August 4, 2023: Real estate services firm JLL has introduced JLL GPT, the first large language model purpose-built for the commercial real estate (CRE) industry, according to an official release. The generative artificial intelligence (AI) model, developed by JLL Technologies (JLLT), JLL’s technology division, will be used by company’s workforce of over one lakh around the world to deliver CRE insights to clients. The company’s extensive in-house data will be supported with external CRE sources and made-to-order solutions will soon be offered to clients, the company said in its official release.
JLL CTO, Yao Morin, said, “Using JLL GPT in our secure computing environment, our global real estate experts will be able to deliver faster, smarter insights to our clients. 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.”
JLL GPT is more than a simple chatbot and the latest example of JLL’s data-first philosophy of the industry’s digital transformation. AI is only as good as the data it’s trained on, and JLL 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, the company said in its official release.
Explaining the benefits of the new technology, the company said that the JLL’s facility managers will be able to use generative AI to transform standard real estate space utilisation and portfolio optimisation dashboards into dynamic conversations, enabling actionable decisions. Additionally, JLL consulting experts can provide comprehensive workplace planning advice to clients more quickly by combining qualitative information they gather through conversations with JLL GPT.
JLL has deployed AI technology to enhance building efficiencies, generate 3D leasing visualisations, calculate sustainability risks and power investment leads. 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, the company said.
Richard Bloxam, JLL CEO, Capital Markets, said, “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. We are already using AI to optimise 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.”
“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,” said Andy Poppink, CEO, Markets Advisory.
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