Virtual Reality (VR) experiences in the property development industry have been brought to North America. This has been possible due to our collaboration with our Canadian partner, VBAR. They are a VR Arcade & Bar in Toronto and have been involved in this project thanks to East Room. The objective of this project was to build and design a floor plan for a new, co-working space. We used VR to visualise this building even while a physical structure did not exist!
For us, building technology is all about working together. Because of this value, the project became even more exciting when we were heard about East Room's involvement. The purpose of the design was to create a space in an effort to support forward thinking freelancers. This is as it is to be occupied by some of the leading creatives in the local community. The areas that they are passionately working in include technology, art, design and more.
This project excites us because of its applicability to future projects, which we feel confident in. It has allowed us to understand how property development can benefit from VR. We envision a future where property buyers can ‘walk through’ a home in VR, even if a physical structure does not exist. This practice is beneficial for both the seller and buyer. This is as it provides a realistic visualisation of a home and reduces uncertainty around design.
Here is a video of one of the team members using the experience:
Future of VR in Property Development
While this is still a relatively new practice, its relevance could change the property industry. Real estate agents, marketing specialists, and developers are all affected and able to capitalise on this technology. Its implementation has the potential to create meaningful change by increasing revenue and creating a more personalised customer experience.
For example, using VR for interior design would allow customers to explore the layout, lighting, furniture and accessory options. Each of these elements could be adjusted before any real life changes are made. The 360 degree and 3D view, accessible in VR, provides both practicality and creativity to property development.
With technological advances now making visualisation projects more affordable, it can be expected that projects such as this will shortly become common practice. This means that large-scale benefit will increase, for both the consumer and the corporate sector. Software studios will be able to work with property development and interior design companies to provide a fresh approach to the property market.
If this is something that interests you and you would like to discuss further, feel free to send us a message.