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 | Jan 27, 2021
AECOM sues insurance carrier for payment of COVID-19 property damage claims
Claims ‘all-risk policies’ should have included millions of dollars of losses due to virus.
Codes and Standards | Jan 26, 2021
Updated guide to repair and rehabilitate existing concrete structures published
Document assesses how to adhere to code requirements.
Codes and Standards | Jan 25, 2021
New guide for skylight selection, daylighting design released
Free Fenestration and Glazing Industry Alliance document now available.
Codes and Standards | Jan 21, 2021
California considers statewide ban on natural gas heat, hot water in new homes
Code update would take effect in 2023.
Codes and Standards | Jan 20, 2021
Steel industry, labor urge Biden to retain steel tariffs
‘Essential to ensuring the viability of the domestic steel industry.’
Codes and Standards | Jan 19, 2021
2021 Solar Investment Tax Credit will remain at 26%
Incentive was scheduled to be reduced to 22%.
Codes and Standards | Jan 19, 2021
Thomas Jefferson University launches the Institute for Smart and Healthy Cities
Will address climate change, social equity, rapid urbanization, and health.
Codes and Standards | Jan 14, 2021
Petition urges FEMA to update flood maps, set tougher standards for floodplain construction
Environmental and planning groups note soaring claims, flood insurance debt.
Codes and Standards | Jan 13, 2021
Proposed change to IECC process irks efficiency advocates
New procedure would diminish influence of local code officials.
Codes and Standards | Jan 12, 2021
Two net-zero hotel projects could portend a new hospitality trend
Energy-intensive sector comprises 10% of all commercial real estate.