Recently, it seems that American politics have become more divisive than canned vs homemade cranberry sauce. However, I believe that politics don't have to trump your turkey day. Save that mouthful for grandma's stuffing and instead talk about some of the incredible technologies that are changing the real estate space.
The real estate and construction industry has been taken to new heights with the recent explosion in drone technology. These eyes in the sky can be used in sales, marketing, construction, surveying, and inspecting properties. However, the recent spike in drone popularity has also raised privacy and safety concerns. The FAA recently passed new regulations regarding drone usage, however it's unclear if regulations will be able to keep up with this rapidly developing industry.
2. Virtual Reality & Augmented Reality
Recently, VR and AR have been some of the most talked about technologies in the real estate space. A recent study by Goldman Sachs Research predicts that VR and AR will become an $80 billion market by 2025, with real estate alone taking $2.6 billion. However, the value of VR and AR goes far beyond real estate showings. VR and AR have given construction companies a cost effective way to show clients changes to a building's design before construction begins. In addition, architecture firms are using VR and AR to conceptualize spaces in a way 2D drawings can't, even bringing environmental elements such as humidity and lighting into the design process.
3. Artificial Intelligence
As we discussed in a recent article, AI has, and will continue to, revolutionize the role of the real estate broker. Beyond this, AI will also bring our buildings to life with data enabled machine learning. Smart buildings will come to anticipate and react to tenants needs, making for more flexible and energy efficient spaces. As our cities swell, AI will allow architects and urban planners to design buildings that utilize space in the most effective and efficient way possible. Eventually, AI will bring self awareness to cities, allowing them to evolve with the changing needs of their populations.
4. 3D Printing
Finally, 3D printing is, and will continue to, create new opportunities in construction and building design. As 3D printing technology becomes more advanced, incredible buildings are being constructed with little to no human interaction. 3D printing has allowed designers to utilize previously unheard of building materials to create complex structures that are both visually stimulating and environmentally friendly. We haven't even tapped the potential behind 3D printing and we should expect to see it continue to play a huge role in building design across the world (and beyond).