Artificial intelligence, or AI, is infiltrating nearly all sectors of today’s economy in Los Angeles and elsewhere. Therefore, naturally, the market for properties featuring commercial leases may soon experience an AI-driven revolution. Why exactly? Because AI has the potential to make the real estate industry operate more efficiently and profitably and become more service oriented.
At this point, however, AI has not yet gained a strong foothold in the commercial real estate world. The reason for this is that real estate is an industry where the adoption of technology is not occurring at a rapid pace. Still, the technology could easily transform the process of completing commercial real estate transactions in the years ahead.
For instance, AI could be used to develop extremely accurate predictions that can help with making investment decisions in real time. As an example, AI can pinpoint trends as well as point an investor toward a promising ZIP code and metropolitan statistical area. This can offer investors a much broader picture of the real estate market than a human analyst could. In addition, underwriting with AI could take a few minutes versus days or weeks with a human being, thus allowing investors who are equipped with AI to beat their competition.
Of course, whether investors are AI equipped or not, navigating the ins and outs of a commercial real estate transaction can inherently be complicated. Fortunately, an attorney in Los Angeles can provide investors with the guidance they need to confidently complete transactions involving properties featuring commercial leases. The attorney’s goal during such a transaction is to make sure that the investor’s best interests are upheld long term.