AI Revolutionizing Corporate Real Estate: Colliers Report

Generative AI is set to unlock substantial opportunities for the corporate real estate (CRE) sector across the Asia Pacific region, according to a newly released report from Colliers, a global professional services and investment management company.

The report, titled “AI in Corporate Real Estate: The Now, the Next, and the Possible,” highlights the burgeoning generative AI market in APAC and its untapped potential for enhancing productivity, creativity, and efficiency within the CRE sector.

Colliers’ report outlines AI’s potential impact on several key service areas within the CRE sector:

• Workplace Advisory: Automated algorithms to generate various occupancy and 3D space options.
• Lease Administration: Utilization of OCR AI technology to streamline management processes.
• Portfolio Strategy: Continuous portfolio optimization through predictive analytics.
• Facility Management: Anticipatory building maintenance and automated equipment notifications.
• Project Management: Recommendations for cost-effective and optimal resource allocation.
• Transaction Management: Self-guided location surveys supported by automated workflows.
• Location Intelligence: Proactive searches for new and emerging talent pools and locations.
• Supply Chain Solutions: Real-time adjustments to demand forecasts or inventory requirements.

Arpit Mehrotra, Managing Director, Office Services, Colliers India said, “The synergy between human capabilities and technology is continually evolving,”. “By adopting the right tools and technologies, we can achieve desired outcomes faster and more efficiently. AI has firmly established itself in the commercial real estate sector, providing comprehensive market insights that inform better strategies.”

Keval Valambia COO, MCHI-CREDAI commented, “The integration of AI in the corporate real estate sector is a game-changer. With AI, we’re seeing incredible advancements in productivity, creativity, and efficiency. Virtual home tours, predictive analytics, and automated workflows are just a few examples of how AI is transforming the way we approach real estate. This technology not only helps in discovering undervalued properties but also streamlines the entire process, reducing paperwork and enhancing transparency. The future of real estate is undoubtedly brighter with AI, offering a more user-friendly experience for both homebuyers and investors. The potential is immense, and I’m eager to witness its full impact.”

Chintan Vasani, founder member and partner of Wisebiz Realty, shared his insights: “The Indian real estate scene is on the brink of a tech transformation! AI is gearing up to shake up the house hunting and investing game, offering virtual home tours so real you can practically smell the chai. Say goodbye to the uncertainty of investing with AI algorithms forecasting market trends, saving you from potential duds. For savvy buyers, AI is the key to discovering hidden gems – undervalued properties bursting with potential. No more dealing with dodgy channel partners or drowning in paperwork – AI-powered platforms are here to streamline the process, giving you more time to savour your new abode stress-free. This tech revolution spells victory for both homebuyers and investors, paving the way for a more transparent, efficient, and user-friendly Indian property market. I’m super excited to see how the story unfolds.”

Vijay Jeswani, CEO, Vijay Properties said,“Although I believe we are in the early stages of AI entering the real estate world, I do feel it will have a considerable impact in the long run. With the kind of vast and precise data that AI can collate, the real estate industry will be able to accurately target the perfect customer for different projects and understand what the market needs in a much better way. Client communication and sales are areas where AI tools like chatbots and virtual assistants will come into play, making it easier for teams to filter out potential customers and then convert those leads. Quality and safety checks will also get more robust with regular and automated evaluations of structures. In the distant future, I can see Artificial Intelligence optimizing the entire process of construction, with reduced costs and faster timelines. All in all, the real estate players that harness the power of AI today, will surely reap the benefits of early adoption tomorrow”.