Before long, the development of real estate will be a serious game.Mark Kok
On the 16th of April 2020 we sponsored the largest online conference in the Dutch real estate industry: Building Futureproof, attended by approximately 1,700 professional participants. At this event, I was honoured to host a breakout session on ‘The power of VR & AI in real estate development’.
We as K & R were proud to have the following guests at our virtual round table.
Like the title suggests, this session was about how Game Engines, Augmented Reality, Virtual Reality, and Artificial Intelligence could improve the way we use, develop, build, and maintain real estate.
After a brief introduction on the subject an interesting discussion followed. The key take-aways are:
- Early-stage simulation of the consequences of design options, combined with an immersive visualization, accelerates and improves the design and validation process. These powerful technologies also enhance the design quality and reduce change orders and also modifications after the handover to end-users. As a result, this simulation and visualization quickens the real estate development process and reduces the cost. As we all know, in the end it is all about the money.
- The interactive experience on any device leads to one unified experience and is a great benefit to the communication and decision-making process, both internally and externally. Internally it eases and improves the decision-making process with the board, financiers, end-users, etc. Externally similar advantages can be obtained with clients, tenants, municipalities, neighbourhood, etc. We concluded that in the end, it is all about the management of expectations.
- The collaboration within teams throughout every stage of planning and development will be supported by virtual experiences. Real-time high-resolution images combined with the realistic simulation of various design options will introduce a new metric: ‘how many “what if’s” per hour’.
- New technologies such as AI and VR bring real estate to ‘live’ long before it is built and, in this process, invisible information is made visible to all stakeholders. This empowers everyone involved to fully understand the consequences of choices concerning, for instance, CAPEX, OPEX, indoor climate, work processes, carbon footprint, and energy performance.
And all this without the need for specific knowledge. This ‘Digitally try before you buy’ is really a giant leap forward in real estate development.
Are you interested? Please feel free to contact me if you have any questions. My colleagues and I are looking forward to answering them.