Announcing VTS MarketView™ – Commercial Real Estate’s First Real-Time Benchmarking and Market Analytics Platform
Yesterday marked a massive milestone for VTS, arguably the biggest for our company. In a first for the global commercial real estate industry, we were thrilled to unveil our plans for VTS MarketView™, the industry’s first-ever real-time benchmarking and market analytics platform.
The Wall Street Journal covered the news, and my co-founder and VTS Chief Product officer Brandon Weber and I were also humbled to make the official announcement at our global user conference Accelerate in front of 400 of the world’s leading landlords and brokers. You can also read our official announcement here.
The culmination of a vision
When my co-founders and I originally started VTS, we had a vision that one day we would transform the commercial real estate industry through providing real-time market data to landlords and brokers to run their businesses. Armed with these insights, CRE professionals would be able to make the best decisions for their assets and portfolios, which had never been possible to this extent before. This announcement marks the culmination of that vision.
So what exactly did we announce?
With VTS MarketView™, VTS clients will be able to compare, in real-time, their performance versus market benchmarks for critical operational, financial, and supply and demand metrics. This information will enable commercial real estate landlords to optimize their leasing performance and drive not just better leasing decisions, but better investment decisions.
Every day, incredibly smart landlords and brokers are forced to make critical decisions without having access to the right information. For example, how can you know if your net effective rents are competitive if you don’t have accurate benchmarking data about the market? Are you getting your fair share of tour activity? Are you giving away too much TI and free rent to acquire tenants? And a plethora of other questions.
This is only the case for office, retail and industrial assets – using real-time market data to make better decisions has been the standard for multi-family and hospitality for a long time. RealPage Yieldstar® helps multi-family owners leverage market data to determine pricing in real-time, and the STR Global Report helps hospitality owners benchmark hotel occupancy or revenue on a daily basis. It’s unacceptable that landlords and brokers don’t have access to this information and quite simply, we’ve had enough.
VTS is also uniquely able to provide this data. One in every three US office buildings is managed on the VTS platform today, enabling VTS to provide accurate transaction metrics as they occur. And unlike self-reported data obtained by surveys, VTS MarketView™ is based on actual real-time leasing and transaction data.
What are VTS clients saying?
“As competition in our industry increases, it’s critical for our team to continue to manage our portfolios in an exceptional way. Having access to real-time benchmarking data is central to this – not only will it allow us to accelerate the rate at which we can make important decisions, but will immediately give us even more confidence that the decisions we’re making are the right ones. This is a defining moment for our industry and we’re thrilled to be a part of it,” said Adam Hastings, Managing Director, Hines.
“VTS has proven to be a powerful resource for Brookfield, helping us identify and capitalize on opportunities within our portfolio we otherwise might not have seen,” said Kevin Danehy, Global Head of Corporate Development, Brookfield Properties. “We are always looking for ways to improve our client tracking and overall analytics capabilities, and the company’s new offering looks likely to be a valuable and forward-thinking addition to the VTS platform.”
VTS MarketView™ will be made available in limited beta to select VTS customers beginning in late 2018, with availability anticipated in early 2019. We will announce further details on pricing for VTS MarketView™ as it is made generally available.
Want to join the MarketView Beta?
We’d love to have you! For VTS customers, talk to your account managers about next steps. And if you’re not a VTS user, request a demo now.