When Passion Fuels Progressive Leadership

As we continue to celebrate Women’s History Month, Commercial Property Executive sat down with Tere Blanca, founder & CEO of Blanca Commercial Real Estate, a minority-centered commercial real estate services firm based in South Florida.

Blanca is of Cuban descent and when she launched her company in 2009, there were very few women and minority groups in the industry. This lack of representation prompted her to bring to the market an advisory and brokerage firm where nearly 85 percent of the employees are considered minorities. Her passion for providing superior commercial real estate services stands at the base of her vision.

In the interview below, Blanca delves deep into what it’s like to be a woman in a C-level position in a male-dominated industry and the challenges she’s come across throughout her 35-year career. She also touches on what it takes to lead a thriving commercial real estate services business and educate the new generation of leaders in the industry.

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How has your previous experience shaped your current career direction?

Blanca: Prior to launching Blanca CRE, I served five years as senior managing director for Cushman & Wakefield, where I led the firm’s South Florida region. In my previous 14 years at Codina Group’s realty services division, I enjoyed most being close to clients and being hands-on when developing and implementing strategies as a trusted advisor.

Leading the South Florida region for a global company allowed me to sharpen my leadership skills. I realized I had a particular passion for building high-performing teams, mentoring and empowering individuals to create success for the clients. Through this leadership experience I became even more open to new opportunities and possibilities.

At Blanca CRE, I currently enjoy mentoring and being a sponsor to a dynamic team of more than 35 top professionals that embrace a culture of collaboration and care for each other, the firm’s clients and the community.

What inspired you to start your own company?

Blanca: When I first started off, there were not many women or minorities in the industry. This was one of the main factors that drove me to be the change and start a firm within an industry that lacked these fundamental representations.

Over the past few years, these dynamics have begun to shift and we are seeing more and more women excelling in the commercial real estate industry. At Blanca CRE specifically, 50 percent of our team consists of exceptional women and nearly 85 percent are considered minorities.

We have created an inclusive and diverse team that supports the development of young talent, women and all minorities, but recognize there is still significant work required to create opportunity and cultivate inclusiveness and diversity across the commercial real estate services sector.

What was the most challenging part of establishing yourself in this field?

Blanca: The commercial real estate advisory business is fundamentally a relationship business in an industry with limited transparency still present across various sectors. Building relationships can often be challenging when you are new to the industry. You must allow yourself time to invest in your relationships, while proving your skills and developing your knowledge. Additionally, it takes time to build a pipeline and income stream. It takes time, patience and perseverance to build your track record and reputation with clients.

In this industry, you will always be presented with challenges. For example, early on after launching the firm, the operations of the business required more of my time than I had anticipated. I therefore had to focus on building a C-suite of top talent in multiple areas of expertise. We have continually invested to expand our C-suite, brokerage team, in-house marketing and research teams with top talent.

We have also invested in the latest technologies that allow us to provide strategic insight to our clients, streamlined our operations and set new standards in the market. These initiatives allowed me to focus on building a collaborative high-performing team, building and growing our client relationships and delivering strategies to drive value for our clients and our overall company vision, as well as supporting negotiations and successful execution of deals.

Has being a female impacted the success of your career in any way?

Blanca: Being a female has given me the opportunity to bring a unique perspective and outlook to this industry and my overall career. A culture of inclusiveness in any company brings about different perspectives and leadership styles that allow those companies to generate terrific results.

What do you think is the biggest issue within the CRE sector facing women today?

Blanca: We need to encourage all commercial real estate services firms to provide the opportunity for women to be leaders in this industry and that encouragement starts from the top. We need to continue cultivating the next generation of commercial real estate women leaders by investing time in mentoring, supporting, networking and expanding teams with young women eager to succeed within the industry.

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Throughout my career, I have found and built strong relationships with both female and male colleagues and clients who have been eager and willing to be mentors and sponsors. Men historically dominate the industry, but there has never been a better time for women to enter and thrive within it, or any industry. It’s our responsibility to work collaboratively to inspire that movement and perpetuate the positive change.

In your opinion, how inclusive is the Miami CRE market?

Blanca: Miami as a city has always been diverse, at times being referred to as a melting pot. We have begun to see shifts in Miami within the industry as firms have taken initiatives to place women in positions of leadership. We still have a long way to go, but I believe we have set the groundwork which has allowed these changes to finally take place.

What are your predictions for the Miami CRE market going forward?

Blanca: There is continued migration of people and companies to Miami as well as Fort Lauderdale and West Palm Beach. This movement has fueled unprecedented demand for office space driving strong net absorption and rent growth, especially for quality assets that offer locations and environments that support talent recruitment and retention.

Demand for top-tier commercial property is at the forefront of all major sales and leases, not only throughout Miami, but in the entire region. We expect this trend to continue through 2022. Although rents and sales prices have increased across the board, rents and values across South Florida remain below other major U.S. metro office markets.

As a result, we should continue to see the absorption of top-tier commercial space over the course of this year at premium rents, but also expect to see a following effect benefitting lower-cost options located in suburban markets that are in proximity to executive and workforce housing and provide amenities that companies seek today.

Looking ahead, what are your short-term and long-term goals for Blanca CRE?

Blanca: Growing our real estate advisory and property management services business with other top professionals who have aligned core values remains a priority. Additionally, I want Blanca CRE to continue to be a voice for the entire community through our collective and active participation and leadership in organizations that can deliver impactful and innovative solutions and programs that benefit the long-term wellbeing of our community.

What’s your advice for women thinking of starting a career in CRE?

Blanca: Focus on education and building relationships with mentors and sponsors from whom you can learn and who can guide you to the right opportunities. Put in the work and expand your knowledge within your field. Lastly, know your worth, value and what you bring to the table. Raise your hand and take on more responsibility.