Robert Orban, CEO, Cresa
Cresa CEO Robert Orban has witnessed an evolving commercial real estate landscape in Miami, with rising rents impacting occupiers and shifting tenant demand — leading to greater uncertainty in the market. “This disruption is pushing many tenants to seriously consider relocating, something they might not have done in a more stable market,” he told Invest:.
What have been the most significant milestones for Cresa in Miami or South Florida over the last year?
Our continued success in representing tenants in the local office and industrial markets. We’ve worked with law firms, financial services firms, the University of Miami, Baptist Health System, and other major organizations. Our ability to support these tenants in securing the right space has been a key milestone for us.
What trends are you currently seeing in the commercial real estate sector, particularly regarding office space utilization and workplace strategies?
The trend toward flexibility in the design of office space is still present but has waned somewhat. What we are experiencing now is a strong demand for private office layouts. Companies still want some level of flexibility, but privacy is becoming a bigger priority.
Remote work is diminishing, which is evident from the increased traffic in and out of Downtown and Brickell. Miami remains attractive to out-of-market tenants from the Northeast, California, and Illinois — particularly Chicago. However, this migration has slowed compared to the peak seen during the early and mid-COVID periods.
What industries do you see driving growth in occupier demand? Or is it more spread out across various sectors?
It’s across the board, but we’re seeing particularly strong demand from the legal and financial services sectors. Several major law firms have opened offices in Miami for the first time. In financial services, firms from places like Connecticut and New York are establishing a presence here. In some cases, they’re starting small — just a handful of employees — but they are putting down roots and making long-term commitments to the market.
How does Cresa help businesses navigate economic uncertainties? What strategies do you have in place to help tenants manage potential headwinds or disruptions?
We focus on creating leverage in a competitive environment for tenants leasing office or industrial space by providing them with multiple options and preparing financial analyses for those options.
We also offer project management services for construction or interior renovations, ensuring that the process is handled smoothly by our in-house personnel. Additionally, we provide move management services to help with the logistics of relocating, which is a critical part of the office acquisition process.
How do you leverage technology and innovation to provide strategic insights for occupiers?
We have proprietary software called Bluechip Insights that allows us to analyze workforce data. If a company is looking to hire certain employee types — like programmers or accountants — we can identify where those talent pools are located.
Additionally, we use the software for commute analysis. If an employer provides us with the addresses of their employees, the software generates a hotspot map that helps determine the most convenient office location for the entire workforce.
What opportunities do you see for companies looking to optimize their portfolios in today’s market?
Prices are up — there’s no doubt about that. Rent increases are driving property values higher. Miami is a challenging market to invest in because it’s highly competitive. Whether it’s multifamily properties, shopping centers, or office buildings, there’s always a strong pool of potential buyers.
This is due in part to weaker performance in other parts of the country. Investors are drawn to South Florida because they can often achieve more predictable returns here compared to other regions.
What are Cresa’s top priorities and goals for the next couple of years, both in Miami and across its broader markets?
We’re focused on growth. Over the past two years, we’ve added five new team members, and we’re continuing to develop young professionals as the industry evolves.
Mentorship is a big part of what we do. Our senior team members are in the office, providing constant guidance and training to help young professionals succeed. One of our core values is effective communication — ensuring that clients and prospects fully understand the services we provide and the path to achieving their goals.
Demand for our services remains strong due to the aforementioned market disruption. When our team reaches out to businesses and says, “We understand your lease is expiring in the next couple of years — would you like to have a discussion about the Miami office market?” We find that people are very receptive to engaging in that conversation.
How are current market dynamics shaping the outlook for office and industrial space in Miami, and what challenges or opportunities do you see ahead?
It’s a challenging time for occupiers of office and industrial space. Rents have essentially doubled over the past few years, and they’re continuing to rise. That’s driving up prices for office buildings as landlords project even higher rents in the future.
For example, we’re working with a multinational insurance company for space on Brickell, and we’re seeing quotes in numerous buildings well over $100 per square foot. That’s uncharted territory for Miami.
There was a lot of talk about Miami becoming a major tech hub, but that hasn’t quite materialized at the scale some had predicted. Meanwhile, affordability remains a challenge — especially for young professionals. Office rents are expensive, and housing costs are even worse.
