Will Virtual Touring Technology Replace the In-Person Office Tour?

In this article, you'll learn:

• How virtual touring technology is transforming office property tours.
• The advantages of using virtual tours in the initial property search.
• Why physical tours remain essential for making final leasing decisions.
• The role of True Tenant Reps™ in guiding and optimizing the touring process.

One of the most critical steps in the property search is the touring phase. Tenants need to be able to go in, visit a space, and proverbially “kick the tires” before signing a long-term lease.

But we’re living in a new era of technological integration. Industries are coming to terms with how rapid the assimilation of technological advancements is altering traditional practices. The commercial real estate industry is no stranger to this phenomenon, readily welcoming in new tech and artificial intelligence to streamline the way things are done. New utilization tracking features, contactless technologies, and remote / virtual reality are changing the game.

But when it comes to touring office space, the value of seeing the real thing for yourself can never be overstated. So, learn about new immersive property touring technology and how it stands to potentially change the game.

Spoiler: Some things are best done the old fashioned way.

Are In-Person Tours Going Out of Style?

Virtual technology and AI have revolutionized the way office tours are conducted, making it easier and more convenient for clients to view properties without ever having to physically visit them.

At the forefront of adopting new technology to assist clients, Planitar Inc. has announced the iGUIDE Preview add-on service which uses computer vision and machine learning AI to produce 3D tours and interactive floor plans. This all occurs in a matter of minutes from uploading project files. The technology can provide accurate data for materials and property records, and developers and architects can also utilize it to ensure designs are executed correct.

goiguide.com 

Planitar already has credibility in the residential real estate market. And it’s rapid, fascinating evolution, will only become more common in the commercial property search. In a press release, CEO of Planitar, Alexander Likholyot explained, “The combination of 360° images and 2D LiDAR scans produced by the iGUIDE PLANIX camera system was designed to balance fast capture with rich visuals and accurate floor plan data..When combined with Planitar’s capability to rapidly curate sizable, uniquely annotated property datasets, we have been able to materially advance our core technology offering.."

Other tech like virtual reality headsets are also being phased into the industry. Tenants can virtually walk through a property, giving them a more immersive experience than traditional virtual tours. With the ability to look up, down, and around the space, tenants can get a better sense of the layout and size of the property.

Such developments represent a new leg of the AI integration in the CRE field. As artificial technology rapidly evolves, it’s popping up as the solution to a growing number of issues.

The Value of Virtual Touring

Touring multiple properties can be a massive drain on time. This is especially true if your company is considering multiple properties in multiple regions.

Virtual tours have always been a solution to this predicament because they allow companies to pre-select which properties are not worth the visit. But, now these tours are becoming more advanced. Professionals can get a better idea of the offices they’re visiting, the existing features and layouts, and how floorplans can be arranged to streamline prospective layouts. Tenants now can access an immersive 360- degree view of a space.

This is especially important because to fully optimize the likelihood that you receive the best possible property, an extensive market survey must be conducted. This usually lands CRE professionals with a list of 30+ attractive locations. Of course, it would be unreasonable to tour that many properties physically. That is why so many brokers will start with a virtual tour to cut down on the list of locations. Virtual tours were further popularized following COVID-19 to allow professionals to visit properties remotely without violating social distancing. They remain an excellent tool for making CRE decisions safely.

When looking for your next office space, there are many factors to keep in mind to ensure you get the best office space, with the right terms, and at the best price. Sign up for our free video course below to make sure you avoid any pitfalls!

So of course virtual tours are important, but will they ever replace the real thing? Well, that’s another story. Virtual tours are a critical first step to the touring process, emphasis on "first" step.

Why Physical Tours Will Always Be Important

For a multi-million-dollar lease, it is not enough to just view the properties through a screen. And while virtual tours can provide a good sense of the space, there are certain considerations about the location that can only be fully understood by being there in person, such as the surrounding neighborhood and the overall feel of the area. Physical tours provide a more accurate representation of the property and its surroundings, allowing potential tenants to get a firsthand look at the space and its features such as the level of noise, parking availability, or external amenities.

Ultimately, while virtual tours can be helpful in narrowing down options, physical tours are still a crucial part of the leasing process. Because traditionally following the virtual tours, you will make your first cuts. Ideally, you will be left with 6-12 prospective sites. You have the option for in-person tours before this stage, but this is where they typically begin. Do not accept just virtual tours.

You don't know what you don't know. That is why it is so key to see the following in person: 

• Suite
• Building
• Surrounding Neighborhood

Physical tours give potential tenants an invaluable opportunity to take their own pictures and videos of the space, which can be used for the decision-making process and future reference. This is especially critical because your landlord’s team is responsible for the promotional images you see about the property. Visiting in person is the only way to ensure what you see is what you get so it’s is absolutely necessary for proper documentation.

Moreover, in-person tours allow potential tenants to ask questions and discuss specific requirements with the landlord or leasing agent, leading to a more detailed understanding of the property's features and limitations.

So, while virtual tours can be a great starting point, a physical tour is a necessary step for tenants to gain a complete understanding of the property and its surroundings. The benefits of seeing a property in person and interacting with leasing agents and landlords cannot be overstated, and should be considered an essential part of the leasing process.

Tour With a True Tenant Rep™

Virtual tours have always been a solution to the predicament of touring multiple properties that can be a massive drain on time. However, while virtual tours can provide a good sense of the space, there are certain considerations about the location that can only be fully understood by being there in person.

Even though virtual touring technology is rapidly being integrated, physical still tours give potential tenants a more accurate representation of the property and its surroundings. For the scope of a multi-million dollar lease, virtual tours will have to be so realistic the landlord’s broker can pinch you. So, in other words, the tech isn’t necessarily there yet.

The benefits of seeing a property in person and interacting with leasing agents and landlords cannot be overstated and should be considered an essential part of the leasing process, leading to a more detailed understanding of the property's features and limitations. But when you get to the physical tour- what do you look for? 

Touring properties can be extremely overwhelming, from the pressure to take the right pictures to balancing which team members are scheduled to conduct visits. Luckily every concern with touring space is taken care of by True Tenant Reps™.

One of the main benefits of working with True Tenant Reps™ during the touring phase is their ability to provide expert guidance and advice on properties based on their knowledge of the local market and their understanding of the tenant's needs. They can help narrow down the list of potential properties based on the tenant's specific requirements and provide insight into the surrounding area and amenities.

In addition, a tenant rep can help coordinate and schedule physical tours of properties, making the process more efficient and ensuring that the tenant gets the most out of each tour. They can also provide a critical second opinion during the tour, pointing out potential issues or concerns that the tenant may have missed.

Reach out to a True Tenant Rep™ today. 

If you're prepping for an office tour, you don't want to wait until you get there to think about what you need to achieve. Learn the 5 Key Considerations for Touring Space.