Artificial intelligence (AI) is poised to make sweeping changes across industries, and commercial real estate is unlikely to be left out. The opportunities for AI in real estate run the gamut from asset and property management to investment analysis and economic forecasts.
In recent months creative new AI models have demonstrated a large leap forward in the technology. Large language models such as ChatGPT, developed by OpenAI, have been able to perform tasks previously unheard of by computer algorithms, writing anything from emails to application essays to software code.
Among the possibilities AI presents to the real estate industry are AI-powered valuation models, AI algorithms that revolutionize property management and virtual AI assistants that can provide personalized property recommendations.
“AI is going to be a very, very, very, very strong use for not only investment analysis, which is a huge one, and also predictive mechanisms around expense ratios