Automation, the use of AI, and disintermediating business models are having major impacts on the commercial real estate (CRE) industry, according to a new report from Altus Group.
The report is based on a global survey of 400 CRE executives at firms with assets under management of at least US $250 million. CRE firms are automating processes or applying AI and machine learning in the following ways:
· 41% of firms are using automation for benchmarking and performance analysis
· 39% for scenario and sensitivity analysis
· 36% for budgeting and forecasting
· 19% are using AI and machine learning for scenario and sensitivity analysis
· 16% are using AI and machine learning for accounting and property management
New business models associated with the sharing economy, co-working, and e-commerce are disrupting the CRE industry by cutting out middle steps and processes to create greater efficiencies. This is evident in financing, funding, and transacting processes.
Related Stories
| May 22, 2014
Colorado approves $4.2B data center said to be invulnerable to power outages
The Niobrara Data Center Energy Park project in Colorado will be the first data center to be fully self-contained with its own self-generated energy production facility.
| May 22, 2014
Energy Department analysis shows efficiency gains from ASHRAE 2013 energy standard
Preliminary DOE analysis shows that the ASHRAE/IES’s 2013 energy efficiency standard contains energy savings over the 2010 standard of 8.5% source energy and 7.6% site energy.
| May 22, 2014
Federal disaster policy should focus on mitigation, insurance group says
Federal disaster policy should shift its focus toward mitigation in order to reduce future disaster costs, the National Association of Mutual Insurance Companies says.
| May 22, 2014
Study quantifies cost premiums for net zero buildings
The 73-page report breaks down the incremental cost premiums for transforming three LEED Platinum-designed buildings into net-zero energy, net-zero water, and living Buildings.
| May 22, 2014
Senate kills bipartisan energy efficiency bill over Keystone pipeline amendment
The legislation focused on energy efficiency standards such as water heaters with smart meters and cheaper heating and cooling systems for office buildings.
| May 19, 2014
Construction skilled-worker shortage causing rise in claims
The improved economy has boosted construction starts, but a shortage of experienced trade workers has led to more on-the-job injuries and construction defects.
| May 15, 2014
AISC Prequalified Seismic Moment Connection standard update now available
The AISC standard Prequalified Moment Connections for Special and Intermediate Steel Moment Frames for Seismic Applications (ANSI/AISC 358-10) has been updated with a second supplement, ANSI/AISC 358s2-14.
| May 15, 2014
ConsensusDocs releases new agreements for contractors who hire consultants
ConsensusDocs has released the new ConsensusDocs 746 Constructor & Geotechnical Consultant Agreement and the 747 Constructor & Consultant Agreement.
| May 8, 2014
Report: Top storm-resilient cities have high adaptive capacity
The most resilient cities in the world, including five in the U.S., have attributes that would enable them to recover better than others from devastating natural disasters.
| May 8, 2014
LED lighting helps cities receive Energy Star designation
Thanks largely to an ambitious program to boost the use of LED lighting in its buildings, Los Angeles is the top ranked U.S. city on the Environmental Protection Agency’s annual list of U.S. cities that are doing the most to improve energy efficiency.
