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Real Estate Embraces the Artificial Intelligence Revolution One Year After the Launch of ChatGPT

A year ago, artificial intelligence (AI) ceased to be exclusive to Silicon Valley and MIT laboratories to infiltrate everyday life. ChatGPT, the text generator developed by OpenAI, celebrates its first anniversary, marking a milestone in the democratization of artificial intelligence. This phenomenon has led to its adoption in various fields, including the real estate sector, which now envisions a profound transformation.

 

ChatGPT, according to its official description, is "an advanced language model developed by OpenAI that uses the GPT-3.5 architecture to generate coherent and contextually relevant responses in text-based conversations." Its versatility spans from translating texts to problem-solving, becoming a key tool for businesses and individuals.

 

In the real estate sector, a revolution driven by artificial intelligence is anticipated. According to JLL's report "Artificial Intelligence: Real Estate Revolution or Evolution," artificial intelligence has the potential to reshape the industry, from the emergence of new markets to innovations in investment models and income generation. Although the sector is in a trial-and-error phase, a demand for real estate assets is expected to be propelled by the accelerated growth of the artificial intelligence ecosystem.

 

Among the possible applications is the transformation of demand due to the growth of data centers, power grids, and connectivity infrastructures. The arrival of smarter buildings, compatible with artificial intelligence, is seen as a key trend. AI will facilitate the creation of buildings with net-zero emissions and high sustainable performance.

 

Furthermore, AI-driven operational processes will enable faster transactions and efficient understanding of properties and markets, catalyzing global-scale investments. AI also finds its place in the creative and operational realm, facilitating the expansion of the "spaces as a service" model and generating new revenue streams for property owners and operators.

However, the adoption of AI raises questions about how the real estate sector will navigate changes in the labor market, with institutions like the World Economic Forum predicting a net increase in jobs of higher added value. In conclusion, as ChatGPT celebrates its first year, the real estate sector prepares to embrace a revolution led by artificial intelligence, promising smarter buildings, efficient processes, and a profound transformation in how we interact with the built environment.