got to evaluate me.
That said, there were no guarantees. I still had to earn it and go through the formal interview process like anyone else. The difference was that I had the privilege of working closely with Henry. He mentored me and helped me prepare for this role, which was invaluable. Henry is a legend in the commercial real estate world as well as the nonprofit association industry. Learning from him set me up for success in a way I’ve never experienced before.
Why BOMA stands out
Interviewer: What makes BOMA stand out in commercial property management?
Mary Lue: BOMA stands out because of its rich history and unmatched network within the commercial real estate industry. We’re one of the oldest associations dedicated to commercial real estate.
Our federated structure means we’re deeply connected to local markets, addressing the unique needs of each region through our local associations. Our members represent all asset classes: office, industrial, medical, government and educational buildings. That diversity makes us a comprehensive resource for professionals in this field.
What truly sets us apart is our commitment to providing targeted opportunities. Our programs, editorial content, products and services are informed by the collective knowledge of our members, all of whom are leaders in property management. We are an association “for members, by members.” That depth of experience is what makes us an invaluable partner in driving excellence in this field.
New to BOMA? Here’s what to expect
Interviewer: If someone joins BOMA, what kind of resources are available to them?
Mary Lue: New members can expect to find a welcoming community of professionals who are genuinely invested in their success. The connections they make — both personal and professional — will be invaluable throughout their careers. To get the most of their membership, they should engage with local networking opportunities through our local associations. They should also attend BOMA events.
As far as education, we offer tailored resources for different career stages and roles. For example, property managers, building engineers and owners all have unique needs, and we ensure they have access to resources that align with their goals.
Our career-advancing programs, including BOMA’s professional credentials, are available online. Some local associations also offer in-person training. Events like our conferences provide not only education but also invaluable networking opportunities.
Members can further develop leadership skills by participating in local committees, accessing educational opportunities and attending networking events. They also receive special pricing on BOMA events, and starting in 2025, they’ll get discounted rates on courses and professional credentials.
The BOMA community is supportive and collaborative, and members find that they’re part of something much bigger than themselves. What excites me most about BOMA is our members. They are kind, intelligent and incredibly passionate about the commercial real estate industry.
Why is BOMA exciting?
Interviewer: What excites you most when you get to talk about BOMA?
Mary Lue: I’m passionate about how this industry directly impacts the U.S. economy. For instance, BOMA’s economic impact study shows that every dollar invested in managing office buildings generates $1.90 for the U.S. economy. That’s nearly a two-to-one return, which is remarkable, especially during challenging times like the pandemic.
This industry also creates jobs. For every job in property management, two to three additional jobs are created in local businesses like restaurants and coffee shops. Often, these are small businesses, and the ripple effect from property management is significant.
A quick look back
Interviewer: In his 2021 interview with us, Henry Chamberlain said professional property managers are going to be more in demand given tenants’ increased expectations for services. Has that turned out to be true?
Mary Lue: Absolutely. The demand for skilled property managers has grown. According to the Bureau of Labor Statistics, the property management profession is projected to grow by 3% through 2032.
At BOMA, we’ve seen a generational shift in membership. Where Baby Boomers once dominated, there is now a significant presence of Gen X and Millennials. This reflects broader trends of retirements and the need to fill those roles with younger professionals.
Tenants’ expectations have also evolved. They want seamless customer service, tenant-focused technology and clear, consistent communication — not just about their building but also their community. Property managers today have to meet these heightened expectations and increased demand for highly capable professionals.
Generational changes
Interviewer: What’s shifted when it’s come to creating and maintaining a healthy work environment for the next generation?
Mary Lue: Some of the changes we’ve seen transcend specific industries. For example, there’s a growing focus on purpose. Employees, especially younger generations, want to feel that their work is meaningful — not just for the company but also for the community and the world at large.
This means companies need to clearly articulate their vision and connect employees to that larger purpose. Sustainability, diversity, equity and inclusion are all part of this. Younger professionals are incredibly values driven. I’ve mentored many who’ve turned down lucrative job offers simply because the company’s values didn’t align with their own.
Flexibility is another big shift. Today’s workforce doesn’t want to be evaluated based on hours in the office but on outcomes. Employers need to provide clear expectations and allow employees to find their own path to achieving results. Measuring based on presence rather than performance is outdated and won’t attract or retain talent.
