Why real estate firms should move faster on AI adoption, according to CBRE report

The real estate sector should move faster on AI adoption, according to new research from real estate adviser, CBRE.
Lizzie Murphy
By Lizzie Murphy

Business Reporter

Published 8th Sep 2024, 11:45 BST

Its report, ‘What are the implications of AI for real estate?’ explores the use of generative AI in business, and the significant value real estate firms can obtain from embracing new technology.

Hide Ad
Hide Ad

While the launch of generative AI has sparked fierce debate globally, few businesses, including those in the real estate sector, are yet to fully embrace AI use.

Get the YP business newsletter by signing up here

By introducing AI at all stages of the real estate life cycle, stakeholders including investors, developers and operators can build more efficient, sustainable operations, according to CBRE's report. Picture: Adobe StockBy introducing AI at all stages of the real estate life cycle, stakeholders including investors, developers and operators can build more efficient, sustainable operations, according to CBRE's report. Picture: Adobe Stock
By introducing AI at all stages of the real estate life cycle, stakeholders including investors, developers and operators can build more efficient, sustainable operations, according to CBRE's report. Picture: Adobe Stock

However, with a $110bn to $180bn value for potential for the real estate industry, firms must move faster to embed AI into their business functions, the report said.

By introducing AI at all stages of the real estate life cycle, stakeholders including investors, developers and operators can build more efficient, sustainable operations, it added.

Hide Ad
Hide Ad

Mike Gedye, CBRE’s head of tech, media and telecoms for Europe, said: “Generative AI presents a significant opportunity to the real estate sector, allowing investors, developers and occupiers to streamline internal processes and build more efficient, sustainable operations.

"Firms should move faster to take advantage of the significant value-add opportunities these new technologies could provide.

"Once all aspects of generative AI are understood and trusted, we could truly see it embedded across the industry.”

Related topics:Europe