AI Tools To Assist Commercial Real Estate Professionals

Last week we celebrated ChatGPT’s second year birthday with a review of how Chat can be used in commercial real estate. Today, I’d like to zero in on some specific tools that we as commercial real estate professionals are using to make the day to day easier and more efficient. 
 
For industrial real estate, AI tools and technology solutions are tailored to address the unique challenges and opportunities in logistics, warehousing, manufacturing, and distribution. Here’s a breakdown of recommended tools specifically for the industrial real estate sector:
 
1.       Market Analysis and Site Selection
·        CoStar/LoopNet: Industry-standard platforms offering market analytics, property listings, and comparable data for industrial real estate.
·        Reonomy: Uses AI to analyze industrial property data, including ownership records, zoning, and historical trends, helping identify off-market opportunities.
·        Crexi PRO: Provides industrial market insights, listing exposure, and data analytics to identify emerging opportunities.
1.       Predictive Analytics for Industrial Trends
·        Placer.ai: Analyzes foot traffic, demographic patterns, and market shifts, helping assess industrial site viability based on logistics trends.
·        Orbital Insight: Uses satellite imagery and AI to track industrial activity such as construction progress, inventory levels, or logistics hub demand.
 
1.       Workflow Automation and Property Management
·        Yardi Breeze: Tailored for industrial property management, offering lease tracking, expense monitoring, and automated workflows.
·        Building Engines: Provides tools to streamline maintenance requests, tenant communications, and operational efficiency for industrial portfolios.
·        Prologis Essentials Marketplace: Offers asset management solutions specific to industrial spaces, such as energy monitoring and warehouse optimization.
 
1.       Supply Chain and Logistics Optimization
·        JDA Software (Blue Yonder): Uses AI for supply chain management, optimizing warehouse operations and logistics hubs.
·        Flexe: Facilitates on-demand warehouse solutions, using AI to match available industrial space with logistics needs.
·        FourKites: Real-time AI-powered tracking and visibility for freight and supply chain logistics, crucial for industrial occupiers.
 
1.       Lease Management and Financial Analysis
·        VTS Rise: Integrates industrial property leasing workflows with AI-driven insights, including tenant demand and market trends.
·        Argus Enterprise: Advanced modeling and valuation for industrial real estate portfolios, including lease comparisons and pro forma analyses.
 
1.       Tenant/Occupant Management
·        EliseAI: Automates tenant communications, lease renewals, and occupancy tracking, enhancing tenant relationships in industrial spaces.
·        Basking.io: Monitors warehouse occupancy and operational patterns, helping optimize space usage and reduce costs.
 
1.       Marketing and Outreach
·        Matterport for Industrial: Creates immersive 3D virtual tours of warehouses and manufacturing facilities, enhancing marketing efforts and reducing time spent on physical site visits.
·        Brokermint: Provides industrial property marketing tools, including proposal generation and automated deal tracking.
 
1.       Drone Technology and Inspection
·        DroneDeploy: Integrates drones with AI to inspect industrial properties, track construction progress, and map large industrial sites.
·        Skycatch: Provides high-resolution site imaging and 3D modeling for industrial property evaluation and planning.
 
Each of these tools addresses specific aspects of industrial real estate, from acquisition and management to logistics and sustainability. By incorporating these technologies, you can streamline operations, improve decision-making, and enhance client service in this specialized sector. 
 
Allen C. Buchanan, SIOR, is a principal with Lee & Associates Commercial Real Estate Services in Orange. He can be reached at abuchanan@lee-associates.com or 714.564.7104. His website is allencbuchanan.blogspot.com.