New York based Commercial real estate marketing company VTS has taken the plunge and launched its much-heralded VTS Marketplace as a platform for finding office space. The company raised $90 million for the purpose back in 2019 in a round participated in by investors such as Brookfield Asset Management and GLP which valued the company at $1 billion.
New York is the only major US city not to have an integrated MLS. As we reported yesterday, the city is home to a battle that is set to heat up between players in the residential space and the market's idiosyncratic nature has meant that until now many commercial deals have been done informally over lunch with little digital penetration. Brokerages have welcomed the launch, with Peter Riguardi, Chairman and President, New York Tri-State Region, JLL commenting that:
“The brokerage community has been craving a new channel to consume information and digital content on the market and spaces for a long time.”
The new platform will initially only be open to brokerages and not to individuals or companies looking to move office as according to VTS CEO Nick Romito “Brokers control 90 percent of the demand in the market”. The platform will contain information around lease terms, notable tenants, local data and amenities as well as virtual tours and a maximum number of people allowed in each room.