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 | May 26, 2020
Is CLT really a green solution?
Sustainability depends upon forest stewardship, product manufacturing process.
Codes and Standards | May 20, 2020
St. Louis is first Midwest city to pass building energy performance standard
Allows owners broad flexibility on how to achieve goals.
Codes and Standards | May 20, 2020
Supreme Court says Georgia cannot copyright its entire official code
Ruling may have implications for other states claiming copyright for building codes.
Codes and Standards | May 18, 2020
Strategies to reduce personal contact in multifamily properties
Design can improve health amid COVID-19 pandemic.
Codes and Standards | May 18, 2020
Canada Green Building Council says building industry lacks zero-carbon skills, knowledge
Net-zero target requires shift in thinking and practices.
Codes and Standards | May 18, 2020
California’s grid can support all-electric buildings
Load-shifting will help reduce peak demand.
Codes and Standards | May 15, 2020
European cities to revamp transportation after pandemic reopening
Road closures, new rules for public transit will be imposed.
Codes and Standards | May 14, 2020
Washington State construction industry restart plan has three phases
In state with earliest COVID-19 cases, advisory group developing priorities based on risk.
Codes and Standards | May 14, 2020
More mass timber beam and column options available in the U.S.
Freres Lumber unveils new line of structural elements suitable for high-rise buildings.
Codes and Standards | May 13, 2020
Researchers flag insufficient training for construction workers on healthcare projects
May contribute to fungal disease outbreaks that endanger patients