Quantum Tech Could Solve Complex CRE Problems In Minutes. Will The Industry Buy In?
On its face, quantum computing sounds like a made-up concept, straight out of a sci-fi flick.
But far from just a futuristic buzzword, the emerging tech has the potential to upend the way commercial real estate does business.
Complex problems that would be impossible to figure out or take a classical computer years to do, like optimizing portfolios worth billions or accurately predicting future tenant behavior, might be solved in a matter of minutes.
“You can’t even really comprehend the differences in speed,” said Jake Wright, a vice president at Chicago-based Cresa, who is working with groups in the quantum space and visiting labs manufacturing components for quantum computers.
“Classical computing has very limited parameters, whereas quantum algorithms, we can simultaneously use thousands of variables: rent growth, tax incentives, inflation rates, you name it.”
CRE is already salivating over what quantum computing could mean for development at massive hubs in Chicago and elsewhere.
Experts in the field say its revolutionary computing power is what should really be capturing industry attention — though it could be a hard sell in a notoriously slow-moving industry when it comes to tech.