How will artificial intelligence impact commercial property? In part by driving new assets and product types, investment and revenue models and design elements and functions, according to a report from JLL.

AI already is helping many real estate companies improve efficiency and cut costs. Globally, some 500 companies provide landlords and investors with AI-powered services that use machine learning and deep learning algorithms to perform tasks, JLL reported. They improve through feedback, untangle complex problems, detect patterns, understand the subtleties of natural language and make autonomous decisions. “Large language models,” in particular, extract insights from vast numbers of text documents in real estate, significantly reducing the complexity of multilingual, multinational operations.

What Landlords and Investors Are Using AI for Today, According to JLL

• sorting documents and standardizing data for portfolio data analytics and benchmarking
• mining data for automated facility management
• modeling and predicting prices for investment management
• processing satellite images for asset valuation and risk management
• creating 3D models from laser scans for construction site monitoring
• scheduling construction and capital projects
• making recommendations and matchmaking for leasing and investment transactions

Commercial property landlords and investors also use generative AI, whose algorithms create things like synthetic data, images, text and music. Emerging use cases include communication about leasing and property management with clients, such as chatbots handling tenant queries; generating floor plans and designs; and summarizing unstructured documents to create reports. More products are expected to come onto the market soon, JLL said.

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