With more than 75 million downloads since being introduced a month ago, Pokémon Go is a hot topic on traditional and social media news outlets and is seemingly in everybody’s hands. The rapid adoption of the augmented reality app by popular culture means the technology behind it is likely to go mainstream as well. And that has important implications for the real estate business as a whole.
“The whole point of augmented reality is that the consumer is physically in the reality but, through the use of technology, they are able to distort that reality in order to better visualize a wider array of options,” said Andrew L. Benioff, founder and managing partner of Llenrock Group, a real estate advisory and investment-banking firm.
Benioff sees numerous uses for his firm of the technology:
- It will allow them to evaluate whether a project is feasible or not by using GPS location, apps, troubleshoot or fix a problem;
- Enable them to pull digital assets into the real world; and
- Stand in a space and draw a plan outline (or use additional holograms or graphics) to help investors/lenders better visualize the completed structure or built-out space.
Such applications may not be that far away.