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echnology is transforming property management by reducing costs and enhancing transparency. AI tools are being used to model the metaverse, allowing developers to simulate projects, while also aiding buyers in visualizing commercial spaces in 3D before leasing. However, Mihir Shah, Global CEO of JLL Technologies, says these advancements will complement traditional brokerage services rather than disrupt them.

    Managing a single property requires processing massive data, but technology is leveraging this data to simplify property management. AI tools provide quick answers, summarize complex information, and generate actionable insights at lightning speed. JLL launched its AI-based platform, JLL GPT, which enhances business processes and delivers faster, more insightful outcomes for users.

    The company has also introduced JLL Azara, an AI-powered data analysis application designed to revolutionize business leaders' interactions with corporate real estate and facilities management data. Additionally, a software called Cubic allows clients to visualize spaces before leasing, creating 3D visualizations akin to platforms like the Metaverse.

    More developers are adopting such technologies as they streamline operations. For example, a Bengaluru-based developer partnered with PropVR to model upcoming luxury projects within the metaverse. However, Mihir Shah clarified that he does not foresee these advancements disrupting traditional brokerage services, citing the emotional nature of real estate purchases and buyers' preference for physically experiencing properties before deciding.

    JLL's investment in OpenSpace, an AI-powered reality intelligence platform, allows builders to document projects, address inquiries swiftly, and resolve issues using transparent, image-based communication. Proptech has the potential to significantly lower construction costs by enhancing project management and efficiency, but its impact on shortening timelines remains to be explored.