Just a few years ago, relatively few companies were conversant with artificial intelligence. Now, it’s hard to find a company that hasn’t experimented with it. Executives and their teams are relying on the transformative potential of AI to streamline operations, boost productivity, and jump-start innovation.
As companies work to weave AI into their core operations, the technology also offers ways to bring efficiencies to other areas of their business. Real estate is one such area. For any business with a physical footprint, real estate has a very real impact on its bottom line, whether from the office building they own, the retail space they lease, or the work environment they create for their employees. By applying a data-driven, AI-based approach to managing that part of their business, leaders can identify new ways of driving efficiency and reining in costs.
Perhaps more importantly, using AI strategically also can help unlock new avenues for growth. “The question is how do we use this technology to generate more opportunities?” asks Stacie Wu, chief analytics officer of JLL, a global commercial real estate and investment management company. “Through technology and AI, we as humans can be less wasteful, more efficient, smarter with our time, and focus on things that are going to have higher return.”
Leaders at JLL quickly understood AI’s potential, which led the company to develop a suite of highly secure AI-powered tools designed to apply a data-informed approach to real estate—whether for commercial real estate investors or C-suite executives working to manage costs and drive growth. “Over the past 18 months, it’s been incredible to see the rise of generative AI and the number of places where the technology can help tenants and investors,” Wu says.
For instance, JLL’s Blackbird tool combines aerial views and suitability data to help executives find the right building site or rental space in the right market, all without leaving the boardroom. COOs, meanwhile, can tap into facilities management software, such as JLL’s Corrigo, to help track when to perform preventive maintenance, place work orders, and keep projects within cost guidelines to save facility managers time and money. “You can effectively have a building where AI agents automatically determine when to create maintenance work orders and engage the preferred service provider,” says Srihari Kumar, SVP and chief product officer at JLL.
In addition to cost and time savings, AI-driven efficiencies can also help companies pursue their sustainability goals—an increasingly strategic focus for many executives. Hank, an AI-driven property technology tool acquired by JLL in 2022, is designed to reduce energy waste and maximize savings by adjusting HVAC systems based on who is in the office and when. “If there is nobody in the building, that occupancy data is factored in, and the AC doesn’t have to keep kicking in,” Kumar explains.
HOW AI HELPS TENANTS AND INVESTORS
—Srihari Kumar, SVP and chief product officer, JLL
“If there is nobody in the building, that occupancy data is factored in, and the AC doesn’t have to keep kicking in.”
Fortunately, transitioning to AI doesn’t require teams to have deep technical knowledge. For instance, with generative AI, the ability to make natural language queries allows users to examine the data more thoroughly, adding value without the hassle of complex procedures while streamlining the decision-making process. “Was that data and insight available before? Yes, but the speed and ease with which you can access it is completely different now,” Wu says.
AI presents timely opportunities for organizations as they assess their real estate objectives. As the technology evolves, it will drive cost savings and create more sustainable, intelligent buildings that meet the dynamic needs of business leaders and their workforces. But before devoting time and resources to adopting new AI products, companies should prioritize where this technology could be most useful. Wu advises industry leaders to focus on their most pressing challenges first, whether that’s optimizing office space or cutting costs to meet profit targets. “Once you identify the problem, you can determine where AI solutions fit in,” she says.
Looking ahead, Kumar believes the number of applications for AI in real estate will continue to grow. Beyond the opportunities for improving operational efficiency, AI also has the potential to meaningfully change how companies—and their employees—work, cutting the time spent on repetitive tasks and freeing up time for more meaningful work. “Today we do a lot of things that machines can do that may be boring or repetitive,” he says. “Together, humans and technology create transformative solutions for a brighter future.”
RETHINKING EMPLOYEES’ WORKFLOWS
12-09-24 | BY FASTCO WORKS
—Stacie Wu, chief analytics officer, JLL
“Was that data and insight available before? Yes, but the speed and ease with which you can access it is completely different now.”
For executives, real estate isn’t just about owning a building or paying for utilities and maintenance. It’s also about the people who work there. And with more workers returning to the office either full-time or on a hybrid basis, corporate leaders are again confronting questions of how to ensure that they’re not only maximizing the use of their space but also creating an engaging and productive environment for their employees.
AI and other technologies are providing leaders with new ways to consider these questions. For instance, AI can analyze employee schedules and suggest the best days to come into the office when more teammates are present, striking a balance between management’s desire for increased in-person collaboration and employees’ need to make the most of their office time.
Fortunately, transitioning to AI doesn’t require teams to have deep technical knowledge. For instance, with generative AI, the ability to make natural language queries allows users to examine the data more thoroughly, adding value without the hassle of complex procedures while streamlining the decision-making process. “Was that data and insight available before? Yes, but the speed and ease with which you can access it is completely different now,” Wu says.
AI presents timely opportunities for organizations as they assess their real estate objectives. As the technology evolves, it will drive cost savings and create more sustainable, intelligent buildings that meet the dynamic needs of business leaders and their workforces. But before devoting time and resources to adopting new AI products, companies should prioritize where this technology could be most useful. Wu advises industry leaders to focus on their most pressing challenges first, whether that’s optimizing office space or cutting costs to meet profit targets. “Once you identify the problem, you can determine where AI solutions fit in,” she says.
Looking ahead, Kumar believes the number of applications for AI in real estate will continue to grow. Beyond the opportunities for improving operational efficiency, AI also has the potential to meaningfully change how companies—and their employees—work, cutting the time spent on repetitive tasks and freeing up time for more meaningful work. “Today we do a lot of things that machines can do that may be boring or repetitive,” he says. “Together, humans and technology create transformative solutions for a brighter future.”
