VTS Product Offers Anonymized Client Leasing Data In Real-Time
VTS MarketView is aimed at helping companies make better decisions.
NEW YORK CITY–VTS, a commercial real estate leasing and asset management platform, is launching a dashboard next year that will allow landlords and brokers to track leasing data points for a tenant or a particular building in real-time. These data points include rent, concessions, leasing velocity and deal conversion rates. The new product, called VTS MarketView, will also identify signs of opportunity and risk across a portfolio.
CEO Nick Romito says the offering goes far beyond what can be found in typical market reports. “The data and insights will be embedded in [customers] workflow and presented in context to drive better decisions,” he said in a prepared statement.
It is a significant offering given VTS’ scale in the marketplace. Nearly one-third of all US office buildings, or almost 8 billion square feet, and billions of square footage of retail and industrial assets are managed on the VTS platform. VTS MarketView’s metrics will be based on this client data.
It is unclear, though, how much of that 8 billion in leases will be used in MarketView as client participation is voluntary and opt-in. VTS will also anonymize the data to protect clients’ privacy. According to VTS, the majority of its customers have already opted in to participate.
Similar Solutions For Multifamily, Hospitality
VTS says that the data its new product will be able to provide will be more timely and accurate than the market reports that are typically generated in the industry. Oftentimes these are based on self-reported data that is several months old by the time it is released.
VTS says this is a problem specific to the office, industrial and retail sectors as multifamily and hospitality have real-time market data offerings from other vendors.
RealPage Yieldstar, for example, helps multi-family owners leverage market data to determine pricing in real-time, and in the hospitality space, the STR Global Report can benchmark a hotel’s occupancy or revenue for a particular day.
Who Has Opted In
Brookfield Properties is one client that has opted in to participate in MarketView — thus receiving access to the product.
“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,” Kevin Danehy, Global Head of Corporate Development, said in a prepared statement.
Likewise Hines. Adam Hastings, Managing Director of the company said that having access to real-time benchmarking data not only will allow the company to accelerate the rate at which it can make important decisions, “but will immediately give us even more confidence that the decisions we’re making are the right ones.”
Other VTS clients include Beacon Capital, Blackstone, LaSalle Investment Management, Boston Properties, JLL and CBRE.