Artificial intelligence (AI) has become almost ubiquitous. A concept that we used to only see in science-fiction films is now happening in the real world. There have been a great deal of headlines centered on AI applications replacing people in specific sectors, but as history shows, we will adapt.
Fortunately, the real estate industry is on the verge of an AI revolution, and big data is at the forefront of it. As artificial intelligence technology becomes more sophisticated and practical, it is poised to revolutionize pharmacy real estate investment.
Analyzing and Predicting Pharmacy Real Estate Market Trends with AI
As noted by the Economist, AI is causing a seismic shift in how we “access” and “relate to” knowledge. Coincidentally, this is an area where AI can have a tremendous impact on pharmacy real estate investment and management.
The value of having market insights is absolute for any real estate investor. This knowledge gives you the edge to stay ahead of the pack. One of the prominent ways AI is causing a significant shift in pharmacy real estate investment is that it allows investors to identify market trends and predict future demand quickly and accurately.
Together, the Internet of Things (IoT), big data, and AI can be a powerful combination for pharmacy property managers. The same can be said for drugstore owners. This is very important, as vast amounts of data are being gathered in the pharma real estate sector. Machine learning and AI software have the potential to efficiently filter through these large swaths of data, allowing investors and managers to get an understanding of market trends.
Having accurate and real-time data at your fingertips allows for fast and informed pharmacy real estate investment decisions. AI-driven tools can tap into a wide range of data streams, including demographic data, prescription trends, public health data, and even weather reports, to analyze the potential demand for a drug store within a particular location.
Moreover, AI can help investors analyze and make sense of information on transaction records for comparable properties to determine a competitive market price range. Such in-depth knowledge affords pharmacy real estate investors sounder judgment regarding profitable investments, offering new insights that were previously out of reach.
But that is not all. These AI-powered technologies enable investors to look backward and forward to determine areas that are ripe for additional pharmacies. AI tools provide investors with never-before-seen opportunities to make consumer-centric investments, allowing them to own pharmacies in profitable locations.
For instance, AI can help investors take an incisive look at the data and decide between double net and absolute leases regarding Walgreens investments. As shared by Pharma Property Group, it’s never been a better time to become a franchise owner, especially with Walgreens expanding its HealthHub stores and Partners in Primary Care centers.
Enhancing Real Estate Collaboration with AI
The traditional pharmacy real estate process is somewhat tedious and repetitive. It involves evaluating the performance of an existing pharmacy or scouting for a new location. The process may involve several rounds of market and competitor research.
Once a potential property or location has been identified, this paves the way for thorough due diligence. It can involve everything from environmental assessments to property inspections. There are plenty of other in-betweens before the property gets ready for pharmacy operations.
The entire process, which involves a lot of back-and-forth communication between all the participants, can be a complicated balancing act. This is where AI startups and their breakthroughs apply.
AI can automate most of the routine pharmacy real estate investment tasks. This can dramatically improve collaboration between the investor and property managers, inspectors, surveyors, contractors, architects, and regulatory agencies, just to mention a few.
For example, AI-backed software can be leveraged to track large volumes of communications and provide updates on permits, inspection reports, costs, and more. This helps free up the investor’s time to focus on what really matters: seeking financing, building relationships with property managers, and getting a handle on the overall timeline.
Automating Pharmacy Property Inspections with AI
Predictive maintenance can be revolutionary for pharmacy real estate investors. A series of AI-powered cameras and sensors can be installed throughout the building. Together with other AI tools, they can help detect maintenance needs or potential problems with the property.
AI, for instance, can be used along with thermal imaging equipment to continuously inspect the building for leaks or moisture in the insulations. Likewise, these nascent tools can monitor pharmacy equipment, helping to detect changes that could lead to equipment breakdowns or failure.
Artificial intelligence could also be leveraged to monitor changes in humidity, temperature, and other sensing parameters. Any changes in these processes picked up by the AI system could indicate damaged plumping or problems within the HVAC system. More importantly, this will alert the relevant technicians to take proactive measures.
AI’s potential is abundant in identifying maintenance needs and potential problems in pharmacy properties. Additionally, it also eliminates the need for time-consuming and expensive manual inspections while reducing hazards and maintenance costs.
Real-Time Property/Asset Management with AI
Real-time asset management using AI, big data, and the Internet of Things empowers pharmacy real estate owners and investors. They capture vital data on how their spaces are used, particularly how customers behave inside the pharmacy. This technology stack provides pharmacy real estate managers with a powerful tool for delivering operational efficiency, cost optimization, and increased tenant satisfaction.
Managers can actively monitor usage and activity in real-time by employing AI sensors and IoT devices. This can enable them to automate the property’s heating, cooling, and lighting, optimizing energy usage and efficiency.
Equally, pharmacy property owners can use AI to understand typical patient visit patterns and potential bottlenecks. They can adjust cleaning schedules, staffing, and even parking availability. Operators can use the information to consider optimal opening hours and refine services to better assist and engage customers.
Wrap-Up: Looking into the Future of AI-Driven Pharmacy Real Estate Investment
AI is transforming pharmaceutical real estate investing by analyzing market patterns, forecasting future demand, and automating routine processes. It improves predictive maintenance, enables real-time asset management, and opens up newfound avenues for patient-centric investments.