Metaverse Property Transactions Accelerate

The Brown Rudnick Real Estate group is in Las Vegas this week to attend ICSC’s premier annual real estate deal making conference.

At the event, Brandon Isner, CBRE’s head of Retail Research for the Americas, helmed a micro learning session entitled Tips for Trailblazers: Preparing for the Metaverse and VR Marketplaces. While there may not be a universally accepted definition of what exactly the “metaverse” is, there seems to be consensus on the rapid rise in visits to virtual worlds and the opportunities associated with it. Companies are preparing to grow their virtual engagement and investors and innovators are seeking ways to capitalize.

Money is pouring into the space, including through significant virtual property transactions. Sales could top $1 billion in 2022. Leasing is also an important element of the marketplace, as retailers, marketers, and event promoters seek to secure the hottest storefronts and venues. 

The commercial possibilities in the metaverse are nearly limitless. Video conferencing has greatly increased connectivity and virtual reality can take it to the next level. 

Training and mentoring have become more difficult, as many workplaces transition to hybrid and remote arrangements. The metaverse can potentially provide a solution.

Business leaders should consider the following:

Are you preparing to display your products, promote your brand, and engage with your employees and customers — or potential customers — virtually? If the metaverse becomes a prominent engagement channel, is being behind your competitors a risk worth taking?

While the industry is still working out exactly what the metaverse will look like, it appears poised to be an important part of how we interact online, and it may be here sooner than you think.