Investment in professional growth is also essential. Employees want their companies to pay for memberships, training and development opportunities. For instance, I’ve heard stories of young professionals leaving jobs because their employers didn’t support their participation in BOMA committees or wouldn’t fund conference attendance. These decisions might seem minor to employers but can signal a lack of investment in employees, which can lead to turnover.
COVID accelerated some of these trends, particularly the emphasis on work-life balance. Employees expect to learn and grow during work hours, not on their personal time, which represents another shift from previous generations.
Retaining talent
Interviewer: What should businesses do to build their team and retain current talent?
Mary Lue: We all know it’s much more expensive to recruit and train new employees than to retain existing ones. That said, the traditional model of employees staying with one company for 30 years is becoming less common.
Instead of trying to hold on to employees indefinitely, companies should focus on supporting their growth while they’re with you. My role as a leader is to help my team reach the next level of their careers. If that level isn’t at my company, I still celebrate their progress. That creates a culture where employees feel valued and want to stay longer.
Today, companies are in a war for talent. To retain talent, organizations need to adapt their culture and highlight the benefits of working there. Younger workers bring tremendous energy, innovation and fresh perspectives. Companies need to celebrate and promote that value internally and externally.
It’s also important to listen to employees. Instead of assuming you know what will keep them engaged, ask them directly. For example, what attracted them to your company? What’s making them stay? These insights can help shape your retention strategies.
The “war for talent”
Interviewer: You mentioned there’s a “war for talent.” How could we lose it?
May Lue: We could lose the war for talent by failing to adapt to how today’s workforce wants to work. The next generation of workers values flexibility, whether that’s hybrid work, virtual work or some other form of work-life balance. For jobs that can’t be remote, it’s about finding creative ways to accommodate and engage employees.
If companies insist on outdated approaches, like requiring everyone to be in the office five days a week without providing a compelling reason or added value, they’ll struggle to attract and retain talent.
On the technology side, commercial real estate has historically been slower to adopt new tools. Today’s workforce expects modern technology, including AI, to streamline their work. If companies don’t invest in technology, they’ll fall behind, not just in productivity, but in attracting skilled professionals who expect their employers to embrace innovation.
Companies that fail to address these shifts risk not only losing current employees but also becoming irrelevant to the next generation of talent.
Artificial intelligence in commercial real estate
Interviewer: What role will AI have in commercial real estate over the next five years?
Mary Lue: AI is already transforming commercial real estate, and its role will only grow in the coming years.
Right now, AI is being integrated into energy management systems to enable smarter energy usage, reduce carbon footprints and meet sustainability mandates. It’s also analyzing sensor data to optimize building performance, helping property managers understand how and when buildings are used.
AI is even stepping into customer service roles, handling tenant inquiries and addressing staffing shortages.
Over the next five years, I think we’ll see even more adoption of AI-driven solutions, particularly as part of the broader proptech movement. Amy Webb, CEO of Future Today Institute, describes this as part of a technology super-cycle driven by the convergence of AI, biotech and the Internet of Things.
One exciting development will be the use of digital twins, virtual models of buildings that allow property managers to test strategies for decarbonization, simulate natural disasters and optimize interior designs. These tools could fundamentally change how we operate and manage spaces.
The companies adopting AI today will have a substantial advantage in three to five years. Those who wait risk falling behind, as the pace of technological change is exponential.
Representation in leadership
Interviewer: Are you part of a movement where women have more opportunities in leadership, or do you feel like an exception?
Mary Lue: I’m definitely part of a new rule. Look at BOMA’s leadership. Our current chair, Manuel Moreno, is our first Latinx chair. At the BOMA International Conference and Expo in June, Luci Smith will be sworn in as Chair, marking our third female leader of BOMA International. The following year, Kjersten Jaeb will be sworn in as Chair.
Henry Chamberlain has said that when he first started nearly 40 years ago, the membership was about 80% male. Now, we’re slightly more female than male. That shift reflects the broader trend of opening doors for women in commercial real estate and property management.
This transformation happened because the industry began recognizing the need to diversify its talent pool. Once women entered the field, they became examples for others, showing that this is a rewarding and viable career path. That’s created a snowball effect, with more women entering and excelling in the industry.
The progress we’ve made so far is significant, but we still need to see more women in leadership positions at companies. I think any woman my age has had experiences of needing to fight for their place. But when I think about what my mother faced — she was a pipefitter in the 1980s — her challenges were far greater than mine.
Each generation has paved the way for the next. I wouldn’t be where I am today without the women who came before me, just as I hope to make things better for the generations that follow.
