Virtual Reality is Transforming the Business of Real Estate
Using visualization to convey and understand the characteristics of real estate has always been a basic tenet. Throughout history, this need was adequately satisfied using two-dimensional images such as photos, renderings, and site plans. However, given the dawn of digital technologies such as Virtual Reality (VR) and Augmented Reality (AR), the game has changed. These technologies have quickly become the new benchmark for how properties are visualized, transforming the commercial real estate (CRE) market.
Despite limitations, 3D and AR are creating new realities in retail
In North America, shoppers are increasingly turning to online orders to buy their products.
National postal services have seen a significant uptick in parcel volumes; so many that the number matches those sent during the Christmas surge — minus the wrapping paper. But although the pandemic has acted as a catalyst for online shopping, it’s part of a continuing trend.
Dumb Buildings are the Real Losers in a post-COVID World
COVID-19 is one of the most disruptive events human society has experienced in the last 75 years. Beyond the struggles of 2020, this harsh reminder of the biological threats we face will go on to reshape the way we live for years to come...CRE must now adapt to a post-COVID world that will create new winners and losers to reshape the buildings industry forever.
‘Dawn Of The VR Era’: Proptech Adoption Exploding As CRE Goes Digital
Commercial real estate firms are rapidly trying to shed their tech-averse nature as they adapt to mandated social distancing, creating a demand surge for proptech companies that allow prospective tenants to tour spaces virtually.
Pix Interviewed on “Fried on Business” Radio
Matt Smith from RealNex and Mike Lerg from Pix were honored to be interviewed by Jeff Fried on “Fried on Business”.
During the interview we discuss some of the findings of our “State of the VR Market in Real Estate” Survey.
Virtual Reality (VR) in Student Housing Market
Pix delivered multiple user experiences using a highly realistic virtual environment that greatly expedited the pre-leasing process during construction. This resulted in 93% of the units being pre-leased in the first year.
When lessees came to move in, they often said “This looks exactly like it did in Virtual Reality.”
Virtual Reality (VR) Coming to the CRE Industry
Virtual Reality (VR), which allows us to view objects and places as if we were actually there, is expected to have a significant impact on the Commercial Real Estate (CRE) industry by allowing virtual tours of buildings, campuses, cities and even a planned development project as if it already existed. Users can even make customization decisions in real-time (for example changing decorations, interior finishes, furniture and amenities). This article provides a variety of examples of how the technology has been applied to different types of users to illustrate how readers can best incorporate this new technology into their business.
Forbes: VR Will Revolutionize Real Estate
The dawn of a new era is upon us -- one of full immersion into the digital world. It's an era that will be founded upon the technological revolution that's been silently brewing for more than a decade. Our once-dreamed-up reality of wedding the digital world with the physical world is no longer the stuff of fabled fairytales; it's happening, right here, right now. Even when we're presented with nice photos and video walkthroughs, it just isn't the same thing as physically moving through the space yourself. You get the chance to peer around the corner, step outside and survey the neighborhood, and get a gut feeling for what it's like to live in that home
GoldmanSachs: VR & Real Estate $2.6B in 2025
Virtual and Augmented Reality have the potential to become the next big computing platform. All around us are examples of where VR (which immerses the user in a virtual world) and AR (which overlays digital information on to the physical world) can reshape existing ways of doing things – from buying a new home... The application of VR and AR in real estate is predicted to generate an impressive $750 million revenue by 2020, and $2.6 billion in 2025. (See Page 23 for more details about the Real Estate VR Market)