CoreNet Global NYC (CoreNet) hosted a virtual webinar, CoreNet Plugged In: Impacts of Augmented Reality on Real Estate, on April 29. Featuring Layer Group Partner Neil Mandt and Colliers International President of Real Estate Management Services Karen Whitt, and moderated by Marcus Rayner, Colliers International New York Vice Chairman, the event revealed the growing trend of Augmented Reality (“AR”) in the real estate sector, including the issue of who owns AR rights,how it affects tenant and landlords,and how the technology is being utilized and developed across the industry. For most of the industry, this is unchartered water.
Focusing on the recent advancements in AR and VR technology, Mandt and Whitt demonstrated how AR will change the way people approach work, the logistics and legalities of virtual spaces, who owns AR rights, who profits from them, and what corporations can do to protect and manage the virtual space attached to their physical properties in a largely unregulated environment. They demonstrated examples both in New York and around the world to highlight a trend that has gone largely unnoticed in the real estate world. In the process, they revealed both the cyber security, brand dilution issues and legal ramifications that should concern tenants, as well as the potential financial benefits for landlords and tenants, and the players that will seek to control the sector as the technology develops. The roll-out of 5G technology will be an instant enabler for these new technologies
“Years ago, I am sure, when the first person came up with air rights above a building, everyone said, ‘You’re crazy. You can’t sell the air above the building,’” and now, of course, air rights are something that we all commonly talk about,” said Whitt. “So think of AR rights like air rights. You can sell them separately, and bifurcate them from the property.”
“It is easy to dismiss it and say that it will never happen, that it feels like something out of Back To The Future or Minority Report,” said Mandt. “It already is happening. It is a matter of fact, not a matter of prediction.”Their message was that the industry needs to be better prepared for the impact of this rapidly developing technology.
The Layer Group is a consulting firm that specializes in AR and cybersecurity. Mandt has extensive experience advising a wide range of corporations, from Fortune 500 companies to innovative startups. He is a member of the Academy of Television Arts and Sciences, the Producer’s Guild of America and the Director’s Guild of America. Whitt oversees property management operations for Colliers in the United States and is a leading innovator and adopter of new, technology-enabled strategies for the industry. She is also on the Board of Directors for CREW Network, a founding member of the Industry Advisory Board for Virginia Tech’s Program in Real Estate and a member of CRETech’s leadership board.
About CoreNet Global NYC
CoreNet Global New York City Chapter’s mission is to advance innovation and professional development for the corporate real estate sector, and to serve as a thought leader and forum for current industry issues. The organization’s more than 1,000 members represent corporate end-users and service providers from New York’s largest publicly held companies at the forefront of real estate planning, development and innovation, including Fortune 500 companies generating over $1 billion in annual revenue. For more information about the CoreNet Global New York City Chapter, visit http://newyorkcity.corenetglobal.org.
