Holograms: Repurposing South FL Commercial Real Estate?
As we continue to live with the COVID-19 pandemic that is morphing into something endemic, the concept of the workplace is ever evolving. While there are many of us who have returned to traditional offices, there also remains others who are able to either work from home or are hybrids (working a few days at a traditional office and remotely). In fact, the National Association for Business Economics found that only 11% of employees are expected to return to pre-pandemic working arrangements, while corporate travel will continue to be substantially decreased.
The possible post-COVID-19 situation has some companies, especially in the tech space, creating a future where people are able to collaborate in more interactive and engaging ways, whether they are working in a physical office or at home. Holograms are one such way. These life-size 3D images, which are already being used as innovative ways to communicate among and with employees and customers.
Holographic speakers from Australia, Greece and Germany together on one stage. (Picture Courtesy Washington Post)
Originally invented in 1951, holograms create an interactive way to communicate without physically being in one space. Unlike Zoom conferences, workplace holograms provide employees the ability to read body language and other physical reactions in cyberspace. They do, however, come at a hefty price, ranging from $100,000.00 to purchase to $25,000.00 per day to rent. That cost alone must be brought down in order for this technology to be widely adopted.
How may this affect commercial real estate?
Traditional commercial office space will continue to evolve, as remote and hybrid work remains. Commercial real estate will be repurposed. While Florida is arguable one of the top 15 commercial real estate markets according to the National Association of Realtors, how that space will continued to be used is changing.
With the launch of the metaverse, our concept of reality is changing, and our concept of going to commercial spaces whether they are offices, shops, or groceries are evolving through technology. The fusion of seeing 3D via holograms on the metaverse will arguably create immersive interactions and communication, eventually merging the digital and physical world.
What does this all mean?
The pandemic created evolving changes in how we live and work. As remote work increased and continues, the need for large office space has decreased. As a result, office buildings have been repurposed to multi-family housing, schools, and other uses such as warehouse and fulfilment centers as many people continue to work remotely or on a hybrid basis. Holograms offer an expensive 3D alternative method of communication as the virtual world continues to expand. Perhaps most importantly such technology illustrates how adaptable we have become.
From The Trenches