2024 Ones to Watch - Innovators in CRE: Peter Sabesan, Cresa

Peter Sabesan, managing principal, Cresa, the world’s leading global commercial real estate advisory firm exclusively representing occupiers, heads the New York City office with partners Richard Selig and James Pirot, and more than 30 on-site tenant-rep agents, project managers, and support staff. For more than 40 years, Sabesan has been a prominent commercial broker and revered member of the tight-knit, high-powered real estate community in New York City. 

Innovative Solution: 

Technology plays a huge role in staying competitive in today’s real estate market, from databases and information gathering to communications and outreach. Thanks to technology, we are able to view space, meet clients remotely on numerous platforms, and analyze relevant data, making transactions more accessible worldwide – and more transparent. AI helps prepare everything from proposals to presentations and for some of us, it’s a great tool for correspondence that’s formal, fast, and clear. But at the end of the day, commercial real estate is still a highly personal industry and whatever tech tools are available, the work still requires canvassing prospects and creating business through diligent outreach, knocking on doors, and getting to meet your prospects. 

Innovative Outlook: 

It’s hard to pinpoint the next advances in commercial technology, but certainly AI will be driving much of the innovation. The ways in which we meet new prospects, hire and retain new agents, and put together successful teams are increasingly becoming more fluid through the use of different technologies. Communication has also changed dramatically in our industry. If we need to speak with a colleague, client or prospect, view space anywhere in the world, close a deal, or prepare a contract, the capacity to interact is literally at our fingertips. There was a lag between technology in CRE and other business sectors because we are, in many ways, a traditional, person-to-person industry. Today’s CRE space is tech-savvy with a personal touch. 

“In addition to Cresa being a national sponsor of Entrepreneur of the Year®, an annual contest honoring entrepreneurs for actively building a better world, Peter Sabesan, Managing Principal, and his partners have substantially increased the size of the firm’s New York office.” - Linda Alexander, Alexander Marketing Corp.