How Artificial Intelligence Will Transform CRE

Richard Sarkis, CEO of CRE data platform Reonomy Artificial intelligence has already redefined a number of industries, but the commercial real estate sector has yet to fully embrace the technology’s potential. Among the most prominent manifestations of artificial intelligence, machine learning, natural language processing, and predictive analytics are already making significant contributions to industries as diverse as education, software development, healthcare, and finance. To echo author and big data expert Bernard Marr, “the AI revolution isn’t coming…it’s already here.” According to the Harvard Business Review, there is a compelling, if simple, reason why so many diverse enterprises are embracing AI: it produces tangible results. An HBR study found that “companies in the top third of their industry in the use of data-driven decision making [much of which is facilitated by AI] were, on average, 5% more productive and 6% more profitable than their competitors.” Reluctance to Adapt Despite these demonstrable benefits, the commercial real estate sector has been slow to develop and adopt AI-based technologies capable of improving the way businesses buy, sell, rent, and lease properties and buildings. This can be attributed, at least in part, to apprehension among CRE professionals regarding automation-driven job loss and the impersonalization AI…

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