On August 4th, 2023 JLL, a provider of real estate services, has unveiled JLL GPT, the first major language model created especially for the commercial real estate (CRE) sector. The approximately 100,000 employees of JLL across the world will use the generative artificial intelligence (AI) model created by JLL Technologies (JLLT), the company's technology division, to provide customers with CRE insights. According to the company's official announcement, its rich internal data will soon be complemented by other CRE sources, and clients will soon be able to acquire solutions specifically tailored to their needs.
Using JLL GPT in our safe computing environment, our international real estate professionals will be able to provide our clients with quicker, more insightful information, according to JLL CTO Yao Morin. JLL GPT was created so that our staff may use generative AI while being completely compliant with JLL's strict privacy and security standards.
The most recent manifestation of JLL's data-first approach to the industry's digital transformation, JLL GPT is more than just a straightforward chatbot. Since JLL has been investing in and organising CRE data for years, AI is only as good as the data it is trained on. According to the company's official statement, JLL is now able to advance its technological strategy into the era of generative AI for the benefit of its clients thanks to clean, quality-assured, rigorously regulated data.
The business cited JLL's facility managers' ability to employ generative AI to turn traditional real estate space utilisation and portfolio optimisation dashboards into dynamic discussions, allowing decisions, as one of the advantages of the new technology. Additionally, by merging the qualitative data they collect via interviews with JLL GPT, JLL consulting specialists can offer full workplace planning recommendations to customers more rapidly.
To improve building efficiency, provide 3D lease visualisations, assess sustainability concerns, and generate investment leads, JLL has implemented AI technology. In the first quarter of 2023, the AI-powered platform of the business facilitated one in five of all JLL Capital Markets opportunities globally, according to the company.
According to Richard Bloxam, CEO of JLL Capital Markets, "Success in this new generative AI age will depend on connecting buyers, sellers, and lenders at the appropriate moment, with the appropriate data in hand - within seconds. We currently use AI to maximise investment possibilities and provide our clients a competitive edge. Making decisions will be substantially improved by combining detailed real estate data with JLL GPT's insights and our Capital Markets experts' training.
According to Andy Poppink, CEO of Markets Advisory, "JLL GPT will instantly boost portfolio optimisation by generating impactful insights using not only externally available market data and business trends but also JLL's proprietary market research and information."
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