Dive Brief:
- Developer Tishman Speyer is using Decorist's 3-D rendering and virtual reality services to help sell luxury condos at its Lumina project in San Francisco, according to Bisnow.
- This project marks the first new development to leverage the Decorist technology, which allows potential buyers to see the interior design options of the units virtually.
- The under-construction Lumina tower has already drawn significant buyer interest, as 79% of the 656 units were either under contract or sold at the end of Q1 2017.
Dive Insight:
Developers are increasingly turning to VR technology as a tool to help draw interest to their new projects. In 2016, Microsoft, in collaboration with Skanska USA Commercial Development and digital production agency Studio 216, offered its HoloLens technology to create a "holographic real estate leasing center." Skanska USA used the product to offer potential tenants a look at its 2+U high-rise office project in downtown Seattle.
Homebuilders are also taking advantage of VR technology to help sell new homes. Earlier this year, PulteGroup provided VR headsets for two of its communities to allow prospective buyers to view the homes' interiors and walk though the space. The technology allows builders and developers to drum up interest in their offerings and allows clients the ability to better communicate their expectations about their future home.
Decorist has been making waves in the design industry since it launched in 2014 and secured $4.5 million in funding the following year from Lowe's, the Women's Venture Capital Fund and other undisclosed investors. The startup began as a platform for users to connect with designers for ideas and to buy products, and it has continued to expand its offerings — including this 3-D rendering and VR technology — ever since.
