A new crop of appraisal companies is using artificial intelligence to speed up the process of valuing commercial real estate, aiming to reduce the time it takes to buy or sell a property.

Two pioneers in the nascent market are Apprise, launched last month, and Bowery Valuation, which began operating in 2017. Both companies use technology platforms that automate parts of the appraisal process—such as populating parts of a report with public data on taxes and zoning and tapping natural-language generation to automatically create...