by mattrg | Apr 24, 2023 | AI, Artificial Intelligence, Radical Galaxy Studio
Artificial Intelligence (AI) is transforming the way we approach the real estate development process. AI generates data in minutes for owners, developers and investors at an unprecedented level of insight and analytics that previously took weeks if not months to gather. Here are some reasons how AI is helpful for real estate development:
AI for Enhanced Market Analysis in Real Estate Development
AI can analyze vast amounts of data from multiple sources to identify trends and patterns that would be difficult for humans to detect. This information can help developers make more informed decisions about where to invest, what type of development to pursue, and how to price their properties and best use. We spoke with a developer that was using AI to help determine which sites would be best to build car washes on in the Midwest taking into account zoning, traffic patterns and local competition.
Harnessing Predictive Modeling with AI in Real Estate Investments
AI can use data analysis and machine learning to create predictive models that forecast market trends, demand for particular types of properties, and potential returns on investment. This can help real estate developers make more accurate and strategic decisions about their investments.
Accelerating Decision-Making in Real Estate Development with AI
By automating data analysis and providing real-time insights, AI can help real estate developers make faster and more informed decisions about their investments. This can help them stay ahead of the competition and take advantage of opportunities.
Streamlining Operations in Real Estate Development through AI:
AI can help streamline the real estate development process by automating routine tasks and providing insights that can improve efficiency and productivity. This can help developers reduce costs and bring their projects to market faster.
Leveraging AI for Efficient Project Design and Entitlement in Real Estate:
AI can be used to help design a new real estate development that fits within code. Using AI a user is able to iterate design in a fraction of the time it would have taken previously before the advancements of AI tools.
While no tool is perfect and AI can’t fully replace a human, implementing AI into the design/build real estate process is a. As the technology continues to evolve, we can expect to see even more innovative uses of AI in the real estate industry.
by mattrg | Aug 19, 2021 | Radical Galaxy Studio
Life Science Real Estate Overview
Real estate owners and developers have increased interest in life science real estate assets with growing institutional investment in the sector led by groups such as Alexandria Real Estate, BioMed Realty, and Kilroy Realty. In the current uncertain environment, what makes life science assets attractive is often the non-cyclical demand and growing investments by governments and investors around the world. The specialized nature of life science real estate often makes clients moving locations less likely given the expense of building out an office and moving equipment. There have been reports in numerous trade publications regarding the high demand for life sciences space in excess of 2 million square feet per year with no slowdown in sight.
Life Science Marketing
Marketing life science real estate during Covid has required a retooling of the branding kit and moving marketing dollars from physical mock-ups to virtual build-outs. It is even more important for life science marketing to be tech-forward in order to attract their tech savvy and location-picky tenants. From complicated HVAC build outs to expensive and heavy equipment; labs require an additional layer of planning. Visualizations and virtual walk-throughs can lead to better planning resulting in significant cost and time savings for both landlords and tenants.
While marketing life science projects like Cascadian, the location being near the city center or other innovation hubs is important, but highlighting what differentiates the property from competitors needs to stand out given the increase in developers building out the space. In smaller markets it could be the amenities, near mass transit or the newer nature of the building, but in markets known for life science offices like Boston, San Diego, San Francisco, Seattle and Los Angeles really gearing the branding and messaging becomes paramount.
Having visualizations, whether it’s a fly-through animation, still renderings or virtual reality is an important element of asset positioning in attracting tenants. The immersive experience provides clarity to potential tenants about the project and surrounding areas and helps pinpoint key elements that are most important to them and deliver the feedback in a faster and more effective manner.
by mattrg | Apr 14, 2020 | Radical Galaxy Studio, Virtual Tour
Today’s real estate market is unrecognizable to most of us. Construction is crawling, existing buildings are empty, buyers are backing out, tenants are requesting rent relief and businesses of all kinds are either closing or significantly reducing staff. These trends are expected to continue for the foreseeable future, which, needless to say, is causing headwinds for real estate participants. Owners and brokers, for example, are now scrambling to improve their digital presence and somehow show their property remotely.
Showing a property to a potential buyer or tenant remotely is not new, but the delivery method has changed. Over the years there have been large advancements in technology for built spaces, this includes tools like Matterport. However, technology has often lagged for pre-construction, old or raw spaces, with owners still relying on in-person sales offices and expensive model units.
In an effort to work remotely, many owners are using video conferencing tools such as Zoom or Microsoft Teams to pitch clients about the property. These platforms are great for having a conversation, but if there is limited digital content, the calls often fall short. In today’s market, having a competitive digital presence means a sophisticated website, fly-through videos and a virtual tour experience.
One of the companies active in the virtual tour space is Radical Galaxy Studio, which has been making advancements to improve virtual real estate experiences. Even if an owner wanted to show what a vacant office space would look like for a tech or medical tenant, Radical Galaxy could build that out.
“As a real estate asset manager, I saw firsthand the impact of new technologies on the way we design, develop, manage and sell real estate,” Bradley Snyder Managing Partner at Radical Galaxy Studio commented. “Not only can tenants and buyers no longer tour a property or space in person, but even when they could, often they could not visualize what it would look like fully built out.”
One of the interesting aspects of virtual tours that is often overlooked by owners is the SEO and branding benefits. Compared to 2D content, 360/virtual content receives 300% more click-throughs, as well as resonates better with tech-forward professionals, per an Omnivirt Study.
“Most real estate properties are long overdue for a digital update, but all of a sudden now having strong digital content can make or break a property’s success,” said Matthew Shaffer Managing Partner at Radical Galaxy Studio. “Using virtual tours will become part of the new normal in the real estate industry for both commercial and residential assets.”
About Radical Galaxy:
Radical Galaxy Studio, LLC is a visualization firm that is pushing the boundaries of what can be done in real estate design, sales and leasing. Radical Galaxy creates virtual tours, CGI animations, motion renderings, still renderings, augmented reality and virtual reality for industry leading firms including Oxford Properties, Brookfield Properties, Perkins + Will, Marriott, Cushman Wakefield and Hyatt Hotels.
by wpradicalgalaxy | Sep 5, 2018 | Augmented Reality, Radical Galaxy Studio
As exciting as exploring an unknown territory may be, it can also pose some challenges. Many, in fact. Thankfully, a new wave of augmented reality infused wayfinding apps are popping up, providing consumers with an efficient way to find their way around, just about anywhere whether it’s at a hospital, airport, concert venue or looking for your car at a shopping mall. By holding their mobile devices, the apps are navigating you through places that have been traditionally tough to navigate, eliminating the stress of senseless wandering.
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by wpradicalgalaxy | Aug 16, 2018 | Augmented Reality, medical, Radical Galaxy Studio
Augmented Reality (AR) has officially surpassed the ‘new kid on the technology’ scene status and is gaining some bona fide star accolades in a variety of industries that have opened the door to this game-changer. AR use is growing in popularity and consumer use in retail, cosmetics, real estate, tourism and healthcare in both end-user engagement and daily work lives of industry members.
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