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00:00I see my industry adjusting to the new economy more even more quickly than it has in the past. You know the impact of the digital era is just dawning in the real estate industry. We've seen the change the retail business. We've seen you change the Office business as people you know kind of work more communally and have the option to work from their home you know their smartphone becomes an office. The Amazon phenomena which is really extraordinary. Well I mean the way we advertise obviously is completely different than we used to do. Obviously you know Facebook you know all apartment websites where we sell condominiums with 3D technology that you can you know virtual reality. That that's that's obvious but also you know you know how you design buildings today for the future you have to be influenced a little bit about by what what the expectations are of people you know the phenomena of you know re urbanization people going back to the city people living in more diverse communities than they used to . That's all been brought about somewhat by the the digital age and brought about somewhat by the young Millennials who are much more open minded about things that they do you know they always use the term experiential as opposed to consumerism. They want experiences and we also have to make the real estate be a little bit of an experience to .

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Richard LeFrak: Technology Is Changing Real Estate

LeFrak Organization CEO Richard LeFrak talks about how technology is changing the industry. (Source: Bloomberg)

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