Augmented reality, or AR, that is used in games like Pokemon Go may have an effect in the future on California. Experts say AR could serve direct functions in retail, such as creating storefront displays and targeted ad content in the real world. In the case of Pokemon Go, retailers have already realized benefits by participating in the game’s mechanics to entice players to visit their establishments.
Potential applications of AR also include facilitating CRE transactions. Soon, sellers might provide virtual tours, feature demos and other perks. Developers and architects could also use the tech to get investors and prospective residents interested in upcoming projects. By 2025, predicts Goldman Sachs, real estate AR and virtual-reality tools may account for some $2.6 billion in technology investment.
AR technology could also facilitate logistics-dependent industry practices. Multinational companies like Ricoh and DHL have conducted AR tests designed to improve supply-chain efficiency in warehousing facilities, and experts say that as infrastructures grow, so will adoption. Some companies have even experimented with glasses-mounted AR devices that help order-handling staff avoid mistakes and keep up with critical details.
As AR becomes an increasingly common aspect of the CRE experience, consumers and investors will come to expect high-tech features. While CRE developers are likely to oblige, they may be forced to adopt new approaches to security and other issues. Showing people a piece of commercial real estate or prospective project using an AR app may give them certain expectations about making a purchase or investing in development. An attorney’s input could be helpful in this regard.