OCTOBER 2, 2017 • HARTFORD BUSINESS JOURNAL | 13
"Zillow doesn't know what your house looks like
on the inside," he said.
Beyond technology, another big change for the
residential real estate market in the last quarter-
century has been changing tastes. Today's
Millennials have a very different approach to
homebuying than their parents. Cities and
downtowns are hoping to capitalize on a renewed
interest in urban living, while rental markets are
benefiting from 20- and 30-somethings who are
skeptical of investing in a home after watching
home values crash in 2007.
Millennials who do buy have a very different
approach, according to Lantz.
"Most of them would much rather buy a house
that's already done so they can spend their free
time doing something else," he said.
Commercial real estate
Much like residential real estate, the commercial
real estate sector is changing to accommodate
the greater use of technology, according to Jeffrey
Livingston, managing director/partner of CBRE/
New England.
"Unquestionably the technology has changed
the way business is conducted," he said. From
the computers that are now ubiquitous on every
brokers desk, to the availability of real estate data
across the internet.
Commercial real estate
"isn't a commodity
business."
"People don't wake up
one morning and say,
'I need office space.' It
is very much a needs-
based acquisition," and
information on what
properties are available
is "widely available via
technology now."
However, Livingston said, commercial real
estate in the Hartford region is still "a hands-
on business." The local relationships that used
to drive transactions are now increasingly
moving to national and even international-level
relationships.
"A lot of the major transactions are not sourced
from local professionals in Hartford, but might
The Connecticut Convention Center was built in 2005.
Jeffrey Livingston,
managing director/
partner of CBRE/New
England
Downtown's Hartford 21 luxury apartment tower was built in 2006.
