Augmented Reality For Commercial Real Estate What’s That?

Augmented Reality and innovation

Just look at this, sure it’s cool and mobile and tech geeky.  Beyond the cool apps that are already emerging.  Why would a commercial real estate broker need to pay any attention to this?  Probably, most are not.  Big Mistake.

Everywhere you look Mobile is the next big thing in real estate. Commercial Real Estate on the other hand seems to not be part of the Mobil equation.  I’ve been looking pretty hard and I haven’t really found much, but maybe I have found one possible solution. 

It’s called Layar.

Here is what I think the technology can do for the Commercial Real Estate business.  Just imagine walking past a downtown office building or any building for that matter holding up your phone and the address pops up.  Tap your phone on the building availability button and scroll to:

1. What space is available? Is it 2500 sq ft or 10,000 divisible into four two thousand square foot sections?
2. What type of space or class of space is available Class A, totally tricked out and ready Class B a little older but with some improvements still be quality.  Class C probably needs some major work but the location and terms may warrant a look?  Maybe it is a Flex space with dock access.
3. Cost of space.  Is it 5-10-20 50 dollars a square foot?
4. What type of lease terms?  Is that per month, per year.  Triple Net or Total Gross?
5. Building owner incentives.  Is the owner providing a prospective tenant any dollars or allowances, such as, a $3 dollar allowance for carpet  or interior finish with a $20,000 cap?
6. What are the costs of utilitie, the utility providers and who are the vendors that service the building?
7. Is the building Green or LEED certified and are the documents available to see the points earned?
8. What is the present zoning and what are the allowable uses.  Is there potential for a variance with multi uses?
9. What are the incentives from Local government for business to relocate to the area?
10. What type of businesses are in the building now?  Is it predominantly a medical building or is it more diversified, with possible clients or alliances partners?
11. How does this building compare to the building I occupy now?
12. How does this property compare to other similar properties in neighborhood?
13. What are neighborhood amenities-restaurants, parks, etc?
14. Last and certainly not least.  How about the name contact info and ability to instantly get feed back from or communicate with a leasing representative?

Does this sound a little far fetched Take a look at Paris, France. It is already in use.  Turn off the volume if you want and watch.  The demonstration shows it all.

Why would this not work here?  Is there an invasion of property owner privacy rights?  Are Commercial Real Estate Broker’s reluctant to give the information out because of FEAR?  Is there no need for this in the Commercial Real Estate market place?   Maybe Google thinks there is!