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only be higher when it comes to a five-year lease in an
upcoming office building, worth hundreds of thousands
of dollars.

If we go one step further and focus solely on Millennials,
the generation that grew up in the digital age, we realize
that this is the only behavior they’ve known. Predicted
to comprise 75% of the workforce by 2028, this is also
the generation that will be the largest consumer of com-
mercial real estate, both as employees and employers.
Unfortunately, a poster on a construction fence with “Call
here for more leasing information” more than likely won’t monetary value at this stage of immersive technology
be enough to even catch their attention, let alone prompt adoption, even though they carry great importance. One
engagement and action. of those examples is the potential for market data gath-
ering and trend analysis that this technology enables.
However, to have the freedom to roam through a fully Instead of third-party market surveys and anecdotal
realistic spatial environment on one’s own terms by a assumptions as a method of looking for design sus-
click on a link or scan of a QR code, regardless of the time tainability until the very last minute of the development
or location, whether through a VR headset, smartphone or process, landlords can organically gather and interpret
computer, is in and of itself more than a compelling prop- concrete feedback from the qualified prospects through-
osition. Being fully immersed in the future gives closer out the construction process. This can be an invaluable
perception of what it would not only look but feel like to tool in predicting market trends and carving unique niches
live or work in a certain setting. It makes one feel like in the market that make properties immune to obsoles-
an explorer, building unparalleled excitement about the cence throughout their lives.
development.
Furthermore, the capacity to streamline decisions
Ability to check out the future views into the neighbor- between decision makers internally can be of immense
hood or instantly switch styles and finishes, all in real value for both AEC and ownership groups from a time and
time and long before the property is built, creates an cost savings perspective, not only during initial building
engagement and emotional connection with the space development but for ongoing tenant improvements.
that can never be achieved through static imagery. More
importantly, it shows transparency and instigates trust All of this dictates a change in how we perceive immer-
in the finished product regardless of where you are in the sive technology and the challenges it has the capacity to
construction process—something that was hard to imag- solve. It is clear that the real value and power of VR and
ine until now. And the data proves it. its interactive components goes way beyond the ‘shiny
new object’ perception.
Real estate developments that have immersive applica-
tions as part of their online listings see a 417% higher It is an intuitive platform which persuasively presents the
on-page-engagement rate compared to the ones with product to the marketplace before being built, creating
static imagery. While passive visualization, such as video, a win-win value proposition for both the owner and the
can hold someone’s attention for 15 seconds on average, consumer. The question for real estate leaders of today
the immersive experience can keep prospects engaged is not whether they need and can afford to invest in it. It’s
for upwards of six minutes, even when not using a VR whether they can afford not to.
headset as the device.
Dijana Mihajlovic is the principal of KNTXT Group,
When it comes to lead-to-lease conversion, metrics are a technology company focused on building visual
equally convincing. According to data we collected over tools and immersive solutions that change the way
the past two years, leasing-up a property over the same we experience and interact with future real estate.
time period with the use of immersive technology leads to Prior to founding KNTXT, Dijana lead Design &
46% higher conversion rate than leasing without it. Development division of BH Management, one of nation’s top 10
owners and operators of multi-family real estate. Dijana spent
But this is just scratching the surface. There are values initial years of her career practicing architecture in commercial,
that are less tangible and harder to directly translate to hospitality and retail field in Europe.

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