The Ethical Power of Real Estate: John Coe Mentors the Next Generation

“Instead of trying to manipulate people, we should approach business differently and ethically. What brings out the best in people? Be considerate, be kind, give back, be loyal,” says John Coe, host of the Icons of DC Area Real Estate podcast and founder of the nonprofit Iconic Journey in CRE.

After 46 years in commercial real estate, spanning institutional lending, brokerage and mortgage banking, Coe decided six years ago to pivot from doing deals to giving back. His mission: mentoring the next generation of real estate professionals through a unique blend of wisdom, ethical leadership and practical career guidance.

From Deals to Development: A Career Shift Toward Mentorship

Coe’s journey into mentorship began organically. After 16 years as a mentor with the Urban Land Institute (ULI), he recognized the impact he could have on young professionals. In 2019, he launched the Icons of DC Area Real Estate podcast, which has now grown to 134 episodes featuring in-depth conversations with the region’s most influential real estate figures.

“I do monthly events, either in-person tours or ‘Ask Me Anything’ sessions,” Coe explains. “It functions primarily as a mentorship and educational group.”

In 2021, he formalized his efforts by establishing the Iconic Journey in CRE, a nonprofit organization that now boasts 45 paying members. The community, built on the Mighty Networks platform, serves as an ecosystem connecting established industry veterans with emerging talent.

Reframing Power Through an Ethical Lens

Recently, Coe launched a blog that distills the wisdom from his extensive interviews into actionable insights. His current series takes an innovative approach to Robert Greene’s controversial bestseller “The 48 Laws of Power.”

“I took that book and reframed it,” Coe explains. “Instead of looking at it from a Machiavellian power standpoint, I examine it from an ethical perspective.”

This 50-week blog series transforms Greene’s often cynical laws into ethical principles for real estate professionals. One example Coe shares is “loyalty over leverage” choosing relationship-building over manipulation.

“Power doesn’t have to be about manipulation,” Coe emphasizes. “In real estate, sustainable success comes from ethical leadership and genuine relationships.”

Weathering Volatility: Lessons for Young Professionals

For Coe, one of the most important lessons he imparts to mentees is how to navigate the inherent volatility of real estate.

“Understand that we’re in a very volatile business,” he advises. “How do you internally weather it? You need to think through the long term. Always think long. Don’t think short.”

Drawing from his decades of experience, Coe has witnessed numerous market crises from the 2008 global financial crisis to 9/11 to the recent pandemic.

“I look back in my business career, and there are probably five or six moments when you thought the world was coming to an end,” he reflects. “But you have to remember that life is long… we’re going to be okay.”

This long-term perspective forms the foundation of Coe’s mentorship approach. He has developed a structured curriculum that includes having mentees take the Gallup StrengthsFinder assessment and create rolling three-year career plans with six-month updates.

He also emphasizes Charlie Munger’s concept of “inversion” avoiding mistakes rather than just pursuing success. “One of my favorite quotes of Charlie Munger’s is, ‘Tell me where I’m going to die so I won’t go there,’ which perfectly illustrates the inversion process,” Coe says.

The Washington DC Market: Evolution and Opportunity

When discussing the current state of the DC commercial real estate market, Coe offers a nuanced perspective based on his conversations with local developers. He estimates that “less than 10% of the buildings in downtown Washington would adapt well to redevelopment,” citing challenges with light, window lines, floor plates, and conversion costs.

Despite office vacancy rates north of 25%, Coe sees bright spots in the market. “Trophy buildings are doing quite well,” he notes, pointing to Boston Properties’ success with high-end office developments. “They’re currently redeveloping an asset they purchased at a significantly discounted price, and they secured a law firm willing to pay above market rates on a pre-lease basis.”

He shares insights from recent podcast guests like Oliver Carr, who is demolishing office buildings in Virginia to build new residential developments, and Owen Billman of Blake Real Estate, who envisions redeveloping an entire downtown block into a mixed-use project when tenant occupancy reaches the right threshold.

The Future of DC: Human Connection and Public Spaces

For the evolution of downtown DC, Coe emphasizes the importance of reimagining public spaces. Based on conversations with Owen Billman (chair of the Golden Triangle Business Improvement District) and Jordan Goldstein of Gensler, he believes animation and experiential elements in public squares will be crucial to drawing people back to the city center.

“People work hybrid now… maybe 60% back to the office,” Coe observes. “So what motivates people to come in? What’s important?”

The answer, according to Coe’s interviews, is human connection. “They want to connect. They want to physically be together. That’s how you collaborate and work effectively. People get bored online. They prefer being present with others.”

Looking ahead, Coe sees significant potential in the intersection of real estate, technology, and DC’s unique assets. He points to the region’s educational strengths “the highest number of PhDs in the country” and “at least six world-class universities” as foundations for future growth.

With Virginia Tech’s new billion-dollar campus near Amazon’s HQ2 and initiatives like Station DC (a tech incubator leveraging Washington’s strengths in government, real estate, and technology), Coe believes the city is positioned for innovation-driven development.

Paying It Forward

For John Coe, the future of real estate lies not just in buildings and developments, but in the people who will shape the industry for decades to come. Through his podcast, nonprofit organization, and mentorship efforts, he’s creating a legacy that extends far beyond any single transaction or project.

“I’m always open to donations to support our mission,” Coe says, “of paying it forward to the next generation and building the right ecosystem for our industry’s future.”

Those interested in joining Coe’s community can visit ijcre.org, listen to the Icons of DC Area Real Estate podcast on Apple and Spotify, or read his blog for insights drawn from his extensive conversations with industry leaders.