{"id":1004647980,"date":"2023-03-02T09:44:07","date_gmt":"2023-03-02T17:44:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004647980"},"modified":"2023-03-02T09:44:17","modified_gmt":"2023-03-02T17:44:17","slug":"cdo-stack-metaverse-vs-ar-and-vr-in-cre","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cdo-stack-metaverse-vs-ar-and-vr-in-cre\/","title":{"rendered":"CDO Stack: Metaverse vs. AR and VR in CRE"},"content":{"rendered":"

Last year I wrote about the intersection of real estate and the metaverse<\/a>. What triggered that topic was a spike in questions from clients who were interested in real estate ownership in the metaverse.<\/p>\n\n\n

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READ THE DIGEST<\/a><\/div>\n<\/div>\n\n\n

At the time, I didn\u2019t even understand the question or why it was of interest. I quickly understood why people were asking, and in the ensuing 10 months since I penned that column, interest in the topic seems to have waned. As a student of emerging technologies, particularly those that have or should have relevance to the industry, I\u2019ve recently spent time becoming smarter about the metaverse.<\/p>\n

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READ ALSO:<\/strong> CRE\u2019s Top Tech Tools<\/a><\/p>\n

\n
\"John<\/a>

John D’Angelo<\/p><\/div>

<\/p>\n

Maybe the first thing to get out of the way is a firm admission of being at least a little wrong. Back in May of last year, almost everything I described as promising about the metaverse and real estate use cases was, in fact, simply describing augmented and virtual reality (AR & VR). I\u2019m very grateful that nobody reached out to fight me on my mistake, as it would have been very easy to do so.<\/p>\n

Why am I fessing up? Largely because I\u2019m convinced that the technical and practical barriers to having a single metaverse are likely to keep it from being a reality for at least the next several years. I\u2019m also convinced that the AR & VR use cases that I described could make an impact on commercial real estate long before the metaverse does. So we\u2019re on the same page, perhaps a couple of definitions would be useful.<\/p>\n

The metaverse<\/strong> describes a 3D virtual world that is pervasive and can be simultaneously experienced by multiple users. Other commonly agreed-upon characteristics of the metaverse include real time rendering, interoperability, synchronous or shared experience, effectively unlimited scalability, and continuity of data (objects, rights etc.).<\/p>\n

The best analogy I\u2019ve heard compares the metaverse to the internet. But the characteristics I\u2019ve described above will require computing power and standards that simply don\u2019t exist today or aren\u2019t sufficient to make the metaverse a reality. It\u2019ll happen, but there\u2019s much that needs to be figured out, invented, or refined to make it both possible and practical. Most agree that this is at least a decade in the future and perhaps much longer.<\/p>\n

Augmented reality<\/strong> describes technology that augments or enhances something that exists in the real world. If you\u2019ve ever used the Google Translate app to \u201csee\u201d in English a restaurant menu written in a foreign language, you\u2019ve experienced augmented reality. The menu hasn\u2019t changed, but the app gives a virtual presentation of it in English\u2014or any of a host of other languages that you\u2019ve chosen. In the real estate industry, for example, imagine standing in shell space in an office building and using an app to \u201csee\u201d that space built out in a number of different ways or with different furniture. That\u2019s augmented reality.<\/p>\n

Virtual reality<\/strong> is a computer-generated environment that is immersive and enables an experience that, with increasing ability, creates a reality. As opposed to augmented reality, that reality doesn\u2019t need to be tied to the actual world. If you take the above analogy about \u201cwalking\u201d through a rendering of a proposed office build out (or several different build outs), but you\u2019re doing it from an entirely different location with a VR headset on, you\u2019re experiencing virtual reality.<\/p>\n

Like I said, I\u2019m excited about the existing and potential applications of AR and VR that have implications and hold promise for commercial real estate. And I\u2019m grateful that I didn\u2019t get called out on conflating the two with the metaverse. Thanks for allowing me to do that myself.<\/p>\n

John D\u2019Angelo<\/em><\/a> is a managing director with Deloitte and is the firm\u2019s real estate solutions leader, designing solutions to address client challenges and push the industry forward. With more than 30 years of experience as a management consultant to the global real estate industry, John has helped some of the biggest names in real estate leverage technology and use data to optimize and transform their operations.<\/em><\/p>\n

Read the March 2023 issue of CPE.<\/em><\/a><\/p>","protected":false},"excerpt":{"rendered":"

Deloitte\u2019s John D\u2019Angelo untangles several definitions that are becoming increasingly relevant in CRE. <\/p>\n","protected":false},"author":1119,"featured_media":1004311820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39191,1521],"tags":[],"class_list":["post-1004647980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-cfo-corner","category-digital"],"acf":[],"yoast_head":"\nCDO Stack: Metaverse vs. AR and VR in CRE - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cdo-stack-metaverse-vs-ar-and-vr-in-cre\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CDO Stack: Metaverse vs. AR and VR in CRE\" \/>\n<meta property=\"og:description\" content=\"Deloitte\u2019s John D\u2019Angelo untangles several definitions that are becoming increasingly relevant in CRE.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cdo-stack-metaverse-vs-ar-and-vr-in-cre\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-02T17:44:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-02T17:44:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"John D'Angelo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cdo-stack-metaverse-vs-ar-and-vr-in-cre\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cdo-stack-metaverse-vs-ar-and-vr-in-cre\/\",\"name\":\"CDO Stack: Metaverse vs. AR and VR in CRE - 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