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How augmented reality impacts real estate in California

On Behalf of | Aug 3, 2016 | Commercial Real Estate |

Augmented reality has put itself in the global spotlight thanks to the success of Pokémon Go. It is expected that augmented and virtual reality will become an $80 billion market by 2025, and it may be a technology that allows brick-and-mortar retailers to compete with online shopping. For instance, it may be possible to create customized window displays tailored to shoppers as they pass by stores.

Real estate marketing teams can use the technology to create virtual tours or to demonstrate what features in a building can do. This may make it easier for tenants to get a better feel of their new home before they move in. However, there are some potential drawbacks to augmented and virtual reality. In some cases, users have found themselves walking onto private property or other areas that are off limits. One example involved two teens who crossed the US-Canadian border from Alberta into Montana.

Other concerns include the use of user profiles or other statistics for data mining purposes. The use of geolocation may also pose concerns to those who are worried about others possibly watching them or otherwise using that information to their advantage. According to Goldman Sachs, usage assumptions total $2.6 billion for commercial real estate in 2025 with another $1.6 billion for retail.

Those who are thinking about buying commercial real estate may wish to talk to an attorney. An attorney may also be helpful for those who are struggling to make payments on their current holdings. Prior to buying or selling real estate, an attorney may be able to review the contract to make sure it is in an investor’s best interest.