Getting A Reboot From Digital Excursions

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Getting A Reboot From Virtual Tours

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When shelter-in-place fallout hit commercial real estate, Proptech joined the rescue party.

“Virtual tours with 360-degree cameras went through the roof. It has shot up for us, ”said Dan Palmeri, SIOR, in an article published in the Fall 2020 edition of the SIOR report.

"Helping customers tour a room without physically walking through it is huge," said Palmeri, senior director who specializes in representing tenants at Cushman & Wakefield in Las Vegas. "Every major rental company is now asking their agents to put virtual tours together and they don't care how they do it as long as they get it right."

Companies that provide cameras and services include GeoCV, VPiX 360, Rescan, and Matterport, the company that pioneered this technology. With Matterport technology, agents can scan a room and create a 3D model or “digital twin”. From there, agents can create 3D tours, 4K photos, short videos, and schematic floor plans. Using a unique web link, they can publish 3D virtual tours on their website or other websites and email the link to potential tenants or share it on social media.

Room management software like Space IQ and i-Office have also received more attention as a result of the pandemic. The software provides real-time metrics such as total area, space percent, and operating cost per square foot. This allows tenants to effectively plan the layout and usage of the workspace. Chris Falk, SIOR, executive vice president of Newmark Grubb Acres in Salt Lake City, said many of his customers had considered bringing sublet space to market, but the software helped them make more informed decisions. “Tenants realize that if they want to bring people back and get things out, they're going to go from 140 square feet per person to 175 to 180 square feet, so they're going to need every part of that space. " he said.

For more information on commercial brokers' use of Proptech tools, see the article in the SIOR report at sior.com.

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