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.
View by Tags
Broker Cleaning Technology Commercial Building Commercial Lease Commercial Property Commercial Real Estate Commercial Real Estate Lease Commercial Space Commercial Tenants Covid19 Covid19 Cleaning Economic Growth George Grace Interest Rates Landlord Landlords Lease Lease Negotiation Lease Negotiations Low Interest Rates Manhattan Real Estate Mohr Partners Mohr Partners Inc Networking Event New York New York City Office Lease Office Space Office Space Rental Office Tenant Office Work Space Project Manager Real Estate Real Estate Broker Real Estate Business Real Estate Lease Real Estate Market Residential Real Estate Short Term Extension Stock Market Subleasing Tenant Tenant Representative Broker Tenants video