In the wake of the Covid-19 pandemic, many commercial real estate developers are looking for ways to reduce costs and gain efficiencies in the face of uncertain economic conditions and high vacancy rates. While virtual tours and reality capture are commonplace in residential real estate, commercial real estate has been slower as an industry to address operational inefficiencies.
The benefits of reality capture for commercial real estate developers
Commercial real estate developers are usually focussed on either ground-up new construction or renovating and refurbishing existing properties. Irrespective of the nature of the project, there is an ongoing need to document, share and inspect job sites. No matter the type of property, reality capture offers several key benefits to commercial real estate developers.
Firstly, reality capture provides an accurate, detailed depiction of the floor plan of a property. This means developers can assess its potential for renovation or redevelopment with greater accuracy and identify any potential limitations or constraints that would block on-time completion of a project.
Secondly, reality capture scans can be used to create virtual reality walkthroughs which can be used to showcase the potential of an undeveloped property to clients, investors and other stakeholders. This additional layer of detail can help generate interest and secure funding for developmental projects.
Finally, reality capture can streamline the development process, saving both time and money, by enabling developers to identify any issues early on in the process, before significant resources have been invested. Developers can also use scans throughout the build process to keep track of construction progress and compare scans over time.
Reality capture can help developers represent their work in a visually engaging, immersive format to streamline decision making, create more engaging real estate marketing materials and bring successful development projects to market more efficiently.
Get started with reality capture today
In summary, reality capture offer numerous advantages for commercial real estate, including:
Better decision making: reality capture provides detailed and accurate depictions of properties, allowing developers and managers to make more informed decisions about renovation, redevelopment or maintenance.
Faster time to market: reality capture can help identify any potential issues early on in the process, which can help save both time and money, as well as keep key stakeholders aligned throughout the build process.
Cost control: reduce the need for on-site visits and in-person inspections
Enhanced safety and risk management: reality capture can help identify potential safety hazards, providing an opportunity to address them before accidents happen.
Overall, reality capture can help real estate developers streamline their processes, reduce costs, and bring successful projects to market more efficiently.
Start Scanning Today with Matterport: Pro3 Helps Commercial Real Estate Developers Reduce rework time, reduce costs, and realize a faster time to market
US-based construction firm, Swinerton, gives clients immersive, remote views of work sites, reducing travel and expenses.
The Matterport platform and Matterport Capture Services offer Cushman & Wakefield clients convenient and insightful virtual tools, improving cost savings and customer service
Reduce project delays - eliminated four weeks of potential project delays
Prevent rework - saved clients thousands of dollars by preventing costly errors and re-work
Reduce travel time - reduced client travel time by 100% and cut MEP and architect travel time by 50% percent
Access from anywhere - digitized over 1,000 properties in less than 12 months
Drive global expansion - expanded footprint across 21 countries
Realize cost savings - realized 53% cost savings using the global network of Matterport Capture Technicians
“COVID-19 could have thrown a wrench into our operations, but we’ve only become more effective because of Matterport. Two-dimensional blueprints and plans don’t give a sense of how a space will come together the way Matterport digital twins do. Our clients can experience a space without setting foot inside it. Matterport is a game-changer for our company and our industry.”
-David Purdy, Superintendent
“Using the Matterport technology has allowed our commercial real estate professionals to provide our clients with better insights and decision-making, and offer a more convenient and improved method of viewing space to investors, occupiers, developers, and asset managers. Matterport has supported large-scale, international listings while enabling us to deliver personal attention to customers everywhere.”
-Oliver Skagerlind, Global Head of Client & Business Solutions
Want to have a Matterport capture technician scan your spaces for you? Book Capture Services today. Available in 700 cities and counting worldwide, completed in as fast as 24-48 hours.