redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading

Virtual and Augmented Reality: Revolutionising Real Estate

by Nik Sudhakar, David Gerrelli & Jonathan Hills
by Nik Sudhakar, David Gerrelli & Jonathan Hills
        

Virtual reality (VR) and augmented reality (AR) have been deployed in fields as diverse as entertainment, healthcare, education and the military for some time, but have only recently entered the lexicon of real estate.

While accessible and easy-to-use software tools such as SketchUp have been in existence for several decades, and are still used by architects, interior designers and engineers to create 3D models of the physical environment, a range of new VR, AR and 3D programmes are revolutionising the way in which real estate is designed, constructed, marketed, fitted-out and used.

In the residential sector, VR technology is being used to support consumer purchasing by enabling potential buyers to digitally tour properties via 3D apps from anywhere in the world. This is especially useful for overseas investments and transactions, allowing potential buyers to see photo realistic VR/3D off plan representations of their potential investment.

Virtual and Augmented Reality: Revolutionising Real Estate Explanation

VR/AR technology is also enhancing a whole range of processes in the corporate real estate field. Examples include virtual conference rooms that are slashing the need for physical travel, and headsets that reduce the need for traditional desk stations and computer set-ups. Capturing the application of these technologies in commercial real estate, CBRE acquired Floored, Inc., a leading producer of scalable, interactive 3D graphics technology, in January 2017.

One area where VR/AR technology has had a truly transformative impact is in the traditionally time and labour intensive processes of creating office test fitouts. Previously, test fitouts would involve repeated back-and forth communication with architects and other parties; rounds of revisions to hard copies of design drawings; and incremental rel="noopener noreferrer" costs - all of which significantly lengthen leasing transactions.

More "Tech | Work | Jobs" Series Articles

How technology will redefine real estate – and why companies must prepare now

Fintech challenges traditional financial sector

FinTech is posing to traditional banks and the ways in which they are responding.

Bettering employee experience through technology

How new technology is helping us overcome common workplace frustrations and improving employee experience.

How job automation will reshape corporate office demand in Asia Pacific

Property technology: disruptor or enabler?

Disrupting the Indian IT Sector: CRE Implications

Contacts

Nik-Sudhakar---Digital-Solutions
Nik Sudhakar
Director, Digital Solutions
Asia
+852 2820 6506
+852 9011 0096
David Gerrelli
David Gerrelli
Global Director Sharepoint
Australia
+61 2 9333 3292
$name
Jonathan Hills
Senior Director, Research
Asia Pacific
Research
+852 2820 2881
+852 2810 0830

Take a Deep Dive!