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 | Jun 22, 2020
Natl. Renewable Energy Labs, Cold Climate Research Ctr. team up on extreme weather research
Focus on renewable power, sustainable transportation, energy efficiency, and energy systems integration.
Codes and Standards | Jun 19, 2020
Demand for family rentals expected to jump over next few years
Developers’ focus on single, urban millennials leaves family market underserved.
Codes and Standards | Jun 17, 2020
AIA offers retail and office 3D models for reducing risk of COVID-19 transmission
For modifying stores and offices with 17-point architectural, engineering, and administrative framework.
Codes and Standards | Jun 17, 2020
Santa Fe is second city in the world to achieve LEED v4.1 Gold
New Mexico community gained credits for resilience planning, including public health crises.
Codes and Standards | Jun 15, 2020
NSF International’s Checked by NSF program helps businesses reopen safely
Includes third-party validation of COVID-19 preventive measures.
Codes and Standards | Jun 15, 2020
Workers want policy changes before they return to offices
More office cleaning, work from home opportunities, and staying home when sick among the desired adjustments.
Codes and Standards | Jun 12, 2020
Carbon emission legislation prompts commercial real estate to innovate
Mass timber, augmented reality, and modular construction among the trends.
Codes and Standards | Jun 11, 2020
USGBC offers new pilot credit to address green cleaning and COVID-19
Provides guidance on cleaning and disinfecting buildings using green cleaning best practices.
Codes and Standards | Jun 10, 2020
AIA issues tools for reducing risk of COVID-19 transmission in buildings
Tailored strategies offered for offices, retailers, schools, and senior living facilities.
Codes and Standards | Jun 8, 2020
OSHA construction safety inspections fall 84% during COVID-19 pandemic
Agency focuses on preventing disease transmission in healthcare industry.