Western Real Estate Business

JUN 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/993830

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Page 38 of 50

36 • June 2018 • Western Real Estate Business www.REBusinessOnline.com Imagine being a business owner looking to expand into another mar- ket. Getting that new office space, in- dustrial warehouse or strip mall spot might seem like a complicated process — especially when you have to go from location to location to find that perfect fit. But what if you could do the prop- erty hunting right from your desk hun- dreds or even thou- sands of miles away with the click of a mouse? Virtual Reality (VR) and 360-degree video technolo- gies are starting to give real estate firms that edge, saving investors, de- velopers, buyers and sellers a lot of time and money in travel. Residential real estate was one of the early adopters of VR technology, but it's quickly expanding into the commercial market as well. Compa- nies like Matterport and MetaVRse are finding their own success in stringing together a series of captured images and making a clean copy available through an inexpensive VR cardboard headset, a mobile app or an interactive image on a webpage. These tours go a step further and have clickable prompts that allow users to go through to other rooms or get more information on the space in which they're "standing." This technology makes the hunt much faster and more convenient for property buyers. It also advertises the seller's asset in a very dynamic way that can attract more eyes to their list- ing. Instead of combing through static listings on an office leasing database, would-be office renters can get a vir- tual tour of the place without packing their bags and being there in person. Transparency is another boon this technology can provide, allowing investors to obtain a better view of these assets before committing to them. Investor in some instances can even see an accurate projection of a pre-development property that uti- lizes 3D visualizations of architectural floorplans in Augmented Reality (AR) tours. VR tech firms like InventDev are pioneering these trends with mul- tifamily properties and condos. A vital benefit of this feature is that the user can look ahead and inform a develop- ment team or group of stakeholders if a floorplan has certain architectur- al errors before construction begins. This can save a lot of renovation and maintenance costs in the long run. If this trend becomes more routine, it may help developers achieve optimal building occupancy before it's even built. This may make it easier to se- cure funding for these construction projects. This technology is serving multiple commercial real estate markets and property types. Now, a hotel in Ha- waii can put a tourist on its resort be- fore they've even booked their vaca- tion. The owner of a vacant industrial building in Albuquerque can display the asset's facilities and distribution capabilities to companies looking to expand their operations, creating the perfect virtual work culture to attract business tenants. Not only are these platforms creating these tours in at- tractive, information-filled packages, but they're much more far-reaching than bland local listings. Western U.S. markets are testing out the tech with office listing web- sites like Office Finder, which has a multitude of listings along the West Coast. Prominent office buildings in well-established markets, such as the Columbia Center in Seattle, have their own listings on the website, al- lowing interested potential tenants to go from space to space with its 360-degree virtual tour. The viewer can see all angles of the Columbia Center from the elevator lobby to the different office types and all the way to the cafes and lounges. The promi- nent One Market office building in San Francisco gives a similar indoor tour of multiple offices, the kitchen, lobby and reception areas. In both cases, they take the viewer and put them into the space without the need to be there in person. These 360-de- gree tours are popping up in firms all over the country and in international markets, slowly making it a more normalized process. Increasingly, real estate companies and agents are adopting these strate- gies and creating better relationships with their clients through conve- nience. This thereby creates a faster and more immersive purchasing ex- perience, positioning the commercial real estate industry to better handle the increased transaction volume. n A 360-degree virtual tour of the Columbia Center office in Seattle through Office Finder. Hughes Stafford The viewer can see all angles of the Columbia Center from the elevator lobby to the different office types, all the way to the cafes and lounges. MAKING VIRTUAL REALITY A REALITY IN THE WEST'S CRE MARKET By Stephanie Hughes, Business Writer, North American CMBS - Global Structured Finance, and Erin Stafford, Managing Director, Head of North American CMBS - Global Structured Finance, DBRS TOP INSTALLER OF SINGLE PLY SYSTEMS Flat Roof Experts T & G is a family-owned and operated roofing contractor that offers their expertise and skill throughout the Greater Los Angeles area. • 30 Years' experience • Staff is highly qualified and dedicated to installing quality roofs • Title 24 compliant • Versico approved applicator • 20-year warranty on flat roofs We Specialize in: Shingles Single Ply Flat Roofs Roof Inspections & T G Call us for a free estimate! (818) 459-0702 www.tandgroofing.com

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