AR is Changing the Real Estate Market

Augmented Reality (AR) is revolutionising the commercial real estate market. We are in a world where technology is developing at pace, delivering truly innovative opportunities across a diverse range of industries and for the real estate market, it is bringing stimulating and interactive experiences to clients and customers alike.

AR is the integration of digital information into the user’s real-world experience. It is a truly advanced technology that seems to be really taking off, we can see it being implemented across a range of sectors to transform experiences and drastically improve methods previously used.

For the office market, AR technology can save landlords money, time, and gain tenant engagement quicker.

At the design stage, AR technology can save businesses investing in prototypes or furniture that isn’t the right size or fit. AR allows companies to create a virtual design of the space and add specific details to get a full picture of the finished article, allowing individuals to visualise what the surroundings will be like once completed. Using this computerised simulation will remove the delivery costs, waste furniture and the time spent selecting and waiting for delivery.

An AR experience allows landlords to attract occupiers, pre-let space and change designs to suit whilst still in construction. Tenants can be confident and make an informed decision on what they are agreeing to lease, with a real picture of what the space will entail. Bruntwood is a notable example, they have recently utilised AR technology to allow prospective clients to view, design and walk around the space before completion.

AR also allows users to access property data. There have been apps developed which consumers can download onto their mobile phone and when passing a building, they can hold up their phone and gain a whole host of information such as:

• The volume of space available
• The type of space or class available
• Cost of space per sq. ft.
• Lease terms on offer
• Utility providers and costs

As technology develops, advances, and becomes embedded into the commercial real estate market, becoming the ‘norm’ – what will the future skill-set requirement be for professionals in the sector?  It will be interesting to watch the demand for tech-savvy individuals increase as well as the need for experience and knowledge of the sector.