There are two parts to this assignment.

Either by yourself or in small groups, feed ChatGPT prompts. The goal is to get acquainted with its capabilities and the iterative process of refining prompts (see below for additional instructions and resources). Because the objective is to see what's possible, I'll accept a broad range of topics, including anything demonstrating an application in real estate/CREM. In your submission to Canvas include the final set of prompts and output only.

Working by yourself, summarize your experience with and opinion of ChatGPT.

What did you learn? Any surprises?

What's your opinion and take away from the experience and the quality of ChatGPT's output?

Sample Prompts and Responses

Prof Thibodeau: I'm teaching corporate real estate to graduate students. Give me an example assignment that gives students the opportunity to use and explore ChatGPT.

ChatGPT: Sure, here's an example assignment that uses ChatGPT for graduate students learning about Corporate Real Estate:

Assignment: Using ChatGPT for Market Research in Corporate Real Estate

Objective: To explore the use of ChatGPT in conducting real estate market research and analysis.

Instructions:

Identify a real estate market that is of interest to your group. This could be a specific geographic location or a specific real estate asset class.

Collect data on the market, including property prices, vacancy rates, leasing trends, and other relevant metrics.

Use ChatGPT to analyze the data and identify trends and patterns in the market. You can ask ChatGPT questions such as:

What is the average price per square foot in this market?

What are the current vacancy rates for office buildings in this market?

Which property types are in high demand in this market?

Based on the results of your analysis, prepare a report that summarizes your findings and provides recommendations for corporate real estate managers. The report should include an executive summary, an overview of the market, key findings, and recommendations for real estate decision-makers.

Finally, reflect on the use of ChatGPT in conducting market research. What were the benefits of using ChatGPT? What were the limitations? How might you use ChatGPT in other areas of corporate real estate management?

This assignment will provide students with the opportunity to explore the use of ChatGPT in real estate market research and analysis, while also developing important skills in data analysis and report writing.

Prof Thibodeau: What role can ChatGPT play in corporate real estate and corporate real estate management?

ChatGPT: ChatGPT can play several roles in corporate real estate and corporate real estate management. Some of these roles are:

Property Management: ChatGPT can be used to develop chatbots that can handle property management tasks such as maintenance requests, rent payments, and tenant inquiries.

Lease Management: ChatGPT can assist with lease management by automating lease negotiation and drafting, tracking lease expirations, and sending out lease renewal reminders.

Market Research: ChatGPT can be trained to gather and analyze real estate market data, including property prices, vacancy rates, and leasing trends. This information can be used by corporate real estate managers to make informed decisions about their real estate portfolios.

Data Analysis: ChatGPT can be used to analyze large volumes of data related to corporate real estate, including financial data, tenant information, and property management data. This can provide valuable insights into trends and help managers make data-driven decisions.

Personalized Recommendations: ChatGPT can be used to provide personalized property recommendations based on a company's specific needs and preferences, such as location, size, and amenities.

Risk Management: ChatGPT can help managers identify and assess potential risks related to their real estate portfolio, such as market volatility, lease defaults, and property damage.

Sustainability: ChatGPT can assist in identifying and implementing sustainable practices, such as energy-efficient buildings, reducing waste, and lowering carbon footprint.

Overall, ChatGPT can be a valuable tool for corporate real estate managers, providing a range of functions from data analysis to property management and sustainability practices. By leveraging the power of AI, corporate real estate managers can optimize their portfolios and make more informed decisions, ultimately leading to increased efficiency and profitability.