VTS is a huge proptech success story. A leasing and asset management platform, VTS went from just a startup with big dreams to a commercial real estate industry leader after investments from Blackstone, bringing them one of the largest real estate portfolios in the world. In late 2016, VTS acquired their biggest rival, Hightower, in a move that put them as a driving force and one of the largest companies in this new wave of technology changing the way global real estate industry manages and leases.
To say that they have done well since then is an understatement. They now have around 8 billion square feet of commercial real estate being managed on their platform and count more than 600 commercial landlords as clients. VTS CEO Nick Romito put it another way: “One in every three office buildings in the U.S. is now on VTS and we are adding hundreds of millions of square feet every month.
“I give this background not to applaud the accomplishment, even though I am an unabashed fanboy, but to illustrate the vastness of property data that VTS has been able to amass. They now plan to use this rich information (which will be non-identifiable, aggregated, and anonymized) to create a market benchmarking and analytics tools for their clients called MarketView. This is a first-of-its kind product that will allow commercial real estate professionals to compare, in real-time, their performance versus the market for critical operational, financial and supply and demand metrics.”
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