Honestly, the introduction to Commercial Observer’s definitive annual list of the most consequential figures in real estate technology could be just two letters. Wanna guess which two?  

You nailed it: A and I.

Every entrant on the list either noted, or is noted for, the eschatological technology. Generative artificial intelligence is now a force in data crunching, building operations, sustainability, leasing, sales, foot traffic tracking, location siting, repairs, maintenance and lending. It’s hard to find a cranny of commercial real estate that AI has not infiltrated. 

It’s the prime driver of the market’s most robust — and controversial — asset niche: data centers. And even longtime software as a service (SaaS) companies are leaning into AI, too, as MRI Software’s Patrick Ghilani, an honoree on the list, told us. Plus, the handful of early AI pioneers in the industry are doing funding and product victory laps. 

“We were building AI before ChatGPT existed, and we haven’t slowed down since,” said honoree Minna Song, whose EliseAI announced a fresh $350 million fundraise only last week.  

But it’s still early days, believe it or not.

“Respectfully, it’s a little bit of a honeymoon period and it will change,” honoree Raj Singh of JLL Spark told us of commercial real estate’s passionate embrace of AI. 

How will AI’s relationship to CRE change? 

The pace of adoption will pick up, that’s for sure. “Institutional real estate has been slow and late to use generative, agentic AI in its workflows,” said Fifth Wall’s Brendan Wallace, another honoree.

At the same time, the number of stand-alone AI firms servicing CRE will likely shrink amid competition and consolidation. Ironically, AI itself might foster this shrinkage through new efficiencies. “I don’t believe you’re going to see hundreds of successful AI companies in commercial real estate,” said honoree Nick Romito of VTS. 

Whatever happens with AI in CRE, expect the people on this list to have a major say.

This package was written by Tom Acitelli, Andrew Coen, Emily Davis, Julia Echikson, Larry Getlen, Mark Hallum, Brian Pascus, Philip Russo, Amanda Schiavo and Patrick Sisson. It was edited by Acitelli, Skip Card and Max Gross. Jim Sewastynowicz organized the photography, and Jeff Cuyubamba managed the design.