Dive Brief:
- Cushman & Wakefield announced a new artificial intelligence strategy aimed at creating a new industry standard for commercial real estate from proprietary data, strategic technology partnerships, clients and employees.
- As part of the AI+ strategy, it will embed artificial intelligence across its commercial real estate transaction lifecycle to boost productivity for its operations and clients and help its brokers, services and research professionals support client decision-making, the company said in a Nov. 20 news release.
- The announcement marks the growing integration of AI into commercial real estate as service firms attempt to streamline operations and increase operational efficiencies.
Dive Insight:
Generative AI investments are on the rise across the country, according to a Lucidworks survey, which found that 92% of U.S. companies it surveyed plan to increase AI investments in the next 12 months. This trend has increasingly taken hold in the commercial real estate service and facilities management industries, as JLL, CBRE and now Cushman & Wakefield deploy strategies to optimize their operations.
JLL released JLL GPT earlier this year, which uses in-house data and external commercial real estate sources to provide insights to the firm’s global workforce and clients. CBRE announced that more than 20,000 client sites worldwide are using its AI-based Nexus platform to improve efficiency and reliability across over 1 billion square feet of property.
Cushman & Wakefield says its AI strategy is designed to deliver digital transformation at scale. Deployment will increase access to its enterprise expertise and insights and the speed at which they can be deployed to the market, the firm said.
By “seamlessly integrating” data, people, processes and technology, “we can magnify the impact of secure and well-planned digital transformations for our clients and colleagues,” Salumeh Companieh, chief information and data officer, said in the release.
The firm began using AI in 2018, it said, with a focus on aligning its business, data and operations. Cushman says to date, AI has enabled an 80% material reduction in its operational cycle time and a reduction of client supply chain costs by optimizing its proprietary supply chain network.
Technologies the company has already implemented include C&W Atlas Mapping, a self-service, interactive mapping program it launched in September, and “marketing copilot” Jasper.
“Through AI+ … Cushman & Wakefield can bring clients the ‘CRE platform of the future’ today through an approach that also provides a nimble, scalable, and secure operating model for addressing forthcoming needs of owners, occupiers, and our firm,” Andrew McDonald, global president and chief operating officer, said in the release.
Cushman & Wakefield did not immediately respond to a request for comment.
