Artificial Intelligence is set to revolutionise the workplace and the CRE sector, evolving how we work and manage real estate.
Insight
21 October 2024
Tech and AI to transform workplaces
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Artificial Intelligence (AI) is rapidly becoming a central focus in business and technology. AI’s potential to transform our daily lives and working environments justifies its widespread excitement. In the Asia-Pacific region, corporations are heavily investing in AI. These organizations are also developing comprehensive strategies to upskill and reskill their employees, ensuring they stay competitive in an AI-driven landscape. The implications for Commercial Real Estate (CRE) are threefold, with both immediate and long-term implications:
- Technology and AI investment: There will be a strong emphasis on creating tech-enabled workplaces.
- CRE readiness: The industry must prepare for upcoming changes by equipping internal teams with skills in emerging CRE technologies and AI solutions. This includes mapping day-to-day CRE operations to identify areas where AI can take over or provide support in future.
- Transformative shift: The CRE function is poised for a major transformation, driven by the widespread adoption of technology and AI. This shift will reshape operational paradigms and strategic approaches within the industry.
The tech-enabled workplace will be built on three key pillars or three Es: experience, efficiency, and engagement. This advanced model optimises the employee experience, space management and sustainability performance.
By leveraging technology, organisations can create workplaces that meet the evolving needs of the workforce while aligning with broader business objectives and environmental goals.
Based on survey results, industry leaders project that by the end of the decade, around 75% of routine CRE tasks will be handled by AI. This forecast highlights the need for the CRE sector to prepare for this shift and assess which functions can be delegated to AI.
Our research indicates that CRE leaders are proactively addressing this transformation. Notably, 60% of respondents have initiated programmes to pilot AI use cases within their operations. This proactive approach shows the industry's commitment to leveraging AI technologies to enhance efficiency and effectiveness in CRE operations.