Inside CRE Tech • Episode 4.2

How Is AI Changing CRE Today?

Top CRE executives discuss artificial intelligence and commercial real estate technology.

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Hussain Ali-Khan, Global Alliance Director, CBRE

I'm aware of various systems that will use machine learning to help manage buildings in terms of their energy use. That's actually a pretty straightforward and obvious application of artificial intelligence type tools right. Specifically talking more about machine learning as opposed to other types of A.I..

Raj Bhatti, CIO, NGKF

I mean things like lease abstraction. I've had firsthand experience where something that took eight hours takes an hour today. Facilities Management where A.I. and sensor data is telling us where things will break before they break right and that's today.

John Gilbert, EVP, COO, CTO, Rudin Management

So a perfect example of that is we're using occupancy data to correlate against fan speed and comfort. So we're ultimately saving an enormous amount of money. The building actually can predict and prescribe what's going to happen tomorrow and the next day and the next day after that. We're now beginning to use that information in terms of the procurement of electricity. So if I know what my loads are tomorrow, then I should be able to access real time markets and purchase my electricity knowing exactly what is going to happen to a 95 - 96 percent degree of accuracy.

Adam Stoltz, National Director, Consulting Services - Transwestern

So particularly around the use of conference rooms. So today, as an organization you get a group of people together and you have to decide not only when is that meeting going to take place, based on what I'm trying to accomplish, who's around, and available and how are they going to participate, and then where should that meeting be. Artificial intelligence is going to allow us to focus solely on the content of that experience. The content of engaging with each other and frankly going to help better inform how that meeting comes together. Both when, based on sort of availability and what else we have going on in our in our day and certainly where.

Kent Tarrach, VP, Asset Management & Global Corporate Development, Brookfield

We've seen some use cases around the construction side of the business. The tracking of workers and construction sites. Also we've seen some of the artificial intelligence use cases around document management, being able to both read and extract extract important information from key documents…

Gabrielle Rubin Deveaux, Global Real Estate & Facilities, Buzzfeed

Architectural design firms are starting to do and use this technology. It's just a matter of time for the construction companies will catch up and we will be doing work without any documentation.

Tama Huang, Chief Innovation Officer, CohnReznick

A.I. in and of itself, is going to make at least abstraction smarter, because we're now able to start finding some patterns. But when we now couple that with robotic process automation we truly eliminate the human intervention. So we're not just saying hey we've been able to lift unstructured data off a piece of paper and structure it. We also now have the technology to take that structural data and do something with it, right. So it's really bringing these technologies together that is going to create the greatest effect, each and every one of them by itself is interesting. But when we bring them together, really that's one plus one equals three.

Adam Stoltz, National Director, Consulting Services - Transwestern

Instead of having to pick a meeting room A.I. is going to suggest spaces based on what we're trying to do and who we're meeting with in order to accomplish that.

Jack Sibley, Technology & Innovation Strategies, TH Real Estate

So there's quite a lot of examples. Energy efficiency is kind of one of the more established areas for that. Another one would be when we're looking at the very large data sets mobile geo location data for example. And how do you bring down all of those data points terabytes millions and millions of data points into actual actionable insights. You know at the front end, that might just end up looking like a graph. But in the back end there's obviously a lot of very clever A.I. going on a lot of these cases.

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