JLL just announced the arrival of JLL GPT, calling it the first large language model purpose-built for the commercial real estate industry. The generative artificial intelligence model, developed by JLL Technologies, is designed to assist the firm’s vast worldwide workforce in providing clients with smarter insights delivered in an expedited fashion. The launch of JLL GPT isn’t the company’s first foray into artificial intelligence. In 2016, they partnered with Leverton, which provides automated lease abstraction software. And in 2021, JLL acquired AI startup Skyline AI, tech-enabling its employees with Skyline AI’s property value prediction capabilities.
JLL reaffirmed its commitment to further incorporating technology into the industry with its recent hiring of its first chief technology officer, Yao Morin. Undoubtedly, the firm will continue to expand the use of AI in its business to better serve clients. But what AI can actually do to help the commercial real estate industry is still a bit unclear. Artificial intelligence is a fickle beast, and it doesn’t always get everything right. Of course, the technology will improve over time, but real estate is a people business, and while the technology enables a firm to provide clients with better information and guidance, it should not replace too much of the human aspect that is central to veritably every job in commercial real estate.