Artificial Intelligence and the impact on Commercial Real Estate is here and it will revolutionize the way we do business. Imagine AI this way, inputting data into the chat box for architectural specifications and design. Then it generates a code compliant, permit ready and floor plan in seconds.
Presently, AI focused companies are working with real estate companies. They are testing and sampling the limitless potential of futuristic renderings within seconds and not months or years.
These innovative companies are now accelerating the modeling process while automating tasks. This will save time for architects, designers, developers to be more involved in the intricacies of development and planning multiple projects simultaneously like never before.
It is truly a game changer for the future of Commercial Real Estate in terms of feasibility studies which are necessary in achieving goals and results for any project leader big or small.
Artificial Intelligence can do vast amounts of data processing on trends, patterns, prices, sales and market analysis in a blink of an eye. We are witnessing already virtual tours becoming more interactive and more realistic each day.
This technology is also solving problems with fraud detection where it can indicate red flags where unscrupulous intent known or unknown may be of concern to a green lighter’s bottom line.
There is one fall back to AI. If data input is incorrect, then AI is incorrect.
Humans are still in control.