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How commercial real estate is using virtual reality for office tours - Business Insider

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Virtual tours are being hyped as a way for commercial real estate giants like CBRE and JLL to keep deals flowing. Here's a look at how they work — and what factors they can't replace.

Real estate, the marketplace of real settings, would seem to be unsuited for this world, but real estate agents have already adapted.some industry experts commenting that the focus on video will carry on long after the pandemic ends.

The partnership had been in the works before coronavirus, but the companies fast-tracked their partnership with the advent of social isolation. The original focus of the partnership was to provide tenants a way to visualize what their space could look like. After coronavirus pandemic began to shut down almost all offices, Sidman said that the business saw an even greater potential for use.

Graham said that the company doesn't usually see clients deciding to lease their space with only a virtual tour, but it has happened. He also said that many of the clients, like commercial brokers use the software on their own without consulting FastOffice's design team, and they also may have used it to lease space without physical tours.

"The live tours give people the ability to 'see' the real space as part of the process," Kevin Aussef, CBRE's global COO of capital markets told Business Insider. Scott Harper, senior vice president and managing director for Colliers' San Francisco leasing practice, said that most deals are being delayed because of social distancing.

 

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