Summary:
Dallas-based commercial real estate giant CBRE Group is exploring the use of generative AI to enhance efficiency and time savings across its business. Executives believe that generative AI has the potential to make a significant impact on their organization and the industry as a whole. CBRE has already been using AI and machine learning technology, such as its Smart FM property management AI tool, to improve maintenance tracking and process building data. The company has also launched generative AI tools for its employees, including a chatbot that can provide information and generate drafts for brokers.
Salient Points:
- CBRE Group is experimenting with generative AI to boost efficiency and time savings in various areas of its business, such as property management and marketing.
- Almost two-thirds of US executives believe generative AI will have a high impact on their organization in the next three to five years, As mentioned in a news article on a survey by KPMG.
- CBRE has been using AI and machine learning technology, including its Smart FM property management AI tool, which is now used in 1 billion square feet of client space.
- Employees at CBRE can use generative AI tools, such as a chatbot, to access information about office buildings and generate drafts for brokers.
How CBRE’s top tech expert thinks AI could change the commercial real estate industry:
CBRE Group, a commercial real estate giant based in Dallas, is exploring the potential of generative artificial intelligence (AI) to enhance efficiency and save time in various aspects of its business. Executives believe that generative AI, which can create text and images through deep learning, will have a significant impact on their organization. CBRE has already been using AI and machine learning technology, such as its Smart FM property management AI tool, to improve maintenance tracking and process building data. The company has recently launched generative AI tools, including a chatbot, for its employees. These tools allow employees to access information about office buildings and generate drafts for brokers, making their work more efficient and streamlined.
Generative AI’s Potential Impact:
As mentioned in a news article on a survey conducted by KPMG LLP, nearly two-thirds of US executives believe that generative AI will have a high or extremely high impact on their organization in the next three to five years. Additionally, 77% of executives believe that generative AI will have a bigger impact on society than any other emerging technology. The use of generative AI is already prevalent in the real estate industry, particularly on real estate search platforms. CBRE’s exploration of generative AI throughout its business highlights the technology’s potential to boost productivity and transform various aspects of the commercial real estate industry.
