The future of real estate is looking very promising with the emerging building technologies and trends. People see more innovative and green technologies developed and used in the construction industry. There are also some trends toward more sustainable and energy-efficient buildings, for instance, LEED-certified buildings. These buildings are designed to use less energy and water and produce less waste (Onuoha & Ezedike, 2019, p. 25). The world can expect to witness more innovative and sustainable buildings being constructed in the years to come. Architectural rendering, construction simulation, 3D models, building information modeling, and sustainable building positively influence the future of real estate by making them more marketable, saving on planning and construction costs, and giving stakeholders a preview of what is expected.
The future of real estate looks very exciting with the emerging building technology, Virtual Reality (VR). With VR, things are becoming more virtual, making the real estate industry more efficient and effective. One example is virtual reality headsets that allow potential buyers to take a virtual tour of a property before it is built. This technology gives buyers a realistic idea of what a property will look like once it is completed, helping them make a more informed decision about whether or not to purchase it. VRs have also made life easier for potential real estate customers (Chen et al., 2017, p. 779). Virtual reality walkthroughs allow potential buyers or renters to explore a property virtually before deciding to visit in person. This can be a great way to get a feel for a property without having to make a physical visit.
Architectural rendering software is another VR that allows architects and engineers to create realistic 3D models of buildings and construction projects: This type of software can be used to create accurate models of proposed buildings and construction projects, which can be used to help potential buyers visualize the finished product. Architects and engineers use a 3D construction project model, enabling them to easily identify potential problems and work on them collaboratively (Deaky & Parv, 2018, P. 4). Furthermore, they can accurately plan the placement of windows, doors, and other internal and external features of buildings avoiding construction delays and errors.
Construction simulation software is another VR tech that allows construction companies to assess different construction scenarios before starting work on a project. This software can test other construction methods and materials, helping construction companies save time and money by avoiding potential problems (Deaky & Parv, 2018, P. 4). Besides, VR simulations help train construction workers to use new equipment or work in new environments. Thus, workers get realistic training without being exposed to actual danger. Lastly, another important VR tech is building information modeling (BIM) software that creates a digital model of a construction project, used by everyone involved in a project, from the architects to the construction workers (Deaky & Parv, 2018, P. 4). The software can be used to create a digital model of a construction project, which all members of the construction team can utilize to understand and plan the projects.
Impact of Sustainability and Green Building on the Real Estate Market
A green building is a structure that is designed, built, and operated to minimize the negative environmental impacts of the built environment. Green buildings can be designed to use less water, generate less waste, and use less energy than traditional buildings. Green buildings can also be designed to improve the quality of the indoor environment for the occupants. Green buildings can positively impact the real estate market by reducing operating costs, increasing property values, and attracting more tenants (Chen et al., 2017, p. 778). The impact of sustainability and green building is far-reaching. It affects the real estate market in several ways, most notably regarding values and investment potential.
Sustainability and green building practices often add value to a property. This is because such features are becoming increasingly desirable to buyers and tenants willing to pay more for an environmentally friendly property with lower running costs (Onuoha & Ezedike, 2019, p. 26). Thus, properties with sustainability features are more attractive to investors, who expect to see a higher return on their investment. Buyers are willing to pay more for green features such as energy-efficient appliances, windows, and water-saving fixtures.
Another positive impact of sustainable building tech is the potential to save money on utility bills. A study by the U.S. Department of Energy found that green buildings can save an average of 30% on energy costs, with some individual buildings saving up to 40% or more. The study also found that the average green building saves 650 gallons of water per year (Onuoha & Ezedike, 2019, p. 29). Furthermore, as awareness of the importance of sustainability grows, properties that do not meet green standards will likely become less marketable and less valuable over time. This could significantly impact the real estate market, making it more critical for investors and developers to incorporate sustainability into their plans.
The impact of sustainability and Green Building on the Real Estate Market are all positive. They are increasing the value of real estate and making it more accessible to a broader range of people. The trend for new buildings is to be more sustainable and green. This is good for the environment and also makes financial sense. The green building market is snowballing and is expected to continue. This is having a positive impact on the real estate market.
Chen, Z., Liu, P. & Yang, Y., 2017. Integrated Project Delivery Method to Sustainable Construction. Integrated Project Delivery Method to Sustainable Construction | Atlantis Press, pp. 777-780. Web.
Deaky, B.A. & Parv, A.L., 2018. Virtual reality for real estate – a case study – iopscience. Virtual Reality for Real Estate – a case study, pp. 1-7. Web.
Onuoha, I.J. & Ezedike, C.E., 2019. Review of social benefits of green and sustainable real estate properties. Journal of Energy Technologies and Policy, pp.25–30.