The commercial real estate industry has always been recognized as slow to embrace new technology, but AI is making a big impact to the tech-adverse. AI, or artificial intelligence, is the development of computer systems to perform tasks that normally require human intelligence. The benefits of saving time, storing and analyzing mass amounts of data and making processes more efficient can transform the way business is operated and ultimately lead to happier people.
One way commercial real estate has utilized AI for years is the use of Siri to make appointments, phone calls and check calendars. Now, there are programs that can completely impact the cycle of real estate investment and asset management. AI allows professionals to select investment criteria and quickly find the best opportunities that fit their needs without taking the time to analyze the data themselves. AI analyzing more data in order to recognize trends so that the smallest detail can turn into the greatest impact for investors.
AI also has affected commercial real estate with smart-building systems that can automate lights, heating and cooling, and security through tracking tenants’ routines to ensure comfort and efficiency for landlords. Energy management systems analyze weather forecasts and indoor temperature to minimize the cost of heating or cooling. These smart offices go further to changing the lives of tenants through even their health and wellness. AI integrated with standing desks notifies the desk user if they have been standing or sitting too long and can even give you statistics of your habits, some offices use this to compete with coworkers for healthy activity. AI can also give employees sweet dreams. Windows that adjust throughout the day to enhance tenants’ circadian rhythms are being put into buildings. These improve sleep schedules and ultimately lead to happier people.
Lastly, AI has started to be utilized in construction processes to ensure speed, low cost and safety. Programs can increase the useful life of equipment by recommending different operation tactics as well as create a better work environment for workers. There is a large skilled labor shortage in construction and AI can reduce this shortage significantly through advanced training techniques. AI in construction also ensure safety of tenants long after construction is complete by notifying any construction mistake or lack of integrity in insulation or roofing.