Artificial intelligence (AI) and its impact on commercial real estate have been gaining attention in recent years. Machine learning has enabled companies to collect and analyze large amounts of data, helping them identify trends and patterns that can be used to determine sales prices, lease prices, or whether a particular site is suitable for ground-up construction. Generative AI – such as ChatGPT, Bard, DALL-E or DeepMind – could further advance the CRE sector.
A survey conducted by JLL revealed that respondents expect AI and generative AI to have the greatest impact on real estate over the next three years; however they also indicated having least understanding of these technologies compared with other technologies like blockchain robotics or virtual reality. According to JLL experts , both types of AIs will affect labor market dynamics by increasing productivity while potentially replacing some jobs; eye occupiers who are involved in technology development may need more space for their activities; finally proptech solutions are paving way for integrating AI into various aspects of real estate functions such as investment management design/construction facilities operations portfolio management etc., leading early movers in this area towards using generative AIs particularly when it comes energy sustainability property management etc..
