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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

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