Despite recent New York City press reports questioning technology’s impact on commercial real estate, leasing and asset management platform VTS announced it closed the first half of this year with over 3 billion square feet under management. In fact, during that period, 11 top institutional landlords joined VTS in the U.S. and abroad.
“Today 80 percent of the top 10 global investment managers are on VTS, and more join every quarter. The market is coalescing around VTS as the one platform for the commercial real estate industry, and we take our position as the market leader seriously,” said Nick Romito, Co-Founder and CEO of VTS. “Our technical team works closely with our customers, continuously developing new products that exceed our customers’ expectations and drive key market players to join our platform.”
In the first half of 2016, VTS grew the number of buildings on its platform by 60 percent. In addition to several new clients, 22 existing institutional customers added square footage to the platform. The company’s growth demonstrates that commercial real estate professionals are willing to adopt technology if it greatly improves efficiency in their workflow.
“VTS offers a unique mix of industry and technical expertise; something you rarely see from a technology provider in our space,” said Valla Brown, Director of Asset Management at New York City-based DRA Advisors LLC. “This was quickly apparent during our pilot with VTS. The platform seamlessly integrates into our workflow, and combines the tenant and historical market data we need to close bigger deals, faster. With these results, we quickly decided to expand our relationship with VTS across our entire portfolio.”
VTS also extended its offerings to a larger segment of the commercial real estate industry this year, launching tools specifically catered to tenant rep brokers and retail owners and brokers. With the addition of the tenant rep tool, VTS now allows both the supply and demand sides of commercial real estate to collaborate efficiently on one platform. Furthermore, by integrating with key data resources like Argus, Yardi Voyager, MRI, S&P Capital IQ, CompStak, and iPreo, VTS offered the industry’s first platform for analyzing market intelligence alongside historical and future leasing data.
These growth milestones follow the company’s $55 million series C funding round in May, the largest venture funding round in the history of commercial real estate technology.