Property walkthroughs coming to a VR headset near you – Orange County Register

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It’s the end of October, already!

I love this time of year. The weather cools, leaves crunch underfoot, pumpkins abound and for many of us in the commercial real estate trade, it’s conference season!

I’ve often wondered why all of us flock to events this month in particular. After all, there are only four meeting weeks. But maybe it’s because the year is far enough gone to think about 2023, and we’ve not entered the crash of holiday festivities. This year, I chose two to attend — SIOR Create 360 and MassimoCon. I’m penning this column from SIOR in the Big D – aka Dallas-Fort Worth.

Yesterday was a glorious fall day with early morning temps in the 30s, but it quickly warmed to the mid-60s. Akin to a desert winter day, you just feel alive.

As I’ve attended sessions, my Remarkable is close by for copious notetaking. Education is the goal of this column as I review what the best in our industry have to proffer.

Technology and innovation

When my career started in 1984, the only technology we enjoyed was a switchboard with multiple lines. Handwritten notes were taken when a caller failed to connect. That’s right. No voicemail. Bliss!

A computer on every desk was a distant dream of Silicon Valley visionaries named Jobs and Gates. And the business was much more local. It had to be because tracking markets was left to each of us individually.

Nowadays, with a stroke of a few keys, I can search properties globally and communicate virtually. George Jetson indeed. All we need is a flying car and a dog named Astro!

Will we see a time when tenant searches are fulfilled via the metaverse? By that I mean, one day soon you’ll receive a link through a virtual headset and be walking the spaces, asking questions, seeing the neighborhood and transacting with an avatar. Think I’m crazy? Well, you can try on clothes virtually. So, it’s not that farfetched.

What’s ahead

The general sentiment around here is we’re headed for a rough patch with finicky capital, rising cap rates and the rising cost of borrowing. As I preached here in this space, tenant demand is still strong and vacancy remains scant.

America’s team

I can now say I caught a pass from Roger Staubach, the legendary quarterback of the Dallas Cowboys and even more legendary commercial real estate visionary.

Roger’s key to success was hard work. I’m surprised he didn’t mention the fact he created the tenant rep concept! Humble as always. At almost 80 years young he still sports – sorry – an upbeat attitude and uncanny ability to fire a spiral. Fortunately, the one I cradled was more of a lateral so I didn’t fumble it. Mark Whicker would’ve approved.

That’s all from Big D! Buchanan, out.

Allen C. Buchanan, SIOR, is a principal with Lee & Associates Commercial Real Estate Services in Orange. He can be reached at [email protected] or 714.564.7104. 

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