"Everyone is talking about Artificial Intelligence, from the Film Industry to Educators. It is no longer science fiction. It is reality. What far reaching effects will it have on Commercial Real Estate?" - IGRE
JLL is the first major commercial real estate brokerage to launch its large language model (LLM) artificial intelligence product called JLL GPT.
Game-changing tech: JLL has debuted JLL GPT, a specialized AI model for the commercial real estate industry. This innovative tool will allow JLL's global workforce to provide clients with enriched insights by fusing internal data with external resources. According to Yao Morin, JLL's CTO, JLL GPT will usher in a new era in the commercial real estate sector, accelerating analysis, enabling the creation of portfolio dashboards, and facilitating the production of property flyers, among other features.
Farewell, spreadsheet slinger: To illustrate, instead of a broker seeking rental rate data from an analyst who then compiles a spreadsheet, the broker can directly pose the question to the JLL GPT chatbot via a secured interface and receive the required information significantly quicker. This technological solution was developed by JLL Technologies, the firm's tech division.
Industry adoption: Other companies are likely to follow JLL’s footsteps, as Spencer Burton, president of Stablewood Properties, views it as an impending 'arms race'. While some challenges are to be expected with the implementation of large language models, such as occasional inaccuracies in responses, these can be overcome with sufficient resources, Burton asserts.
➥ THE TAKEAWAY
Enhancement, not replacement: JLL emphasizes that their AI tool is not meant to replace human jobs but rather enhance and elevate the capabilities of researchers and brokers. JLL GPT aims to be an AI assistant that will save tremendous amounts of time for CRE pros by automating roles, and repetitive tasks, allowing companies to focus more on strategic decision-making.
Written by Jordan B., Han-Gwon Lung
Originally posted by CRE Daily - August 3, 2023