Fortunately, transitioning to AI doesn’t require teams to have deep technical knowledge. For instance, with generative AI, the ability to make natural language queries allows users to examine the data more thoroughly, adding value without the hassle of complex procedures while streamlining the decision-making process. “Was that data and insight available before? Yes, but the speed and ease with which you can access it is completely different now,” Wu says.
AI presents timely opportunities for organizations as they assess their real estate objectives. As the technology evolves, it will drive cost savings and create more sustainable, intelligent buildings that meet the dynamic needs of business leaders and
Looking ahead, Kumar believes the number of applications for AI in real estate will continue to grow. Beyond the opportunities for improving operational efficiency, AI also has the potential to meaningfully change how companies—and their employees—work, cutting the time spent on repetitive tasks and freeing up time for more meaningful work. “Today we do a lot of things that machines can do that may be boring or repetitive,” he says. “Together, humans and technology create transformative solutions for a brighter future.”
This data-informed approach is driving cost savings while creating more sustainable, intelligent buildings
Why AI is a game-changing technology for real estate
Commissioned by
Created BY
Just a few years ago, relatively few companies were conversant with artificial intelligence. Now, it’s hard to find a company that hasn’t experimented with it. Executives and their teams are relying on the transformative potential of AI to streamline operations, boost productivity, and jump-start innovation.
As companies work to weave AI into their core operations, the technology also offers ways to bring efficiencies to other areas of their business. Real estate is one such area. For any business with a physical footprint, real estate has a very real impact on its bottom line, whether from the office building they own, the retail space they lease, or the work environment they create for their employees. By applying a data-driven, AI-based approach to managing that part of their business, leaders can identify new ways of driving efficiency and reining in costs.
Perhaps more importantly, using AI strategically also can help unlock new avenues for growth. “The question is how do we use this technology to generate more opportunities?” asks Stacie Wu, chief analytics officer of JLL, a global commercial real estate and investment management company. “Through technology and AI, we as humans can be less wasteful, more efficient, smarter with our time, and focus on things that are going to have higher return.”
In addition to cost and time savings, AI-driven efficiencies can also help companies pursue their sustainability goals—an increasingly strategic focus for many executives. Hank, an AI-driven property technology tool acquired by JLL in 2022, is designed to reduce energy waste and maximize savings by adjusting HVAC systems based on who is in the office and when. “If there is nobody in the building, that occupancy data is factored in, and the AC doesn’t have to keep kicking in,” Kumar explains.
Leaders at JLL quickly understood AI’s potential, which led the company to develop a suite of highly secure AI-powered tools designed to apply a data-informed approach to real estate—whether for commercial real estate investors or C-suite executives working to manage costs and drive growth. “Over the past 18 months, it’s been incredible to see the rise of generative AI and the number of places where the technology can help tenants and investors,” Wu says.
For instance, JLL’s Blackbird tool combines aerial views and suitability data to help executives find the right building site or rental space in the right market, all without leaving the boardroom. COOs, meanwhile, can tap into facilities management software, such as JLL’s Corrigo, to help track when to perform preventive maintenance, place work orders, and keep projects within cost guidelines to save facility managers time and money. “You can effectively have a building where AI agents automatically determine when to create maintenance work orders and engage the preferred service provider,” says Srihari Kumar, SVP and chief product officer at JLL.
+
their workforces. But before devoting time and resources to adopting new AI products, companies should prioritize where this technology could be most useful. Wu advises industry leaders to focus on their most pressing challenges first, whether that’s optimizing office space or cutting costs to meet profit targets. “Once you identify the problem, you can determine where AI solutions fit in,” she says.
MONDAY ______
TUESDAY _____
WEDNESDAY ___
TEAM A
TEAM B
TEAM A
THURSDAY ____
FRIDAY ______
TEAM B
TEAM C
Commissioned by
Created BY
For executives, real estate isn’t just about owning a building or paying for utilities and maintenance. It’s also about the people who work there. And with more workers returning to the office either full-time or on a hybrid basis, corporate leaders are again confronting questions of how to ensure that they’re not only maximizing the use of their space but also creating an engaging and productive environment for their employees.
AI and other technologies are providing leaders with new ways to consider these questions. For instance, AI can analyze employee schedules and suggest the best days to come into the office when more teammates are present, striking a balance between management’s desire for increased in-person collaboration and employees’ need to make the most of their office time.
Fortunately, transitioning to AI doesn’t require teams to have deep technical knowledge. For instance, with generative AI, the ability to make natural language queries allows users to examine the data more thoroughly, adding value without the hassle of complex procedures while streamlining the decision-making process. “Was that data and insight available before? Yes, but the speed and ease with which you can access it is completely different now,” Wu says.
AI presents timely opportunities for organizations as they assess their real estate objectives. As the technology evolves, it will drive cost savings and create more sustainable, intelligent buildings that meet the dynamic needs of business leaders and their workforces. But before devoting time and resources to adopting new AI products, companies should prioritize where this technology could be most useful. Wu advises industry leaders to focus on their most pressing challenges first, whether that’s optimizing office space or cutting costs to meet profit targets. “Once you identify the problem, you can determine where AI solutions fit in,” she says.
Looking ahead, Kumar believes the number of applications for AI in real estate will continue to grow. Beyond the opportunities for improving operational efficiency, AI also has the potential to meaningfully change how companies—and their employees—work, cutting the time spent on repetitive tasks and freeing up time for more meaningful work. “Today we do a lot of things that machines can do that may be boring or repetitive,” he says. “Together, humans and technology create transformative solutions for a brighter future.”
+
