Impact of artificial intelligence on real estate
By Jerry Kingsley
Artificial Intelligence (AI) is an interdisciplinary field that involves the application of intelligent technology capable of performing tasks with minimal human intervention. The potential for AI to revolutionize businesses, industries, and society has been steadily growing for many years. However, recent advancements have brought AI from a specialized area of study to the forefront of mainstream adoption. The proficiency of AI in various domains, including writing, drawing, coding, and composing, has prompted corporate leaders to carefully evaluate the opportunities and risks that AI presents for their future.
In the commercial real estate sector, it is evident that embracing AI strategically could lead to transformative changes. According to JLL’s 2023 Global Real Estate Technology Survey, AI and generative AI were ranked among the top three technologies expected to have the most significant impact on real estate over the next three years, as indicated by investors, developers, and corporate occupiers. However, there is still a lack of clarity regarding the specific implications of AI for the industry. Respondents displayed the least understanding of AI and generative AI compared to other surveyed technologies such as blockchain, virtual reality, and robotics. AI can be utilized in various areas within commercial real estate, including intelligent property search and recommendation, predictive analysis for market analysis, property management and maintenance, and enhanced marketing and advertising. Despite this uncertainty, industry leaders in real estate are keenly aware of the imminent changes and are actively exploring ways to harness AI’s transformative possibilities.
The integration of AI in
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