Virtual Reality Headsets for the Real Estate Industry

Virtual Reality Headsets for the Real Estate Industry

Sometimes, things just fit together. Those, you-complete-me types of unions are often accompanied by a response of joy and bliss and then, if the fit is built to last, the possibilities are endless.

The blissful fit we’d like to spotlight here is the serendipitous match between real estate and virtual reality headsets (HMD).

As we touched upon this previously, when in search of a perfect space, buyers/lessees are searching for much more than just a collection of walls. They’re on the hunt for that palpable yet not easily obtained “yes, this is me!” feeling of belonging and, if you will, the sense of a kismet with what is to be their next home or office. In today’s hectic race to save time and pack as much as we can into our overflowing schedules, coupling virtual reality with real estate can be a drastic time saver and efficiency booster for all parties involved.

That’s where virtual reality technology comes in,  filling the gap between what is and what can be, giving buyers, sellers, lessees and brokers an opportunity to upgrade that somewhat outdated, real estate purchasing/leasing experience by providing a glimpse into the future state of the property, using 3-D imaging and virtual reality.

VR is an incredible tool that is still being developed, though, brimming with spectacular promise and foreshadowing a true real estate renaissance.

Current Virtual Reality headsets

Oculus Rift, acquired by Facebook in 2014, was released to the consumer market at the end of 2016. It currently retails around $350, dropping considerably from the starting price of $800. The device’s display offers a resolution of 1200 x 1080 pixels per eye, a refresh rate of 90hz and a 110-degree field of view. It’s proven to be very reliable when it comes to travelling around – creating an ease of use to demonstrate real estate virtual reality.

HTC Vive, also released at the end of 2016, sports impressive graphics, offers better room scale and tracking than Oculus Rift, but there’s a catch: the Vive’s sensors are more complex to arrange during travel. This headset was the choice for many groups in sales centers or other areas of their offices where the sensors remained stationary.

Released in October 2017, Windows Mixed Reality made its debut to the public, manufactured by such powerhouses as Acer, Samsung, Lenovo, HP and Dell. What makes this device stand out is the inside-out tracking that requires minimal set-up time, making it a great option for meetings. The inside-out tracking does not require separate sensors to track a person’s movement as they walk through and interact in space.

Upcoming Virtual Reality headsets?

This year, both HTC and Oculus are planning to release wireless devices in the $200 price range. A reduction in quality from the hard-wired versions should be expected, but we can certainly look at the increased freedom to move they’ll offer as a plus. Both companies are conjuring up the next major innovation, with the advancement of virtual reality technology – something we can look forward to in 2019.

LG is rumored to be joining the VR headset party in 2018 by releasing a HMD – possibly to be named UltraGear – using the same tracking platform as the HTC Vive. LG’s SteamVR headset stands to have a higher resolution and improved ergonomics over HTC Vive, so the release will offer an interesting comparison.

Somewhat of a wildcard that adds some excitement to the mix is Pimax, a Chinese manufacturer that recently raised over $4 million dollars on Kickstarter for an 8k display headset. The jury is still out on whether Pimax will be able to deliver on its promises and the verdict will come in once this product is released.

Other Headsets

Our overview would not be complete without mentioning VR headsets that are currently on the market from Google and Sony, to name a couple. These lower end devices do not quite match the performance levels of the above-mentioned options and as such are not the best options for a professional setting.  In the future mobile VR will become more popular, but at the moment it has considerably higher latency compared to the hard-wired devices we discussed earlier and would be a stepdown in performance from a hardwired HMD.

With many options at play, new technology being developed rapidly and all interested parties brimming with excitement of what new prospects lie ahead, we’re certain that the VR headsets and real estate pairing is only at the scratching-the-surface stage of what is to come. We’re staying tuned.

Virtual Reality: The New Normal for Commercial Real Estate

Virtual Reality: The New Normal for Commercial Real Estate

Skilled commercial real estate brokers have vivid imaginations. They can walk into an old office building or unfinished retail space and picture all the possibilities: glossy new floors, modern furniture, the new elevator that opens out into a freshly-remodeled amenities space. The average tenant, however, lacks such imaginative powers. Even small, easy-to-fix issues like a bad paint job or dated lighting fixtures can put off potential leasees, making them walk away from an otherwise perfect space.

But what if a simple tool could allow the would-be tenant to see what the broker sees?

This is exactly what virtual reality (VR) technology allows. By wearing a VR headset, potential clients can look at a detailed and realistic 3D virtual world of what a finished office space will look like and take what feels like a physical, built-to-scale tour of the completed space.

