Virtual learning spaces hold the potential to spatially situate learning and make learners feel like actually being in a real physical learning environment. A number of pilot studies have demonstrated that 360-degree panorama based interactive learning environments are capable of promoting knowledge/competence acquirement and eliciting presence experiences on a similar or even superior level than to pen-and-paper materials, physical learning environments, and three-dimensionally modeled virtual realities while requiring fewer resources to produce. However, this rather novel learning format has not yet been empirically investigated in depth, for example with regard to learners’ specific feelings of spatial and social presence during use. To address this issue, we conducted a case study (N = 44) to provide in-depth insight by use of a virtual learning environment for real estate training. Results show that learners experienced a rather low to medium level of spatial and social presence whereby perceptions varied between both between the subdimensions of social presence and among individuals. These findings lead to an agenda for future research to examine three major relationships, that is the influence of both 360-degree panorama based interactive learning environments’ design and learners’ individual differences on perceived presence, as well as the interrelation between the elicited amount of presence and learning outcomes in interactive 360-degree-panorama-based education.