With Strategic Merger and Key Customer Wins, VTS Grows Building Count by 175 Percent Year-Over-Year.
VTS, the industry's leading leasing and asset management platform, today announced it closed Q4 of 2016 with 33,000 buildings and more than 5.5 billion square feet under management, growing its building count by 175 percent and square feet by 150 percent year-over-year. The company's substantial growth in Q4 stems from key customer wins and a strategic merger with Hightower, which allows VTS to innovate faster than ever before, tackle larger industry pain points and better serve customers.
"From product innovation to platform growth, 2016 was a pivotal year for VTS. We've welcomed thousands of new users onto the platform, introduced custom tools and new features, and expanded integrations, attracting large investment managers to VTS," said Nick Romito, Co-Founder and CEO of VTS. "We closed Q4 out strong by joining forces with Hightower, a move which allows us to have an even greater impact on the $15 trillion global commercial property industry."
VTS welcomed several new customers to the platform in Q4, including New York Life Real Estate Investors and REDICO. What's more, VTS now has 15 of the top 20 largest global investment managers on its platform. Customer wins and the merger with Hightower in Q4 further cement VTS as a leader in key markets across the nation. Today, the platform maintains 65 percent of the total commercial real estate square footage in San Francisco, nearly 50 percent in New York City, 46 percent in Houston and over 40 in Atlanta.
VTS has proven to provide significant value to its customers, with average customer results including a reduction in downtime by 4.7 days, an increase in NER by 1.6 percent, an increase in lead to lease conversion rates by 7 percent, and 100 percent avoidance in breached encumbrances. The platform also dramatically streamlines workflow, with average time savings of 15 percent per week per user.
"We initially started using VTS through an operating partner for a subsection of our buildings, and within a short period of time the value of the platform was clear. From there it was an obvious decision to roll out VTS across our entire portfolio," said George Johnstone, Executive Vice President of Operations at Brandywine Realty Trust. "We're excited to work with VTS to leverage data and manage portfolio performance in ways we've never been able to do before."
Over the coming weeks and months, VTS will also be doubling down on enhancing the core VTS platform, ensuring the features users access every day are faster and more powerful.
"Our product team is focused on four specific areas of investment in the first half of 2017 -- more flexible and powerful financial analysis, better stacking and site plans, faster deal workflows, and better portfolio insights and risk management," said Brandon Weber, Co-Founder and Chief Product Officer at VTS. "These productivity improvements are central to supporting our customers in driving revenue and reducing risk across their portfolios."
VTS is the leasing and asset management platform for commercial real estate, enabling the world's top landlords and brokers to increase revenue, improve productivity and reduce risk across their portfolios. In November 2016, VTS and Hightower merged, bringing owners, investors and brokers from around the globe together on one platform. With over 5.5 billion square feet under management, VTS is the driving force behind the industry's shift toward real-time data. For more information, visit vts.com.