The Promise of AI: Transforming the Construction Industry
The potential for artificial intelligence (AI) to transform businesses, industries and society has been mounting for decades, but recent advancements have moved the science from niche to mainstream. The technology’s proficiency in writing, drawing, coding and composing has driven corporate leaders to consider both the opportunities and threats that AI presents for their future.
For commercial real estate, it’s clear that strategically embracing AI could transform the sector. In JLL’s 2023 Global Real Estate Technology Survey, investors, developers and corporate occupiers ranked AI and generative AI among the top three technologies expected to have the greatest impact on real estate over the next three years. Less clear, however, are the details of what exactly comes next. Respondents indicated the least understanding of AI and generative AI when compared to other surveyed technologies such as blockchain, virtual reality and robotics.
AI has the power to transform commercial real estate
When technology allows people to achieve the same productivity level in less time, more time is freed up for people to create new areas of opportunity. Goldman Sachs draws on a study by MIT economist David Autor to reveal that more than 85% of employment growth in the U.S. over the last 80 years is explained by the technology-driven creation of new positions.