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Augmented reality technology is rapidly growing. The technology can mean both opportunity and some potential problems for property owners, depending on how it is implemented. First, property managers are recommending that property owners for all commercial properties start including augmented reality provisions in lease terms. In the long run, though, augmented reality could prove to be a additional income stream.

“One thing that we are watching closely, and I think that we are one of the first firms that have it in our property management agreements is augmented reality, which I call the Pokemon Go theory,” Kevin Rude, director of real estate services at Colliers International, tells GlobeSt.com. “That is the next wave that is going to hit the Los Angeles and New York markets, first. I think that everyone needs to be prepared for that as well.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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