The REIT industry is at an inflection point. As macroeconomic challenges — from interest rate volatility to rising operational costs — reshape the commercial real estate landscape, the importance of having the right leaders in the right roles for your organization has never been greater. With CEO transitions in REITs expected to accelerate over the next five years, boards face a critical decision: When does it make sense to promote from within versus hiring externally?

This question is not unique to REITs. Recent high-profile CEO transitions at Starbucks, Nike, Ross Stores and Estée Lauder reveal broader trends across corporate America. Corporate boards are increasingly grappling with balancing continuity and fresh perspectives, particularly during periods of economic uncertainty.

Generational shift in REIT leadership

The REIT sector is entering a new era of leadership transitions. Historically, the industry has seen an average of seven CEO