KUALA LUMPUR (Aug 3): The first large language model purpose-built for the commercial real estate (CRE) industry was unveiled by JLL yesterday.
Dubbed the JLL GPT, the bespoke generative artificial intelligence (AI) model created JLL Technologies (JLLT, the technology division of JLL) will be used by the company’s staff around the world to provide “CRE insights to clients in a whole new way”, stated JLL in a media announcement.
It added that the “extensive in-house data will be supplemented with external CRE sources, and the company plans to offer made-to-order solutions to clients later this year”.
JLL explained that it “has been investing in and organising CRE data for years. With clean, quality assured, strictly governed data, JLL is now able to extend its technology strategy into the generative AI era for the benefit of its clients”.
JLL’s facility managers can now use generative AI to transform “standard real estate space utilisation and portfolio optimisation dashboards into dynamic conversations that lead to more actionable decisions”. JLL consulting experts can also “provide comprehensive workplace planning advice to clients more quickly by combining qualitative information they gather through conversations with JLL GPT”.
The announcement also stated that the company has already deployed AI technology to improve building efficiencies, generate 3D leasing visualisations, calculate sustainability risks and power investment leads. “For example, 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.”
“Using JLL GPT in our secure computing environment, our global real estate experts will be able to deliver faster, smarter insights to our clients,” said Yao Morin, JLL CTO.
“We developed JLL GPT so our employees can leverage generative AI knowing everything is in full compliance with JLL’s robust privacy and security standards. This is the latest innovation demonstrating how we tech-enable our most valuable asset – our people – to provide unmatched products and services to our clients,” she added.
“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,” said Richard Bloxam, JLL CEO, Capital Markets. “We are already using AI to optimize investment opportunities, creating a competitive edge for our clients. Leveraging comprehensive real estate data with JLL GPT’s insights trained by our Capital Markets advisors will significantly enhance decision-making,” added Bloxam.
According to Andy Poppink, CEO, Markets Advisory, “JLL GPT will supercharge portfolio optimisation instantly by generating impactful insights using not only externally available market data and business trends but also JLL’s proprietary market research and information.”
“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,” Poppink explained.
With a global footprint, and an end-to-end approach to real estate including an in-house technology division, JLL offers extensive expertise through its people and innovative technology. The company has been an early adopter of generative AI and now boasts more than 40 innovations in development or in beta.
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Source: EdgeProp.my
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