ChatGPT and other AI technologies could save the commercial real estate industry $400 billion by 2030.
The real estate industry is not typically thought of as tech-savvy, but the emergence of ChatGPT and other AI technologies could revolutionize the industry, potentially reducing commercial real estate operating costs by at least $400 billion in the next decade. Unlike previous AI applications, ChatGPT is immediately accessible, requires no training, and delivers a clear impact, making it an appealing option for an industry that is still quite laborious and does not have many sunk costs in technology. Commercial real estate tasks such as creating marketing materials, producing due diligence checks, and interacting with clients and tenants could be taken over by ChatGPT and other AI tools, freeing up employees to focus on higher-value tasks. And this impact requires a societal-level response.