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A new report by JLL examines the transformative impact of Artificial Intelligence (AI) on the Australian Commercial Real Estate (CRE) sector.
The report, titled "The Impact of AI on CRE", analyses the growth of AI in the United States, especially in San Francisco and Silicon Valley, and explores the potential demand for office space in Australia's central business districts by 2030 due to AI adoption.
JLL's findings suggest that the inclusion of AI into various industries could result in an additional demand for 483,000 square metres of office space across Australian CBD markets by 2030, thus presenting opportunities for the office sector.
The report states that AI's contribution to the global economy is anticipated to rise substantially, from under 1% in 2024 to 13% by 2030.
The analysis foresees a 500% increase in AI-related jobs in Australia between 2023 and 2030, equating to approximately 166,400 new positions.
Sydney and Melbourne are earmarked as emerging hubs for AI development, with 76% of AI job advertisements concentrated in these cities, indicating a strong focus on these metropolitan areas to lead AI growth.
The report also positions Australia 15th on the Global AI Index, highlighting its growing role in the AI industry internationally.
Out of the top 52 AI companies worldwide based on market capitalisation, 37% have established a presence in Australia, reflecting international interest in the region's growing AI market.
JLL Real Estate Economist, Ronak Bhimjiani, and JLL Head of Growth, Office Leasing, Bianca Docker, are both available for interviews on the findings of the report.
