Guest Post by Ramamurthy Sitaraman, MCR.w

Covid brought an unprecedented change in the way we work, and the use of technology for hybrid work is an example which we all can relate to. Gone are the days when one could connect with their organization only from the workplace. Now, one can connect seamlessly to their organization irrespective of our location: home, airport, cars, etc.

The invention of other new technologies such as Machine Learning, Artificial Intelligence (AI), Robotics, etc., also has many potential benefits for corporate real estate (CRE) professionals.

From an occupier perspective, this is a real boon for any corporate to gain access to these new technologies and the tools derived from them.

The challenge is availability and affordability, especially when workplace strategy is being discussed by corporate leadership to focus on two aspects: optimal cost of operations and enhanced employee experience.

AI and technology-enabled solutions can accelerate the decision making for corporates during the lease/buy process at various stages: lease/buy options, market review (remote), site analysis (remote), lease considerations, and financial analysis.

Imagine a scenario where the site options given by brokerage firms comes with intuitive experience where one document shows the geographical information, topology, environmental, social, market comparison, road infrastructure, town planning, building information, floor layouts, developer credentials, etc., for one site, all with the help of AI-enabled technology solutions.

A typical occupier decision making hovers around these aspects, and without use of technology, this could be an iterative and time-consuming process, and occupiers may not get the desired outcome.

The absorption and acceptance of such tools by occupiers will take time and will need to be tested at various stages. Data collection, accuracy and mining will require a concerted effort.

However, if these AI-enabled technology solutions become available and affordable to occupiers, developers and consultants, they will help propel the CRE profession to new heights.