Generally ArchiCAD is pretty good about orbiting around your current focus. Are you in isometric view. If so try switching to perspective. Another thing that can muck it up is if you have a very large element selected. It seems to orbit around the current selection's center of gravity. I have also found it can get a little clumsy when zoomed in very closely on a very large model. In this case marquee just the area you want to work on (this also speeds things up considerably).
Thanks for the response Matthew Something I realized is that when orbiting, ArchiCAD will orbit around the object that falls directly behind the crosshair in the middle of the screen. I had no idea!
I've just tried v12 for the first time and got the same problem as Mattsvai. The model is not orbited around a selected element.
Is it a known bug or is there any switch to fix it?