The hype cycle for generative AI—artificial intelligence that scoops up vast amounts of content, whether text, image, computer code, or other—has been immense. Rarely, if ever, has a relatively new technology gained the popular fascination, claims of ubiquitous applications, and growing cadre of self-proclaimed experts on how to use the products, even though the software has been available for a relatively short time.

Many CRE-focused software companies have flocked to the capabilities. "Generative AI has tremendous potential in the commercial real estate industry, an industry that has generally been slow to adopt and embrace technology," FTI Consulting senior managing director Josh Herrenkohl tells GlobeSt.com.

Potential, though, has little meaning for companies when the question is where such software has had a practical impact on CRE already.