Generative artificial intelligence (AI) has the potential to transform the real estate industry, but are owners and developers and construction managers adapting to its rise?

Owners and Developers are Warming to the Use of AI. Owners and developers are using generative AI technology to analyze their working capital, performance and historical data, as well as patterns and trends in comparable buildings and capital improvements.  As AI continues to collect and compare volumes of data from similar buildings and projects, and factors that impact project costs, including risks with procurement, labor availability, cost overruns and schedule delays, AI will enable building and project owners to use the data to identify and mitigate potential project risks and provide real-time progress tracking and analysis.