What do commercial real estate investors need to understand about artificial intelligence? How is AI changing real estate today? And what’s the future of AI in real estate?
AFIRE interviewed three experts on the subject and compiled a summary video designed to educate real estate executives and their teams.
“I believe real estate investors are underestimating two main things about the impact of AI on the industry,” says Matias Recchia, Co-Founder and CEO of Keyway, going on to say that the technology will create much more efficiency, and liquidity, than people realize.
“The reason you need artificial intelligence in commercial real estate is to allow for a new level of efficiency in interacting with the software,” says David Franklin, Principal, CRE & AI, Yardi. “It’s almost like the advent of the mouse…. It opened up the world to a whole new set of possibilities.”
“So much of the data that exists within commercial real estate is very unstructured,” says Drew Conway, Head of Data Science, Private Investments, Two Sigma. “Lease documents… offering memorandums… PDF files that are not connected or structured in any way. A lot of the technology that exists today… can really consume that data and produce structure very, very quickly… And some of that is already happening.”
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AFIRE POV interviews sum up how the industry’s experts are feeling about the most important topics in commercial real estate investing.
Established in 1988, the Association of Foreign Investors in Real Estate (AFIRE) is the association for international real estate investors focused on commercial property in the United States.
AFIRE currently welcomes more than 180 member organizations from 25 countries with approximately $3 trillion AUM in the US.