Some things still need work. For example, the gender pay gap hasn’t moved much over decades. But now, with greater transparency, employees are sharing salary information. This openness is forcing companies to address disparities, not just for the underpaid workers but because entire teams expect fairness.
I’m hopeful that the next generation will experience a more level playing field. And the more we normalize these conversations, the more progress we’ll see.
BOMA’s legacy
Interviewer: How do you carry on BOMA’s legacy while also moving the association forward?
Mary Lue: One of the most important things I’ve learned is that I can’t try to be Henry. He and I have different strengths, and that’s okay. I’ve leaned into my own strengths and built a team to complement areas where I’m not as strong.
BOMA’s legacy is built on innovation and adaptability. Over the years, we’ve led the industry through significant changes while staying true to our mission of advancing a vibrant commercial real estate industry through advocacy, influence and knowledge. Our vision is to be the trusted partner that maximizes value for professionals, organizations and assets. This is what keeps us focused on what matters most.
As the oldest commercial real estate association, we have the unique advantage of combining deep experience with a forward-looking approach. Our highly engaged members are our secret sauce — they love BOMA, and we love them!
Moving forward, we’re adapting our educational initiatives to meet the needs of today’s learners. We’re increasing the use of video because we know today’s audience prefers it over long text. That said, we’re not abandoning long-form content entirely — it’s still critical for deep dives into research or new topics. At the same time, we’re offering shorter online courses that are easier to consume in one sitting. We’re also introducing digital badges so members can display their progress.
While we honor our history, we’re laser-focused on the future. We’re ready to inform, educate, advocate and collaborate to shape the commercial real estate industry for the next century and beyond.
The road ahead
Interviewer: What is the biggest change you see coming for commercial real estate?
Mary Lue: The industry is on the brink of significant transformation. First, there’s a generational shift happening. Younger generations are stepping into roles previously held by Baby Boomers. This new workforce brings different values and management styles, which are reshaping workplace dynamics.
Second, emerging technologies like AI and proptech are fundamentally changing building operations. To stay competitive, companies need to embrace these tools and use them to optimize performance, meet sustainability goals and enhance tenant experiences.
Finally, there’s a renewed sense of optimism in the industry. A recent Deloitte survey found that 88% of real estate owners and investors anticipate positive revenue trends by the end of 2025.
If we can successfully reimagine downtown areas and create spaces that draw tenants back, we have a tremendous opportunity to not only recover but to bolster our role as a cornerstone of the national and global economy.
That said, talent management will remain critical. With many experienced professionals nearing retirement, we need to attract and develop young talent quickly. But we’re also promoting talent faster than ever, which means these individuals may not have the years of experience we used to expect. That’s where BOMA’s education, training and mentorship programs will play a crucial role.
BOMA & Yardi
Interviewer: Yardi often collaborates with BOMA on research. Are there any initiatives or opportunities you’re particularly excited about?
Mary Lue: Yes! Yardi has been a tremendous partner for BOMA, and we’re always looking for ways to work together.
For example, we collaborated on our COVID impact studies, which are still referenced today. Yardi also supported our economic impact study, which highlights the commercial real estate industry’s contribution to the U.S. economy. We’re planning to update that study again, and Yardi’s tenant data will be critical for this next iteration.
One of Yardi’s recent innovations, which Anant spoke about at our National Advisory Council, involves creating a marketplace app for coworking spaces. His vision is to make it the “Amazon of coworking,” allowing users to find spaces wherever they’re traveling. I think that’s incredibly forward-thinking and aligns with how coworking will be a growing part of the commercial real estate.
On a personal note …
Interviewer: There’s this really interesting triangle-shaped tattoo on your wrist. What does it represent, and how does it reflect your values?
Mary Lue: That’s an interesting question. My husband is very artistic — he has sleeves and all kinds of tattoos. I always wanted one but couldn’t decide on something I’d love forever.
During the pandemic, like many people, I went through a period of personal transformation. It was a chance to reassess my values and priorities. I realized that in the past, my family often came last. I missed weddings, funerals and precious time with loved ones because I was so focused on work. COVID reminded me of what’s truly important.
The tattoo represents an abundance mindset: I believe there’s more than enough for everyone. It’s a reminder to live with gratitude and not get caught up in the scarcity mindset that’s often reflected in corporate culture. Many strategy books focus on zero-sum thinking, but I believe we can create a bigger pie for everyone to share.
