Cresa Beats 2014 Volume in First Quarter

MIAMI—If there's any question how strong is the demand for a commercial real estate brokerage that caters to tenants only, look no further than Cresa South Florida. The firm's growth should cause the local industry to stand up and take notice.

Cresa South Florida completed lease transactions totaling 454,819 square feet in the first four months of 2015 valued at $70.258 million. Actually, the firm beat its 2014 totals in the first quarter of this year.

Cresa closed 45 office and industrial leases in the first four months of 2015, representing a diverse client base. For example, Cresa worked with premier financial institutions like Wells Fargo, healthcare organizations like Miami Children's Hospital, professional service firms, technology companies, and others in deals across South Florida markets. The firm also expanded its footprint beyond this region to do deals as far north as Orlando and as far west as Naples.

“We saw strong momentum from tenants in various sectors in the first quarter,” John Marshall, managing principal at Cresa, tells GlobeSt.com. “Miami's industrial market continues to hit on all cylinders and, without new construction, the office market continues its recovery. From Coral Gables to Downtown Miami and the Biscayne Corridor to Miami Beach, we're negotiating attractive leases for companies with our tenants-only approach to the market.”

Here's a breakdown: Cresa completed five office deals in Coral Gables, a Miami submarket that has seen plenty of traction in recent quarters. Law firm Hamilton & Miller PA, REC Health Management, and Catalyst Pharmaceuticals were among the companies Cresa helped find Coral Gables office space.

Downtown Miami and Brickell also won new leases. Wells Fargo completed a sublease there, while Law firm Rennert Vogel Mandler & Rodriguez and global travel search engine SkyScanner also settled into the urban core. Cresa's largest office leases of the quarter were Wells Fargo's Orlando lease at 81,857 and natural health education company Steiner Education Group with its 28,700-square-foot lease in Pompano Beach, FL.

On the industrial front, Cresa saw the most activity in the Miami Airport submarket, Medley/Hialeah and Broward County. Cresa's largest industrial deal in the first quarter was Medical device firm Nipro Diagnostics, which leased 68,303 square feet in Fort Lauderdale.

Silk flowers and plants firm Nearly Natural signed a 40,000 square feet transaction in the Medley/Hialeah submarket. Plumbing and industrial supply firm Hajoca Corporation leased 39,933 square feet of industrial space in the Miami Airport submarket. And professional audio-visual distribution company IAVI Inc. leased 25,120 square feet in Fort Lauderdale FL.

“In the first quarter of 2015 we saw strong traction with financial institutions. We worked with Wells Fargo on three assignments in three months at a time when banks are aggressively expanding in Florida,” David Prevé, managing principal at Cresa South Florida. “The healthcare real estate market also demonstrated strength with 10 transactions in the first four months. Professional services firms remain a strong point in the region.”