JLL has launched a pioneering large language Artificial Intelligence model designed exclusively for the commercial real estate (CRE) sector.
Created by JLL Technologies (JLLT), the real estate major's tech arm, the bespoke generative AI model is set to revolutionize the way JLL's 103,000+ global workforce delivers CRE insights to clients.
Combining JLL's substantial in-house data with external CRE sources, the company aims to offer tailored solutions to clients later this year.
By utilising JLL GPT within our secure computing environment, our worldwide real estate experts will be empowered to offer quicker, more intelligent insights to our clients.
We've developed JLL GPT with the assurance that our staff can harness generative AI while maintaining full adherence to JLL's robust privacy and security standards.
This innovation underscores our commitment to leveraging our most valuable asset – our people – to provide unparalleled products and services to our clients."
According to the company, the solution is more than a simple chatbot as it embodies a data-centric approach to the digital transformation of CRE.
The effectiveness of AI hinges on the quality of the data it is trained on, and JLL says it has dedicated years to organizing and investing in data.
Armed with meticulously curated, high-quality, and carefully governed data, it can now able to extend its technological strategy into the generative AI era, enriching its clients' experiences.
JLL facility managers will leverage generative AI to transform conventional real estate space utilization and portfolio optimization dashboards into interactive dialogues that yield actionable decisions.
Furthermore, JLL's consulting experts can expedite the provision of comprehensive workplace planning guidance to clients by synergizing qualitative insights from conversations with JLL GPT.
The group's other AI technology investments are enhancing building efficiencies, creating 3D leasing visualizations, assessing sustainability risks, and fueling investment opportunities, with the company reporting that one out of every five JLL Capital Markets opportunities worldwide in the first quarter of 2023 was facilitated by the company's AI-powered platform.
Richard Bloxam, JLL CEO of Capital Markets, says, "In this new era of generative AI, success will be defined by the ability to connect buyers, sellers, and lenders seamlessly, armed with the right data at the right time – within seconds.
We're already deploying AI to optimize investment prospects, thereby furnishing our clients with a competitive edge.
By merging comprehensive real estate data with JLL GPT's insights, honed by our Capital Markets advisors, we're poised to significantly elevate decision-making."
Andy Poppink, CEO of Markets Advisory, adds, "JLL GPT will instantly elevate portfolio optimization by generating impactful insights, incorporating not only externally accessible market data and business trends but also JLL's exclusive market research and intelligence.
JLL's clients can confidently implement strategies underpinned by robust data and unique insights, and with the advanced technology of JLL brokers at their fingertips, they can do so at a remarkably accelerated pace."
According to the company, JLL GPT exemplifies the "build" facet of its strategy, encompassing building, buying, partnering, and investing in technology solutions that are reshaping the CRE landscape.
In this new era of generative AI, success will be defined by the ability to connect buyers, sellers, and lenders seamlessly, armed with the right data at the right time – within seconds.
By integrating technology across all aspects of the business today and pioneering solutions for tomorrow,
