Onay Payne 

Manulife Investment’s Onay Payne views sustainable commercial real estate investing as a way to identify and manage risks — but that doesn’t mean she shies away from pushing the envelope. 

“I’m excited about the opportunity for change,” she said. “Status quo is not personally or professionally interesting to me.”

Embracing that spirit of change, Payne had a whirlwind of a year. She worked at real estate investment firm Lafayette Square before starting at Manulife in August as a member of the company’s new global real estate leadership team. She heads Manulife’s impact platform, which is largely focused on ESG as a smart investment strategy. 

Within the impact framework, Payne addresses both climate and socioeconomic changes. On the environmental side, Manulife is looking to structure the majority of its portfolio with decarbonization plans by the end of 2024. Decarbonizing assets can improve energy efficiency, increase revenue and translate into higher values over time, said Payne. 

When it comes to housing, she expresses equal passion for investments that support equitable outcomes. Affordability in the United States is at an all-time low, which means there are opportunities to invest more inclusively, as well as to invest in places with economic potential and demand, said Payne. 

Her strategy, therefore, is holistic in considering community needs, particularly in exurban, transit-oriented micro-markets in proximity to major employment nodes. In addition to middle- and mixed-income housing, Payne focuses on all aspects of thriving communities, such as grocery-anchored, community-serving retail centers. 

Investments, however, need to make sense not only from a moral perspective but also from a business one. Payne articulates this economic value to investors, who have been prompted by national and local disclosure regulations to consider sustainability with greater intention. 

“We’re not looking to make philanthropic investments within this bucket of Manulife Investment Management,” said Payne. “We are returns-driven investors, and, from a returns-driven perspective, we see the opportunity to invest in a way that yields positive environmental and social outcomes alongside attractive market-rate returns.”