Richmond, VA – April, 2025
2025 Commercial Real Estate Forum Gets Laser-Focused on AI
“I’m not going to give you all the answers today,” started James Scott before delivering his keynote at the 2025 Commercial Real Estate Forum presented by Commonwealth Commercial Partners.
Scott is referring to Artificial Intelligence—a topic he is incredibly well-versed in, yet he admits, “everything is moving at a speed we’ve never seen before. I couldn’t possibly give you all the answers.”
Scott is the Director of the Real Estate Transformation Lab at MIT’s Center for Real Estate. During his April 15 presentation, “Artificial Intelligence and the Changing Commercial Real Estate Landscape” at the Dewey Gottwald Center in downtown Richmond, Scott discussed the highly disruptive world of AI and how those who prepare now will benefit later.
But First: Current Trends in Asset Management
Before James Scott took the stage, a panel of leaders from Commonwealth Commercial greeted the audience and shared their perspective about current and future trends in asset management.
John Mercer, real estate attorney and Partner with Williams Mullen, moderated the discussion between our own Thomas Hatcher (Partner and Managing Director of Asset Management) and Willis McCrickard (Head of Business Development, Asset Management). They collectively drew attention to the implications they observe in the current economic and political climate, including:
- More “pretend” and less “extend.” More and more banks are going through with short sales and allowing new investors to come in at reduced rates.
- Buyer pools are changing. More high net worth buyers and single-family buyers are entering the market, likely as a result of the short sales.
- Tariffs make asset management more important than ever. Given the unpredictability of our current economy, it is more important than ever to have investment strategies in place with alternative solutions at the ready.
Reach out to Willis with any questions you may have about asset management and how we can help: wmccrickard@former.commonwealthcommercial.com
Artificial Intelligence and the Changing Commercial Real Estate Landscape
James Scott defines AI as algorithms and computer programs that perform tasks which normally require human intelligence to accomplish. A few disruptive AI trends include the influence of big data; robotics and automation; generative AI; autonomous tracking; and autonomous vehicles.
“What are the key implications of AI for the real estate industry?” posed Scott. “Will the broker be impacted? The developer? The asset manager? Quite simply, there is no aspect of the real estate industry that is not going to be affected.”
Scott narrowed in on the ways AI is already being put to work:
- AI Generative Design – Programs such as TestFit allow users to generate site design options that are optimized for the best building and site layout.
- AI ChatBot and Artificial Assistant – Routine questions and administrative tasks can be managed by AI that continues to become more and more realistic.
- Robots and Automation – Approximately 42% of business tasks will be automated by 2027. Approximately 65% of information and data processing jobs will be automated by 2027.
- Automated Report Generation – AI can analyze historical data and current market values to make future predictions about property values.
Scott emphasized the importance of knowing and understanding the AI landscape, because it is no longer the future. It’s here now and will only continue to expand.
“These trends are already materializing in everyday life. Those who embrace AI will find themselves in unique positions going forward,” said Scott.
Thank you to the more than 200 members of the commercial real estate and business community who attended the 2025 Commercial Real Estate Forum for an afternoon of education and networking. A huge thanks to James Scott for sharing his insights this year, as well as to our sponsors for making this incredible event possible: ARCO Design/Build, C&F Bank, CoStar Group, Keiter, Kensington Vanguard, Scott Insurance, Synergy Technical, and Williams Mullen.