Of course, VR isn’t exactly new in real estate. The residential market has been quick to adopt these new tools, as the New York Times reported last year. In fact, right here on the Radical Galaxy Studio website, visitors can explore realtime walkthrough animation examples for apartments and condos. And with a VR headset, these virtual environments can be made infinitely more experiential and interactive—bringing to life un-built architectural spaces.

But the commercial real estate space has lagged far behind the residential market. And because large commercial leasing brokers have been slow to adopt these new technologies, building owners are losing potential revenue while clients hesitate to sign on to a space that doesn’t yet look perfect.

With all that untapped potential, virtual reality is poised to become the next game changer in commercial real estate. After all, aside from fully finishing and furnishing a vacant space, virtual reality is the most effective way to let potential tenants see what they’d be getting. Virtual reality real estate tours, for example, allow cautious clients not only to visualize the final space but also actually move around it, interacting and experiencing every aspect of their future offices, from walking in the lobby to riding the express elevator.

In fact, virtual reality can give potential tenants an interactive, game-like experience. Beyond moving in, out, and around buildings, VR tools allow users to see how the light might change from day to night, and even review different floor plans and design options, swapping out the layout of a floor and moving objects around.

Despite these benefits, in our opinion no large commercial real estate broker has stepped up as of yet to take the lead in the industry with VR technologies. Some of the more innovative companies have taken small steps, creating content for Oculus Rift, Windows Mixed Reality, and other VR headsets and viewers, including those created for use with iPads and mobile devices. Cushman & Wakefield, for example, created a 360 video to give virtual reality real estate tours of Costa Mesa’s Park Tower. Construction companies too have begun to employ VR technologies to help clients visualize finished projects. However, these projects remain, for the most part, case-studies. The first large broker to fully invest in VR marketing has the opportunity to attract clients and claim the market for this value-added service.

The challenge, at the moment, is that the cost of VR technology can seem high at first glance, especially for the more advanced, immersive experiences. Yet because VR tools are so effective at marketing properties, they can quickly and easily recoup their up-front costs. A $10,000 VR project, for example, costs far less than leaving vacant a $50,000-per-month office space. In addition, prices for VR tools are dropping quickly as innovations ramp up and scale. Pioneering entrepreneurs who invest in VR technology now will be positioned to profit in the not-too-distant future. Goldman Sachs projects that by 2025, VR will become a $2.6 billion market in real estate alone.

This means that soon, potential tenants will simply come to expect VR technology as a matter of course. And property owners too will expect their commercial real estate brokers to employ VR tools, demonstrating their commitment to showcase the buildings in innovative ways that attract the best prospective clients to the properties.

Since it’s only a matter of time before VR will become de rigueur in commercial real estate, forward-thinking property owners and brokers are already embracing these tools, integrating them into their business practices today. Those businesses that fail to adopt and adapt to VR now will likely get left behind.

High-Profile: This Virtual Technology Is Making Designers’ Dreams Materialize Before Their Eyes!

High-Profile: This Virtual Technology Is Making Designers’ Dreams Materialize Before Their Eyes!

Imagine being able to walk through your project before construction begins, without having to build model rooms or show suites. Radical Galaxy Studio is making that all possible with their team of designers, architects, and developers who are creating fully immersive virtual reality and augmented reality experiences.

Real estate developers historically used tools like renderings and model rooms for internal decision making purposes and for pre-construction sales and leasing. Virtual reality and augmented reality take renderings to the next level.  While the industry is still in its early ages of adoption, the technology saves clients time and money, and is being adopted by many of the largest developers, construction companies, property managers and architects around the country.

“Virtual reality is not just a marketing tool, it has varied applications that help improve and speed up the development process,” said Matthew Shaffer, founder of Radical Galaxy Studio.  “Every week saved during the development process becomes a great cost savings especially for projects with external financing.”

Virtual reality is being used throughout the development cycle.  During the design phase, developers and architects can use it to get a sense of scale and make modifications to early stage plans, or to review different options instantaneously such as changing ceiling heights or room dimensions. Further along the process, developers have the ability to use virtual and augmented reality for community relations, city council meetings and shadow studies.  Lastly, virtual reality is also being used for marketing purposes to either lease-up or sell a property.

“While experienced professionals can visualize unfinished projects and picture all the possibilities: new hardwood floors, contemporary furniture and the roof top deck with stunning views of Boston, the average tenant often lacks such imaginative powers,” said Shaffer. “Virtual reality allows the potential tenants to see how the building will look when completed, along with giving them the ability to switch between different design schemes until they see one of their own liking.”

Potential buyers can also be given the power to change the flooring options, back splashes, countertops, and other elements to customize the space to their own liking, thus leading to more presale opportunities.  Within the virtual reality world, users can also walk freely into and out of buildings or up and down the stairs, take elevators, peek into closets, and even toggle on light switches and faucets, giving them a better sense of the space layout and allowing them to make better informed buying decisions.

