The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

JLL Launches First GPT AI Model for Commercial Real Estate

JLL Launches First GPT AI Model for Commercial Real Estate
03 August 2023
 

Global commercial real estate and investment management company JLL has unveiled JLL GPT, the first large language model purpose-built for the commercial real estate industry.

 

Watch the Video

 


 

JLL GPT is due to be the first large language model (LLM) purpose-built for the commercial real estate industry. It will initially be used by JLL's 103,000+ workforce around the world to provide CRE insights to their clients, before being rolled out to their clients with made-to-order solutions later in 2023.

Tapping into JLL’s data and external commercial real estate sources, JLL's facilities managers will be able to ask natural-language questions, and the AI will return data-driven, and intelligent responses. It is hoped that this system will transform standard real estate space utilisation and portfolio optimisation dashboards into conversations that lead to more actionable decisions.

JLL consulting experts will also be able to provide comprehensive workplace planning advice to clients more quickly by combining qualitative information they gather through conversations with JLL GPT. 

 

What is Generative AI?

 

Whilst AI uses machine learning to perform tasks that require the ability to learn from experience and independently make decisions, generative AI is used to create new solution outputs based on these learnings. This includes forecasting, planning and image generation.

 

Trustworthiness of Data in AI Models

 

A stumbling block around the use of generative AI is the trustworthiness of its data sources. Popular models such as Chat GPT are trained on vast amounts of information, but rather than searching for information in a database, it uses patterns learned in its “training”. The tool is therefore pattern-based rather than fact-based, as it commonly cannot cite its sources for a specific piece of information,

JLL GPT aims to combat this with a data-first approach, using only assured, strictly governed data. "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. This is the latest innovation demonstrating how we tech-enable our most valuable asset – our people – to provide unmatched products and services to our clients,” said Yao Morin, JLL’s CTO.

"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," added Richard Bloxam, JLL CEO, Capital Markets. "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.  "JLL's clients will have confidence that they are executing strategies based on robust data and unique insights at significantly swifter speed with our JLL brokers having this amazing, advanced technology at their fingertips." 

Picture: a photograph of Yao Morin. Image Credit: JLL

Article written by Ella Tansley | Published 03 August 2023

Share


Related Tags


Related Articles

AI Chatbot Provides Support for FM

Chat GPT has received significant attention in the field of natural language processing (NLP) due to its ability to generate human-like text and perform various...

 Read Full Article
JLL Acquires PropTech Company Skyline AI

In a move to help deliver more powerful insights to its clients, JLL has reached an agreement to acquire Skyline AI. Skyline AI uses unique data sets, AI and...

 Read Full Article
Harnessing The Power Of AI - New Book Launched

A much needed guide to AI is how RICS have described a new book by Katie King which focuses on AI in marketing but references facilities management - an area the author...

 Read Full Article
How FMs Can Harness The Power Of AI

Katie King, whose new book, Using Artificial Intelligence in Marketing, has just been published, has written exclusively for ThisWeekinFM on the impact AI is having in...

 Read Full Article
JLL Wins Global FM Contract With Rolls-Royce

JLL has been appointed by Rolls-Royce to run global facilities management operations across their real estate portfolio in China, Germany, India, Singapore, the UK and...

 Read Full Article
JLL Appointed for FM Contract at Foreign, Commonwealth and Development Office

JLL has won a facilities management and property services contract for The Foreign, Commonwealth and Development Office (FCDO). The contract includes property-related...

 Read Full Article
Apple Vision Pro – Spatial Computers in the Workplace

Apple has unveiled its first spatial computer, Apple Vision Pro. Let’s take a look at how it might be used in modern workplaces.   Watch the...

 Read Full Article
BrainBox AI Launches Autonomous Decarbonisation Suite for Commercial and Retail Real Estate Markets

Building automation firm BrainBox AI has unveiled its autonomous decarbonisation solution to address the 38 per cent of global greenhouse gases emitted annually by...

 Read Full Article
Demand for Digital Infrastructure Drives Data Centre Uptake

A research paper from JLL shows that the mass adoption of cloud computing and AI is driving growth in the data centre industry. According to JLL’s Global Data...

 Read Full Article
Marlowe Fire & Security Shows Off Spot

Marlowe Fire & Security will be showcasing their latest, state-of-the-art security solutions at Carlisle Support Services’ Innovation Lab on Thursday 23...

 Read Full Article