Matterport’s Digital Twin Platform Helps VRPM Design the Future of Modern Workspaces
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Insights
The integration of VRPM's virtual staging technology with Matterport's Digital Twin Platform marks a significant advancement in the commercial real estate sector. The ability to visualize prospective spaces through immersive experiences is not just a novel tool; it represents a shift in how commercial properties are marketed and leased. The surge in demand for virtual staging solutions suggests a market trend towards increased reliance on digital tools post-pandemic, as companies seek to minimize costs and expedite the leasing process.
The implications for Matterport and its partners could be substantial. By offering a more interactive and accurate representation of commercial spaces, they are likely to attract a broader clientele, ranging from small businesses to large corporations looking for flexible and efficient design options. This technology could potentially reduce vacancy periods for commercial properties and increase the speed of transactions, positively impacting cash flows for real estate firms and investors. The ability to make virtual stages shoppable adds an e-commerce element that could open new revenue streams for furniture manufacturers and design firms.
Matterport's digital twin technology, when paired with VRPM's virtual staging app, exemplifies the innovative use of augmented reality (AR) and virtual reality (VR) in business applications. The developer tools provided by Matterport allow for the creation of a highly interactive and customizable experience, which is key in the commercial real estate space where differentiation is crucial. The speed at which Kitt managed to stage a substantial amount of square footage showcases the efficiency gains from adopting such technologies.
From a technological perspective, the accuracy and scalability of these digital twins are critical. As Matterport and VRPM refine their offerings, the focus will likely shift towards enhancing the realism and interactivity of these virtual spaces, potentially setting new industry standards for marketing commercial real estate. The ability to integrate seamlessly with existing systems and the user-friendliness of the tools will be important factors in their widespread adoption.
The traditional commercial real estate sector has been relatively slow in adopting digital transformation. However, the collaboration between VRPM and Matterport signifies a disruptive change in the industry, offering a cost-effective alternative to physical staging. The financial implications for commercial real estate developers and managers are noteworthy, as virtual staging can significantly reduce the overhead associated with traditional marketing methods.
Furthermore, the ability to customize and visualize spaces to specific business needs is a competitive advantage that can lead to higher tenant satisfaction and retention. The potential to directly purchase furniture and decor creates a streamlined process, potentially reducing the time from leasing to occupancy. This could lead to a more dynamic commercial real estate market, with quicker turnaround times and enhanced flexibility for tenants.
VRPM combines virtual staging, Matterport's digital twins, and developer tools to offer commercial property tenants immersive experiences for visualizing prospective spaces
SUNNYVALE, Calif, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR) partner, VRPM, a leading visualization and virtual staging platform, demonstrated how Matterport's Digital Twin Platform is being applied to virtual staging for interior design in the commercial real estate sector.
VRPM is one of the leading virtual staging platforms in the UK, which with Matterport’s technology has scanned over 15,000 properties. As the impact of the COVID-19 pandemic reshaped the business landscape, VRPM experienced a surge in demand for virtual staging and design solutions addressing challenges such as varying occupancy levels and increased distancing between workspaces.
Collaborating with Compton, a London-based office and investment real estate firm, VRPM uses virtual staging within Matterport 3D digital twins to provide potential tenants an authentic sense of what it would be like to inhabit a space. Utilizing Matterport's developer tools, VRPM has created a virtual staging app that seamlessly integrates with 3D scans, enabling collaborative design processes within an immersive digital twin.
Virtual staging's future extends beyond just securing tenant leases. It now emphasizes enhancing real estate customer experiences by considering the needs of prospective occupants, such as office furniture requirements or the desire to fully replicate the virtual staging. Traditionally, commercial furniture manufacturers used standard architectural models to display furniture in buildings. However, with Matterport's digital twins, VRPM can create virtual stages with 3D objects that accurately show a piece's appearance and fit in a space. VRPM aims to make these stages shoppable, allowing tenants to directly purchase the furniture and décor they see from the manufacturers.
The accuracy of Matterport's digital twins has enabled VRPM to effectively support Kitt, one of London's leading managed office operators, in staging some of its commercial properties. Utilizing VRPM and Matterport, Kitt successfully staged nearly 15,000 square feet in just a week, a key factor in rapidly marketing the space to potential tenants. Furthermore, Kitt collaborated with VRPM and Matterport to create a library of furniture and design choices, enabling tenants to visualize their future spaces tailored to their specific business needs. Implementing these concepts physically would have incurred costs of tens of thousands of dollars.
To learn more about Matterport’s Property Marketing solution and VRPM's innovative approach to modern workspaces, read the full case study.
About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking digital twin platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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