New York is not just any North American metropolis. It is the most populous city in the United States and a robust real estate market, both for residential and commercial properties.
Although the New York Commercial real estate trends have constantly been shifting according to the social factors, economy, and population trends, the city attracts a great mix of deep-pocketed investors, including foreign buyers, institutional investors, and wealthy local families. Thus, making New York commercial property a very competitive space.
New York City Economic Overview
The NYC economy has rebounded after the 2008 economic meltdown. And for the last two years, it has shown steady growth. Wall Street is the economic artery of the city, but it's not the only one. Different sectors such as fashion, entertainment, and technology are getting interwoven into New York's economic fabric. New York is home to various industries ranging from finance and business administration to education and technical services.
New York is an international hub for global business and commerce. It is also one of the three major centers of the world economy and London and Tokyo. One of the three and 42 Fortune 500 companies have their headquarter offices in New York City; one out of ten private-sector jobs within the city is with an overseas company. So, buying and selling commercial real estate in New York plays a vital role here.
This makes New York's commercial real estate market really strong.
How Virtual Tours Help in the Growth of NYC Commercial Real Estate?
In the era of social and physical distancing, virtual tours have become more prevalent in the decision-making process of selling/leasing commercial properties in NYC.
Virtual tour photography eliminates the need for a prospective customer to visit your property. Commercial real estate 3D house tours in New York provide a 100% visual presentation of the interior as well as exteriors of offices and commercial buildings. The virtual tour offers full control to the viewer to see what they wish to see, at whatever speed they enjoy and whichever area they decide to zoom for a closer look.
Commercial real estate virtual tours offer a realistic feel of a building's layout, enabling potential customers to navigate the property XZ – rooms, interiors, location, the structure, doorways, etc.
Benefits of Commercial Real Estate 3D Virtual Tours
According to the WAV Group, listings with virtual tours get clicked on 40% more than listings with virtual tours. Some of the benefits of virtual tours in commercial real estate are:
1. Meets the Social Distancing Requirements
The pandemic has made showing properties more complicated than ever. Many potential buyers/tenants are hesitant to view the space. 3D virtual tours for commercial properties can help overcome the challenge of social distancing. With Styldod's 3-step process for creating a 3D virtual tour, you can enable your potential buyers/tenants to see the property from the safety of their homes.
2. Helps Tell the Story of the Property
3D virtual tours effectively convey visual information that is difficult to explain in words or even in photos. By creating virtual spaces, 360 virtual tours help the buyer or tenant understand the property's layout and feel. Some 3D tours also create floorplans that can help the prospective customers visualize the space better.
3. Helps Connect With Out-of-Town Buyers/Tenants
A virtual tour makes it easier for out-of-town prospects to experience the property's look and feel in New York. Generally, they rely on photos or travel to make an in-person visit. The virtual tour can help decide whether or not to make an in-person visit. 3D virtual tours can also be a useful resource to refer to after you are done visiting the property in-person. This feature is especially valuable in a city like New York, where companies are often on the lookout for a space to relocate or expand their business to another city.
4. Gets Your Property on the Short List
Because of COVID-19 and social distancing, prospects are apprehensive about seeing multiple properties. They prefer to shortlist first to minimize their overall interactions and exposure. By allowing your prospects to see the commercial property virtually, you are more likely to make it to their shortlist because they have already got the chance to see how the property looks and what potential it has.
5. Generates Faster and More Sales
According to BIA/Kelsey's research,97% of consumers go online prior to making a purchase to research products and services locally.
So, when your website or the listing has 360 virtual tours, the conversion rate is about 27% higher than for 2D images.
Styldod's Virtual Tour Photography and Videography Services
If you want to create engaging commercial virtual tours in New York, consider working with the team at Styldod. Our team of experts with provide you with virtual tours, 3D tours, and more.
Why Should You Outsource Your Commercial Real Estate 3D Virtual Tour to Styldod?
- Because it's virtually a hassle-free process.
- Just upload your pictures and leave the rest to you.
- We have experienced experts and technicians.
- Quick turnaround with high-quality results.
Styldod can bring life to your commercial listing through incredible visual content.