How can the commercial real estate sector use the metaverse?
July 25, 2022 9 Minute Read
The metaverse enables us to enjoy experiences and presence across virtual, mixed and augmented realities. It can be used as a platform for working, playing games, socialising, learning and shopping, with digital and increasingly immersive connectivity at the heart of every interaction.
There are several wide-ranging use cases emerging of how commercial real estate can engage with the metaverse through the building lifecycle. These can include:
- Strategic planning; scenario modelling and the design of spaces and operations, before committing capital to physical outcomes
- Transactional; 3D tours of properties or land, to support purchasing, selling, or renting activities
- Acquiring virtual land plots, to subsequently design and build digital assets whether it is a digital twin of your office, hotel, golf course, shopping centre and more
- Immersing your Building Information Modelling (BIM) project for creating and managing information on a construction project, through its whole life cycle
- Operating and maintaining physical and virtual property assets, and empowering onsite teams with augmented solutions, remote support and data insights; creating opportunities for a range of VR / AR focused products and services
- Opportunities to access new consumer contacts and create new channels of footfall
- Providing wider business services such as marketing, financial products, and client care
Why the commercial real estate sector should pay attention
Looking specifically at different real estate asset classes, there are a multitude of potential uses for the metaverse.
These examples demonstrate the multitude of opportunities of how commercial real estate can engage and interact with the metaverse. Whether you are acquiring, building or operating virtual assets, using virtual spaces for leisure or learning purposes, or simply exploring new ways of collaborating, the opportunities presented to real estate leaders are extensive.