{"id":1004686701,"date":"2023-10-22T11:09:10","date_gmt":"2023-10-22T19:09:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004686701"},"modified":"2023-10-30T01:17:19","modified_gmt":"2023-10-30T09:17:19","slug":"will-ai-take-over-cre","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/","title":{"rendered":"Will AI Take Over CRE?"},"content":{"rendered":"<div id=\"attachment_1004686703\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004686703\" data-attachment-id=\"1004686703\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/crec23-session-ai-applications-990x660\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg\" data-orig-size=\"800,602\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;Stephen Brashear&quot;,&quot;camera&quot;:&quot;ILCE-1&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1697733036&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;49&quot;,&quot;iso&quot;:&quot;4000&quot;,&quot;shutter_speed&quot;:&quot;0.004&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"CREC23-Session-AI Applications-990&#215;660\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Panel discusses AI at NAIOP Converge.CRE conference panel, October 2023&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg?w=800\" class=\"wp-image-1004686703 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg?w=300\" alt=\"Panel discusses AI at NAIOP panel, October 2023\" width=\"300\" height=\"226\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg?resize=768,578 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004686703\" class=\"wp-caption-text\">Experts discussing the impact of AI during NAIOP&#8217;s CRE.Converge conference. From left, Ajey Kaushal, JLL Spark Global Ventures; David Knight, Dealpath; Olivier Maene, Avison Young; Todd Huebsch, Yardi. <em>Photo courtesy of NAIOP<\/em><\/p><\/div>\n<p>Artificial intelligence is certainly making inroads into commercial real estate, though so far it is neither sentient nor replacing human decision-making. Could that change one day?<\/p>\n<p>A panel of experts grappled with that key question last week during<strong> NAIOP<\/strong>\u2019s CRE.Converge conference in Seattle.<\/p>\n<p>The panel was moderated by Ajey Kaushal, senior investment associate, <strong>JLL Spark Global Ventures<\/strong>. Panelists included Todd Huebsch, vice president, <strong>Yardi Systems Inc.<\/strong>; David Knight, chief architect, <strong>Dealpath<\/strong>; and Olivier Maene, global product director, <strong>Avison Young<\/strong>.<\/p>\n<p>\u201cWe\u2019ve seen that AI can have a foundational impact on the way that space is interacted with today. We know that there is opportunity for us as a sector,\u201d said Ajey Kaushal, the panel\u2019s moderator and a senior investment associate at JLL Spark Global Ventures.<\/p>\n<p>He cited multiple ways that AI has the power to impact commercial real estate:<\/p>\n<ul>\n<li>AI has the capacity to change how people live, work and play, thus reshaping the real estate market over time.<\/li>\n<li>AI companies and supporting infrastructure will drive demand for real estate in different markets.<\/li>\n<li>AI will further transform how the real estate industry operates.<\/li>\n<\/ul>\n<p>AI has been used in diverse ways at Yardi Systems: chatbots, work orders, accounts payable, data entry and as virtual assistants, reported Todd Huebsch, a vice president at the technology company.<\/p>\n<p>Predictive modeling, a subset of AI, is being used to consider factors such as provider locations, demographics, business data and infrastructure to determine appropriate locations, according to David Knight, chief architect at Dealpath.<\/p>\n<p>Health-care real estate has provided an initial area for Avison Young to test AI&#8217;s potential, noted Olivier Maene, the firm&#8217;s global product director. For example, AI-generated strategies for health care have shown that outpatient services might be better located at a greater distance from the central hospital than they are now. This could be a convenience for patients as well as a relief for land-strapped hospital systems.<\/p>\n<p>One pressing question surrounding AI is whether, or when, it could replace people. The panelists agreed that they don\u2019t see that happening in commercial real estate any time soon.<\/p>\n<p>Certain functions, such as data entry and analysis, are being handled by AI, but actual decision-making will remain in the hands of humans.<\/p>\n<p>These decisions are expensive and depend on the trust of the people making them, the panel said. As Huebsch put it, AI today \u201cis mostly augmenting what\u2019s in place today.\u201d But that will change. In downtown districts, some vacant Class B office buildings may soon be repurposed as data storage facilities. And the ranks of those who work in commercial real estate will include many more data analysts.<\/p>\n<p>So, for now, the consensus is that AI is not a replacement for the trust that comes from human interactions. But concerns linger. HAL decided not to open the pod bay doors in \u201c2001: A Space Odyssey,\u201d and the day when that could really happen doesn\u2019t seem so far off.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At NAIOP&#8217;s CRE.Converge conference, experts weighed in on that key question.<\/p>\n","protected":false},"author":2456,"featured_media":1004686703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21742,21787,51037],"tags":[],"class_list":["post-1004686701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-latest","category-technology","category-trends"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will AI Take Over CRE? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will AI Take Over CRE?\" \/>\n<meta property=\"og:description\" content=\"At NAIOP&#039;s CRE.Converge conference, experts weighed in on that key question.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-22T19:09:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-30T09:17:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"602\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kathryn Hamilton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/\",\"name\":\"Will AI Take Over CRE? - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg\",\"datePublished\":\"2023-10-22T19:09:10+00:00\",\"dateModified\":\"2023-10-30T09:17:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8a097aa590042f6e5b88a2d8594dfcf0\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg\",\"width\":800,\"height\":602,\"caption\":\"Panel discusses AI at NAIOP Converge.CRE conference panel, October 2023\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Will AI Take Over CRE?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8a097aa590042f6e5b88a2d8594dfcf0\",\"name\":\"Kathryn Hamilton\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d5d4201a9da44062f131962e1dfea3f86fcc510caaa245e70500e28ae2d6cc4e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d5d4201a9da44062f131962e1dfea3f86fcc510caaa245e70500e28ae2d6cc4e?s=96&d=mm&r=g\",\"caption\":\"Kathryn Hamilton\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/kathrynhamilton\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Will AI Take Over CRE? - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/","og_locale":"en_US","og_type":"article","og_title":"Will AI Take Over CRE?","og_description":"At NAIOP's CRE.Converge conference, experts weighed in on that key question.","og_url":"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2023-10-22T19:09:10+00:00","article_modified_time":"2023-10-30T09:17:19+00:00","og_image":[{"width":800,"height":602,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg","type":"image\/jpeg"}],"author":"Kathryn Hamilton","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/","url":"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/","name":"Will AI Take Over CRE? - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg","datePublished":"2023-10-22T19:09:10+00:00","dateModified":"2023-10-30T09:17:19+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8a097aa590042f6e5b88a2d8594dfcf0"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg","width":800,"height":602,"caption":"Panel discusses AI at NAIOP Converge.CRE conference panel, October 2023"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/will-ai-take-over-cre\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Will AI Take Over CRE?"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8a097aa590042f6e5b88a2d8594dfcf0","name":"Kathryn Hamilton","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d5d4201a9da44062f131962e1dfea3f86fcc510caaa245e70500e28ae2d6cc4e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d5d4201a9da44062f131962e1dfea3f86fcc510caaa245e70500e28ae2d6cc4e?s=96&d=mm&r=g","caption":"Kathryn Hamilton"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/kathrynhamilton\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CREC23-Session-AI-Applications-990x660-1-e1698001402535.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004686701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/2456"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004686701"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004686701\/revisions"}],"predecessor-version":[{"id":1004687791,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004686701\/revisions\/1004687791"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004686703"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004686701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004686701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004686701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}