Chat GPT, Bees Among Topics at CRETech
I attended CRETech in New York, NY, a conference bringing together leaders in innovation and sustainability from across the globe.
This year’s event provided a remarkable showcase of technologies offering solutions to some of the most pressing challenges facing the real estate industry today, covering areas such as building and asset management, contract and legal review, as well as various ESG-related topics. Industry leaders shared valuable insights on how they’ve embraced and adopted these cutting-edge technologies to futureproof their businesses.
Within the realm of ESG (Environmental, Social, and Governance), the conference featured a plethora of software and hardware connecting property owners and users to a wide range of physical assets, including:
- Building management and controls
- Waste and water management
- Heating controls
- Data warehouse storage and management
- Digital twins
- Environmental impact monitoring and reports
Additionally, predictive modeling was highlighted as a key tool, offering foresight into how these technologies can enhance the commercial real estate industry both today and in the future.
A few key takeaways from the conference include:
1. Synergizing Chat GPT, AI, programming & data collection.
One standout feature of the showcased technologies is their ability to seamlessly integrate various components such as Chat GPT, AI, programming, and data collection. This harmonious collaboration demonstrated that the strength lay not in dependence on a single technology but in leveraging multiple technologies in different configurations. As Chat GPT continues to evolve and reach breakthrough moments, so too will the capabilities of integrated building management software, enhancing connectivity, prediction, and control.
Many companies at the conference demonstrated significant accomplishments and shared their challenges in integrating technologies like Chat GPT into their processes. These challenges provided actionable insights for firms considering new tech. First, define how the technology can expedite or support the company’s goals. Second, identify the necessary information and how to capture and store it.
Once these steps are completed, you possess the accurate, real-time data required to establish your building’s baseline. Despite the challenges posed by new sensors, software, and training, this effort ultimately leads to more efficient building analysis, prediction, and control, resulting in better energy and financial management.
Consider a company seeking a warehouse storage management system that can be accessed across multiple locations to optimize product movement during peak demand periods. By establishing data points and implementing custom training, the company can efficiently track, monitor, and report on product movement. This data collection enables predictive modeling to precisely determine product storage requirements across multiple warehouses in real time. As data continuously flows, the model refines itself, minimizing travel distances and storage space, thereby redefining operational efficiency in response to market changes.
2. The next big thing will be a summation of a lot of smaller things.
The future will be shaped by the aggregation of smaller innovations. Each of these technologies affects our buildings impact on the environment, but when combined, they lead to a watershed moment. Sensors feed data pools, which educate our AI and machine learning. Connecting these with tenants, transportation, storage, and energy usage will lead to highly cost-efficient and energy-neutral buildings, condos and transportation. The key here is education, happening at multiple levels. Sharing data between building owners, communities and jurisdictions can foster incredible links, from collection to storage, training to results, modifications to controls, all culminating in desired client outcomes. As AI continues to evolve, it will become more adept at understanding our individual needs, offering tailored training for swifter and more efficient integration into our daily workflows.
3. Simplifying to the A,B,C’s!
Technology often succeeds when integrated into existing processes or products. An interesting example showcased at the conference was Alvéole, a company using technology to analyze honey production from beehives and bee hotels they install on top of modern-day buildings in urban environments. The benefits of such initiatives are straight forward: eating local honey can help overcome allergies, and it is darn good for the planet.
The prevailing sentiment at the conference was one of excitement, leaving me with a newfound sense of inspiration as we head into 2024. The technologies unveiled will undoubtedly continue to evolve and shape our industry in unprecedented ways. Moving forward with a futureproofing mindset remains a cornerstone at Ware Malcomb, where we are dedicated to innovating with technology and delivering distinctive design solutions to safeguard our clients’ real estate investments and portfolios.