Future of CRE: Impacts of Augmented Reality on Real Estate
Submitted by Erica Buffington with Shield Engineering
Karen Whitt, with Colliers International, introduced the future of augmented reality (AR) and its impacts on the real estate industry. AR is a technology that allows for digital information to be layered on top of real world objects without having to attach anything to buildings or other structures. Using AR allows for advertising and signage to become completely digital. The real estate industry will forever be transformed by AR because buildings can be canvased for content and information which will allow for immediate e-commerce and data analysis. The smartphone is going to play a very large role in all things AR. Even Tim Cook of Apple has stated that AR is, “the future of the smartphone”.
Integrating artificial intelligence technology will further enhance the personalization of the experience by identifying who you are and define your preferences, ensuring marketing preferences are targeted. AR rights can be retained in a property sale by either party and they can also raise the valuation of an asset. Exclusive rights to a building to use for AR will be sold at a premium.
Facebook’s Live Maps research aims to empower people to connect and share in deeper, more meaningful ways by improving how we access information and understanding the context of a situation to deliver a shared experience through AR. It will change how we engage with the world making it feel more immediate, more intuitive, more nature, more human. AR glasses are the next technology coming to market (expected in 2023) and they will likely replace smartphones.