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
Codes and Standards | Mar 4, 2021
Biden administration overturns Trump’s federal building design mandate
Previous order promoted classical and “traditional” architecture above others.
Codes and Standards | Mar 3, 2021
Texas freeze raises questions about risks of electrifying buildings
Gas stoves helped residents cook, boil water when power went out.
Codes and Standards | Mar 2, 2021
New Seattle building code eliminates fossil fuels for most space and water heating
Also increases on-site solar photovoltaics, reduces envelope heat loss, air leakage, and interior lighting power allowances.
Codes and Standards | Feb 25, 2021
It’s not just lumber—roofing material prices are also on the rise
Lower demand for petroleum products means less asphalt production.
Codes and Standards | Feb 23, 2021
USGBC offers education on LEED Safety First pilot credits
Four courses address COVID-19.
Codes and Standards | Feb 23, 2021
ASHRAE Epidemic Task Force releases updated Building Readiness Guide
Includes flush calculations to reduce time and energy to clear contaminants between occupancy periods.
Codes and Standards | Feb 22, 2021
Preservation of Affordable Housing develops climate resilience strategy
Includes backup power for resident and staff “area of refuge”.
Codes and Standards | Feb 18, 2021
Construction industry moves toward comprehensive U.S. BIM standard
NIBS hosts roundtable to create coordinated program to advance collaboration.
Codes and Standards | Feb 17, 2021
Construction on international sports venues is ripe for corruption
Poor planning, complex contracting, a lack of accountability and high levels of collusion to blame.
Codes and Standards | Feb 16, 2021
Feds may fund removal of some urban highways
Senate bill proposes pilot program to reknit communities.