With operations in the built environment becoming increasingly data-rich (via Building Information Models and Internet of Things devices) and the rapid development of highly immersive environments, there are new opportunities for components of traditional “real-world” tasks to be undertaken in a “virtual” environment. However, an approach to compare both subjective (psychological) and objective (task-based) performance in real and virtual environments is rarely used in this context. This paper begins by introducing the industrial, technological, and psychological context of real-world and virtual tasks. A systematic review of the application of CAVE Automatic Virtual Environments (CAVEs) for “virtual” built environment tasks is conducted, and research gaps regarding the development of systems and comparison of task environments (CAVE and real-world condition) is identified. A theoretical framework to assess task performance is developed, and a novel practical experiment to compare participant(s) psychological and decision-making performance for an identical task in the real world and in a CAVE is proposed.