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Business Solutions

IMMERSIVE TECHNOLOGY IN

FUTURE REAL ESTATE: COOL ADD-ON

OR NECESSARY MARKETING TOOL?

DIJANA MIHAJLOVIC estate market, relying solely on this can be a very risky
Principal move. There are several reasons for it.
KNTXT Group
We’ve witnessed amazing growth in real estate over the
WE’VE ALL HEARD IT BEFORE: “VR is The Future of real last few years. And this trend will continue. According to
estate.” Immersive tech has been touted as the biggest NMHC, there will be 4.6 million new apartments by 2030.
industry gamechanger since the internet for years now. Millions of square feet of office space will be added to pri-
But nothing is ‘the future’ forever. The logical question mary markets within the next 10 years. The large supply
is: at which point does immersive technology go from a of new assets coupled with limited demand and ever-in-
cool futuristic add-on to a necessary tool and why is that creasing construction cost means one thing for real
moment now? estate owners—increased pressure to set their projects
apart and secure the feasibility of their financial model
The primary and most obvious reason lies in the need for early on. Wise property owners are realizing the critical
better marketing assets before project delivery. Despite importance of better marketing tools during the lease-up
rapid growth and accelerated adoption of new technol- process, looking to solutions that don’t hinge on freebies,
ogy in the world’s largest asset class, when it comes concessions, and similar gimmicks to drive occupancy—
to market-facing solutions that are actually elevating all of which ultimately mean lost revenue.

The evolution of co-working and de-commoditization of
the office, where the value being sold is the experience
within the space rather than the sheer square footage,
mandates a new, better way of visual communication
with prospective tenants. A method that would allow the
consumers to not only see the space but ‘feel’ what it is
like to be in it.

Our behavior and expectations as consumers have sig-
nificantly changed in the last 10 years, regardless of
which generation you belong to. From the way we order
food, use transportation, or shop for clothing, most asset
classes were quick to adopt new technologies, allowing
consumers’ experience and interactions with the UnBuilt us to have instant access to almost any product or ser-
World, we’ve seen little progress. For the most part, even vice, and building new habits in how we expect to con-
for high-priced, luxury real estate, the marketing assets sume information.
are not much different now than what they were 30 years
ago: 2D floorplans, finish samples and static illustrations To order a $100 pair of shoes, we can see them online
at best. from 10 different angles, watch a video about it, order
it, try it, return it, all within 24 hours and without ever
Although this may have been enough to drive purchase speaking to another human being. Naturally, the expec-
decision and close the deal in the past, in today’s real tations and need to actually experience the product can

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