What you get when you ask AI, ChatGPT, a chatbot, about real estate in Oklahoma City

Have you played around with AI yet? Artificial Intelligence? A chatbot? It’s wild, and amazing, and kind of scary.

Not because of what it is, but because of what it inevitably will be: a “disruptor” in ways most of us can’t imagine — a “form of technology that causes radical change in an existing industry or market by means of innovation.”

A chatbot, such as ChatGPT, developed by OpenAI, is a computer program that mimics human conversation, either written or spoken, allowing people to interact with digital devices as if they were communicating with a real person. It does so by scouring the internet for information.

In fact, ChatGPT developer OpenAI just landed in the No. 1 spot on the 2023 CNBC Disruptor 50 list.

Brace yourself, if you haven’t already.

“The fact is, ChatGPT is to AI what Pong once was to video games. Not only will the AI platform improve, and improve quickly, but some of the time, it will improve itself and learn. That’s what AI does,” said Tim O’Brien, a PR guy for members of the Institute for Operations Research and the Management Sciences (INFORMS). 

More:Should you ask ChatGPT for medical advice? We asked an expert — and ChatGPT.

Open AI ChatGPT ‘talks’ about Devon Tower in Oklahoma City

Aerial drone photo. Looking north at downtown with BOK Park Building and Devon Energy Tower  and Myriad Botanical Gardens in foreground. Photo by David Morris, The Oklahoman

I thought I’d try it out. I typed into ChatGPT:

Tell me about Devon Tower.

Within seconds, it replied:

Devon Tower is a skyscraper located in downtown Oklahoma City, Oklahoma, United States. The tower is the tallest building in the state of Oklahoma, standing at 844 feet (257 meters) tall with 50 floors. It was completed in 2012 and is owned by Devon Energy Corporation, an American independent oil and natural gas exploration and production company.

Designed by Pickard Chilton, Devon Tower has a sleek, modern design with a unique curved glass façade that reflects the sky and surrounding cityscape. The tower features over 1.8 million square feet of space, including 33 floors of office space, a 50th-floor restaurant with stunning panoramic views, and an observation deck open to the public on the 49th floor. The tower also has a fitness center, a conference center, and a parking garage that can accommodate over 1,200 cars.

Devon Tower has won several awards for its architecture and design, including the 2013 Best Tall Building Americas award from the Council on Tall Buildings and Urban Habitat. The tower has become an iconic landmark in downtown Oklahoma City and a symbol of the city’s growth and revitalization in recent years.

Yep. Wow. That could be an encyclopedia entry.

More:Can you use ChatGPT as a travel agent? Here’s what I learned about AI vacation planning.

Open AI ChatGPT ‘talks’ about residential real estate in Oklahoma City

A new home by Handmade Homes at 532 Timberland Drive in Edmond.

I asked it a more complicated question:

Historically in Oklahoma City what real estate sector has had the best ROI (return on investment)?

It had to “think” a little, but in well less than a minute, it replied:

The real estate market in Oklahoma City has experienced growth over the years, and different sectors have had varying levels of ROI. However, it is important to note that past performance does not necessarily guarantee future results.

That being said, one sector that has historically had a good ROI in Oklahoma City is the residential real estate market, particularly in the suburbs. According to data from Zillow, the median home value in Oklahoma City has increased by approximately 53% over the past decade, which represents a strong return on investment for those who have owned homes in the area during that time.

Additionally, the rental market in Oklahoma City has also been strong, with rental rates increasing steadily over the past few years. This has made rental properties, particularly single-family homes, a popular investment opportunity for those looking to generate passive income.

It is worth noting that the commercial real estate market in Oklahoma City has also seen growth, particularly in the downtown area. The city has undergone a revitalization in recent years, which has led to increased interest in commercial properties such as office buildings and retail spaces. However, commercial real estate can be a more complex and risky investment compared to residential properties.

Overall, the residential real estate market in Oklahoma City has historically been a solid choice for those looking to invest in real estate, particularly in the suburbs. However, as with any investment, it is important to conduct thorough research and analysis before making any investment decisions.

OK. That’s pretty basic. About eighth-grade level maybe, which is why savvy students are vexing teachers and savvier college kids are taxing professors with AI. But, I wanted the thing’s take on commercial property, not residential. My bad for phrasing the question too broadly.

More:AI is no Shakespeare. Why ChatGPT, other tools are unlikely to take your writing job

OpenAI ChatGPT ‘talks’ about commercial real estate in Oklahoma City

Mayfair, a retail corridor on N May Avenue.

So, one more question, Mr./Ms. Bot:

Historically in Oklahoma City what commercial real estate sector — office, retail, industrial or multifamily — has had the best ROI?

He/she/it replied:

As an AI language model, I do not have access to up-to-date information on the current state of the commercial real estate market in Oklahoma City or any other specific geographic location beyond my knowledge cutoff date of 2021. However, I can provide historical information based on past trends and data available up until my knowledge cutoff.

According to historical data, the commercial real estate sector with the best ROI in Oklahoma City has varied over time. In the 1980s and early 1990s, the office market in downtown Oklahoma City experienced a boom, with many new office buildings constructed and high occupancy rates. However, during the late 1990s and early 2000s, the office market experienced a downturn, with high vacancy rates and a lack of new construction.

During this time, the industrial and retail sectors fared better, with industrial properties experiencing increased demand due to the growth of manufacturing and logistics industries in the area, and the retail sector benefiting from population growth and increased consumer spending. The multifamily sector also performed well during this time, as rental demand increased due to a growing population and the lack of new construction.

In recent years, the Oklahoma City commercial real estate market has been relatively stable, with all sectors experiencing moderate growth. The multifamily sector has seen particularly strong demand, with new construction and increasing rental rates. The industrial sector has also remained strong, with demand for warehouse and distribution space increasing due to the growth of e-commerce.

Overall, it is difficult to determine which commercial real estate sector has had the best ROI historically in Oklahoma City, as different sectors have performed better in different time periods. Additionally, the ROI for any particular property or investment can depend on a wide range of factors, including location, property type, market conditions, and investment strategy.

Again, not bad, but real general. But just wait.

ChatGPT “does not understand or follow the human thought process the way we do, which is why it seems to come out of left field with some of its responses. Sometimes those responses make sense, other times, they don’t,” said O’Brien, the PR guy. “The question is, how long will it be before AI does take those factors into account? The answer is, not as long as you might think. There are ways in which it will learn.”

May I add: Gulp.

Senior Business Writer Richard Mize has covered housing, construction, commercial real estate and related topics for the newspaper and Oklahoman.com since 1999. Contact him at [email protected]. Sign up for his weekly newsletter, Real Estate with Richard Mize. 

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