The qualities of virtual reality run the spectrum from mobile VR which can be used with Google Cardboard to high end VR built-outs that use more advanced hardware like the Windows Mixed Reality platform and Oculus.  The more advanced VR is very technical and complex to create, but the results are spectacular and showcase projects in a way that couldn’t otherwise be done.

Virtual reality will continue to transform the real estate business and will soon become common practice, whether it’s real estate brokers or property management companies in New England using 360 video tours integrated in virtual reality portals or developers, interior designers, architects, engineers and construction companies using more advanced solutions as a tool throughout their process.  Along with the increased usage of the technology, hardware is also advancing quickly.  Many of the major tech corporations along with venture-backed companies are investing heavily into the space looking to make the next break-through.

 

Check out the High-Profile article here: https://www.high-profile.com/virtual-technology-making-designers-dreams-materialize-eyes/

Baltimore Business Journal: VR company coming to Owings Mills wants to help you walk through a room before it’s built

Baltimore Business Journal: VR company coming to Owings Mills wants to help you walk through a room before it’s built

Imagine getting to walk through your remodeled kitchen or bedroom before renovations even start. You could get a feel for the space, make changes to the decor and flooring, even see how the room would look if you moved a wall.

Radical Galaxy Studio offers that experience for homeowners and developers, using virtual reality.

Check out the Baltimore Business Journal article here: https://www.bizjournals.com/baltimore/news/2017/11/22/vr-company coming to-owings-mills-wants-to-help.html

Oculus’s planned expansion continues to drive our Seattle region as a hotbed for Virtual Reality!

Oculus’s planned expansion continues to drive our Seattle region as a hotbed for Virtual Reality!

Geekwire: Oculus will need somewhere to put all those people, and the real estate and virtual reality communities are buzzing about a massive expansion for Oculus in the Seattle area. Real estate sources tell GeekWire that Oculus is looking around for 200,000 square feet of research and development space in Redmond. Additionally, the company is rumored to be in the market for a big chunk of office space — possibly as much as 500,000 to 1 million square feet — in the Seattle area, according to three real estate sources not involved in Oculus’ search.


An Oculus spokesperson declined to discuss the company’s future plans or real estate needs in the Seattle area, but did provide the following statement: “We recently shared our vision to get 1 billion people into VR, and we’re growing the Oculus team in Seattle to help make that happen. We’re excited about the talent and growth in Seattle, and welcome engineering, product, and hardware experts who want to join us!”

Oculus’ job site lists 239 open positions worldwide, and Redmond, where its long-term research efforts as well as hardware and other operations are focused, accounts for 117 of those openings. In Seattle, Oculus has another six openings. Menlo Park, where Oculus is headquartered, has the second most job postings at 71.

Seattle’s reputation as a tech hub is no secret, but beyond the giants of Amazon and Microsoft, and the title of cloud capital, the Seattle area is becoming a hot bed for virtual, augmented, mixed — and every other kind of tech-enhanced reality. Microsoft has the high-end HoloLens headset, which recently expanded to 29 new countries. Valve, which works with HTC on the Vive headset, is based in Redmond’s neighbor of Bellevue, Wash. HTC’s Creative Labs offices are in Seattle’s Pioneer Square neighborhood. Earlier this year GeekWire reported that Amazon Web Service is building a team focused on mixed reality.
https://www.geekwire.com/2017/facebook-owned-oculus-makes-big-hiring-push-seattle-region-amid-rumors-real-estate-expansion/

 

Samsung Releasing Windows Mixed Reality HMD

Samsung Releasing Windows Mixed Reality HMD

Engadget: Earlier today, Microsoft and Samsung announced the latest Windows Mixed Reality headset: the Samsung HMD Odyssey. At $499, it’s certainly one of the pricier options out of all the Windows Mixed Reality headsets so far. And for good reason. Not only does it come with integrated AKG headphones — which is very similar to the Rift’s design — it has absolutely stunning image quality.

The HMD Odyssey is equipped with dual 3.5-inch AMOLED displays, each of which have a 1,440 x 1,600 resolution with a refresh rate of 90 to 60 hertz. The result is a brilliantly sharp and crisp virtual environment — when I took a brief Holotour of Machu Picchu, I genuinely felt like I was there, floating above the mountains on a hot air balloon. Color reproduction is fantastic, and there was none of the screendoor effect that so often plagues VR headsets of lesser quality. The 110-degree field of view also contributes to the feeling of immersion, which is especially apparent when viewing 360-degree videos and photos.

https://www.engadget.com/2017/10/03/samsung-hmd-odyssey-hands-on/