Page 13 - Spaces Magazine Volume 1

Ai smart buildings can optimise environments to drive sustainable practices. AI is becoming foundational. A door is opening in commercial real estate, and what lies behind it is not just a pathway towards evolution, but a highway to revolution. Think about it. You’ve got smart, predictive tech at your fingertips with the power to anticipate market movements, forecast the long term viability of an investment, and proactively see to maintenance issues before they escalate into major problems. PwC research shows that global GDP could be up to 14% higher in 2030 because of AI. That’s the equivalent of an additional $15.7 trillion, making it the biggest commercial opportunity in today’s fast changing economy. No doubt, the commercial real estate sector will feel the ripples of these effects. It’s been refreshing to witness the industry opening up and embracing artificial intelligence-powered technologies. Property management, sustainability, maintenance, operations and decision- making all benefit as a result. Leading UK investment firm Royal London Asset Management experienced significant improvements in HVAC operations and energy efficiency in an 11,600 square metre commercial office building. By implementing AI-powered technologies, the firm has reached a record ROI of 708% and energy savings of 59%, reducing carbon emissions by up to 500 metric tonnes per year. (JLL) AI, machine learning and sustainable building technologies are anticipated to play a vital role in shaping the future of property investment, management, development and marketing. Automated valuation models (AVMs), for example, make use of machine learning algorithms to assess property values based on a variety of factors. And there are AI-powered platforms that use match-based algorithms to efficiently connect buyers, sellers, landlords and tenants. These facilitate negotiations and transactions. But one of AI’s most valuable capabilities is the way it can power through vast datasets, analysing them at breakneck speed. AI-derived data insights are endowing property professionals. The ability to make data-driven decisions, providing valuable understanding when it comes to identifying emerging market trends and appraising opportunities. All these innovations are ripe for adoption in the commercial real estate industry. How does the future of work look as AI embeds itself into our daily lives? smartspaces.app | Yourspace,butsmarter