Ar­ti­fi­cial In­tel­li­gence in Real-es­tate

As per the col­liers Re­search, the im­pact of AI on prop­erty mar­ket is likely to be vast.

Realty Plus - - Front Page -

The com­pa­nies to­day are pre­par­ing them­selves to ad­vance in the di­rec­tion of Ar­ti­fi­cial In­tel­li­gence (AI). In In­dia, with new sec­tors such as e-com­merce, lo­gis­tics and ware­hous­ing, fin­tech and star­tups gain­ing trac­tion, we are likely to see more of such busi­nesses be­gin­ning to im­ple­ment au­to­ma­tion into their prod­ucts and work­places mov­ing for­ward.

Fol­low­ing key take­aways were de­duced af­ter con­duct­ing an ex­ten­sive re­search tar­get­ing tech­nol­ogy and re­alty ex­perts across key cities, like, Chen­nai, NCR, Pune, and Mum­bai: • Bound­aries will blur be­tween dif­fer­ent seg­ments of the prop­erty mar­ket and there will be an in­creas­ing shift to­wards mixed-use build­ings • Both of­fices and in­dus­trial units are likely to be­come smaller, with in­dus­trial units mov­ing closer to sources of de­mand • De­mand for dy­nam­i­cally man­aged lo­gis­tics ware­houses will strengthen fur­ther • In­ter­net of Things (IOT) will trans­form build­ings and build­ing man­age­ment Mi­gra­tion of in­vest­ment cap­i­tal is likely to move to­wards es­tab­lished sources of hu­man tal­ent in up­com­ing years. Trends such as drones, 3D print­ers, lo­ca­tion an­a­lyt­ics, vir­tual re­al­ity tools, Build­ing Man­age­ment Sys­tem (BMS), etc. in con­struc­tion and real-es­tate ac­tiv­i­ties will shape the fu­ture of real-es­tate in­dus­try.

threats

AI is also ex­pected to com­ple­ment hu­man roles, how­ever will not re­place them al­to­gether. Al­though au­to­ma­tion seems to be a threat for fu­ture of­fice de­mand, the healthy mar­ket sce­nario at present in­di­cates that the in­flu­ence of AI will not be clearly vis­i­ble in shortto-medium term. From a real-es­tate per­spec­tive, the re­cent in­no­va­tions in tech­nol­ogy com­pris­ing AI, digi­ti­sa­tion, big data, vir­tual re­al­ity are in­flu­enc­ing the way we are work­ing in our of­fices and will con­tinue to do so in fu­ture as well. Both of­fices and in­dus­trial units are likely to be­come smaller, with in­dus­trial units shift­ing closer to sources of de­mand. Flex­i­ble and in­tel­li­gent of­fice spa­ces pro­vid­ing a shared en­vi­ron­ment within build­ings where au­to­mated sys­tems

com­mu­ni­cate seam­lessly will be the ideal workspace for the Gen Y and Gen Z work­force in the years to come.

strengths

Given the ever chang­ing/ evolv­ing eco­nomic and busi­ness en­vi­ron­ment, it is im­per­a­tive for or­gan­i­sa­tions to con­stantly look at more ef­fi­cient or smarter ways of do­ing busi­ness. The fu­tur­is­tic com­pa­nies should em­brace AI quickly and in­vest sub­stan­tially in in­creas­ing the work­force skills and pre­pare their hu­man re­sources for higher-value core roles.

The con­certed im­pact of busi­ness ex­pan­sions due to new prod­uct de­vel­op­ment and the in­dis­pens­abil­ity of hu­mans in busi­ness pro­cesses should con­tinue to drive of­fice space de­mand in the next 5 to 10 years. How­ever, to em­brace this growth, we would need the skilled work­force and sup­port­ive in­fra­struc­ture ca­pa­ble of cop­ing with this change.

the ad­vent of ai is ex­pected to trig­ger an in­crease in ur­ban­i­sa­tion due to the re­place­ment of heavy man­u­fac­tur­ing and agri­cul­tural jobs.

the re­cent sur­vey with tech­nol­ogy oc­cu­piers re­vealed that tal­ent ac­qui­si­tion is the most im­por­tant fac­tor for com­pa­nies to de­cide on their ex­pan­sion strat­egy. thus, in­dia needs to in­vest heav­ily in skill de­vel­op­ment and in­fra­struc­ture to em­brace the growth that ai can bring to the coun­try.

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