Exploring the transformative impact of AI on the property market: expert insights from RealComm’s London CIO Forum
October’s RealComm CIO Forum at CBRE’s London HQ gathered top minds from the property and PropTech sectors and the opening panel discussion “Implementing AI with Impact”, hosted by Remit Consulting’s Andrew Waller, brought together diverse insights from industry experts, to share practical advice, real-world challenges, and a healthy dose of optimism about what’s next.
Jenny Obee, Information & Digital Technology Director at Related Argent, focused on AI’s technological impact as a CIO; Jon Avery, Head of Analytics and Insight at LGIM, lent his data-driven perspective as an analyst; and Hilary Reynolds, UK & Ireland Head of Digital & Technology at CBRE, highlighted AI’s behavioural impacts on people and processes.
AI’s role in transforming the property market
The panel highlighted that while AI has been a staple in consumer tech for some time, it remains in its early stages in the property market. Jenny Obee noted familiar examples like Google Maps and Netflix, saying, "AI has been around for a while in B2C, but it’s the potential in B2B where we’re really going to see change."
From a behavioural perspective, Hilary Reynolds suggested that the biggest impact will come when AI moves “into the space of reasoning”—supporting complex decision-making beyond just data processing. Jon Avery’s data-focused view echoed this, noting that operational tasks which are “volume-based” could see huge efficiency gains from AI-driven automation.
High-impact areas for AI in the property market
Each panellist brought a unique angle on where AI can make a difference:
Construction: Jenny saw construction as an AI hot spot, noting, "We’re already seeing around a third of PropTech solutions integrating AI to optimise building performance and reduce costs."
Operations: Hilary discussed operations as a key area where AI could bring both efficiency and cultural change, freeing up staff to focus on higher-value work. Jon added that automation can support data-heavy, repetitive tasks, allowing staff to take on more strategic responsibilities.
Energy Management: AI’s environmental impact was a big point of interest. Jenny anticipates that “AI’s role in managing energy will be one of the hot topics we’re discussing a year from now.”
Challenges in the adoption of AI
The panellists highlighted different challenges in implementing AI:
Governance and Data Protection: Jon stressed the need for strong governance from the outset. “We need to think about governance from day one—protect data, prevent leaks, and ensure AI is adding value where we need it most.”
Integrating AI in Workflows: Hilary discussed the broader challenge of integrating AI into workflows, especially in a traditionally tech-averse industry. She also raised a critical question: as the property sector works toward carbon neutrality, what are the energy demands of AI? The statistic that a ChatGPT query can use up to ten times more energy than a Google search sparked a discussion on managing AI’s environmental impact as adoption grows.
Strategic recommendations
Tailored strategies for property professionals interested in AI were offered by the panellists:
Invest in training and development: Audience member, and subsequent panel member, Harri John of CBRE urged businesses to encourage curiosity and adaptability in employees. Hilary echoed this, emphasizing that upskilling can make AI integration smoother.
Early stakeholder engagement: From the CIO’s perspective, Jenny stressed the value of involving all relevant parties in early AI conversations: “The more voices in the room, the better. You get broader perspectives and can address concerns before they become issues.”
A robust governance framework: Jon’s advice for data-driven property managers? Avoid isolating AI within its own policy. Instead, embed it into existing governance structures for a smooth rollout.
Practical steps for implementing AI
In keeping with their unique perspectives, the panellists offered some practical tips:
Start small with pilot projects: Jon recommended starting with limited applications to work through potential challenges before rolling out AI more broadly.
Partner with technology experts: Hilary emphasized working with tech experts who understand both AI and the property market to ensure a sustainable, well-supported implementation.
Continuous monitoring and adjustment: Jenny underscored the importance of monitoring AI’s impact to ensure it is delivering value, allowing for timely adjustments.
Audience insights and reactions
Audience questions sparked fresh perspectives on AI’s potential. One attendee asked whether the industry has the curiosity to explore AI’s potential fully. Hilary shared her concern, noting that the property sector is “still far behind” in technology adoption, not just with AI but in tech and data overall.
When the conversation shifted to tight profit margins, Jon suggested that AI could alleviate some financial pressure on property professionals. By driving operational efficiencies, AI could help companies operate more effectively within budget constraints.
What’s next?
Each panellist weighed in on AI’s likely evolution in the property market:
Energy and Sustainability: Jenny anticipates that discussions a year from now will centre on AI’s impact on energy management and sustainability.
Learning from Failures: Hilary expects the industry to take a more honest look at AI’s shortcomings to refine future best practices.
Increased Focus on Compliance: Jon foresees greater attention on risk and compliance as AI adoption continues and regulatory frameworks expand.
Conclusion
The RealComm session highlighted how AI can impact the property market but underscored the need for a strategic approach. With perspectives from a CIO, a data analyst, and a behavioural expert, the panellists provided a well-rounded look at AI’s opportunities and challenges.
For property professionals, AI adoption doesn’t have to be daunting. Starting small, embedding AI into governance structures, and fostering open dialogue will pave the way for an AI-enabled future.
For further information, please visit www.realcomm.com.