JLL has launched JLL GPT, which it says is the first large language model purpose-built for the commercial real estate industry.
The generative artificial intelligence tool has been developed by JLL Technologies, the company's technology division, and will be used by the company's 103,000-plus global workforce.
The adviser said it will allow it to provide commercial property insights to clients in a "whole new way" by supplementing its in-house data with external commercial real estate sources. It will offer made-to-order solutions to clients later this year.
As an example, JLL’s facility managers will use generative AI to improve standard real estate space utilisation and portfolio optimisation dashboards by creating "dynamic conversations that lead to more actionable decisions". It adds that JLL advisers can provide workplace planning advice to clients more quickly by combining qualitative information they gather through conversations with JLL GPT.
It already deployed AI technology to improve building efficiencies, generate 3D leasing visualisations, calculate sustainability risks and "power" investment leads. One in five of all JLL capital markets opportunities globally was enabled by the company’s AI-powered platform in the first quarter of 2023 it says.
ChatGPT is an AI-powered language model developed by OpenAI, capable of generating human-like text based on context and past conversations. How it can be applied to real estate is increasingly dominating the thoughts of major investors and advisers.
Just as e-commerce led to an explosion in demand for industrial warehouses, cloud computing, content creation and the artificial intelligence revolution has led to an increase of nearly 50 times the data consumption over the past decade and its driving demand for data centres, Blackstone Real Estate Income Trust said this week.
“Large technology companies are in the midst of an AI arms race which we believe will be a once-in-a-generation engine for future growth in data centers and is driving tremendous demand on the ground,” the REIT added. For a review of how the technology is already being embraced elsewhere by real estate click here.
Yao Morin, JLL chief technology officer, says that using JLL GPT in its secure computing environment will mean its global real estate experts will be able to deliver "faster, smarter insights".
It said the tool is the latest example of its "data-first philosophy".
“Connecting buyers, sellers and lenders at the right time, with the right data in hand – within seconds – is going to determine success in this new generative AI era,” added Richard Bloxam, JLL chief executive, capital markets in a statement. “We are already using AI to optimise investment opportunities, creating a competitive edge for our clients."
Andy Poppink, CEO, markets advisory, says it will "supercharge portfolio optimisation".
“JLL’s clients will have confidence that they are executing strategies based on robust data and unique insights at significantly swifter speed with our JLL brokers having this amazing, advanced technology at their fingertips.”