JLL recently announced the arrival of the JLL GPT, developed specifically for the commercial real estate industry.
The artificial intelligence model developed by JLL Technologies is designed to help the company’s offices and employees around the world to help their clients to understand market trends and the information and processes relevant to them in a more efficient and experiential way. Around 103,000 JLL employees worldwide will use the new tool, which will supplement in-house data with external sources, and the firm plans to launch the service later this year.
Among other things, JLL’s facilities managers will be able to use artificial intelligence (AI) to transform standard property utilisation and portfolio optimisation mechanisms, as dynamic communication of GPT can lead to more efficient decisions. In addition, JLL experts will be able to provide clients with comprehensive job planning advice faster by combining the qualitative information gathered during conversations with GPT.
“Connecting buyers, sellers and lenders with the right data at the right time will determine success in this new era of artificial intelligence. We are already using AI to optimise investment opportunities, creating a competitive advantage for our clients,” says Richard Bloxam, CEO of JLL Capital Markets.
But the introduction of JLL GPT is not the first step in the company’s opening up to AI. Back in 2016, they partnered with Leverton, which provides automated rental software for the international real estate agency. In addition, the company acquired Skyline AI in 2021, enabling employees to use the startup’s property value forecasting capabilities.
JLL is committed to AI for the long term, having recently appointed Yao Morin as Chief Technology Officer. This is another sign that the company will increasingly use AI in its business to better serve its clients.
However, it is not yet fully clear how AI can specifically enhance the customer experience, or how and what it can actually help the commercial real estate sector. For the time being, AI is still a relatively new technology, there is a lot of buzz around it and its effectiveness still needs to be improved.
However, there is no doubt that this is the way of the future, as the technology continues to evolve over time and its solutions deliver ever more sophisticated results. Regardless, the human segment of the real estate market will continue to be dominant, as flesh-and-blood people move into the walls, which AI cannot always handle. In other words, while technology will allow a firm to provide better information and guidance to its clients, the human aspect will continue to be dominant.