The leasing management software is now being used to manage over 365m sq ft of commercial property in Europe, including 301m sq ft in the UK of which 90m sq ft is in London.
London landlords and agency teams are managing in excess of 24m sq ft of active office and retail vacancy through the platform. Notable buildings using the VTS software include The Adelphi Building, White Collar Factory and East India Dock, where the technology is helping to reduce void and drive efficiency in the leasing process.
The results come as the overall rate of adoption for technology solutions within the property sector continues to climb. VTS said it now has 500 clients including 50 European sign-ups in the past year. UK landlords on its system include Blackstone Property Management, Derwent London, Landsec and LaSalle Investment Management. Agents at Cushman & Wakefield and Knight Frank have also adopted VTS.
Andy Tyler, international partner, Cushman & Wakefield, said: “By helping our teams collaborate more efficiently and providing instant access to real-time market insights, VTS significantly enhances our ability to deliver the very best level of service to clients.”
Charlie Wade, UK managing director of VTS, said: “Our Q3 2017 results reveal the huge appetite from both landlords and agents to embrace new technologies. These companies fully embody the future of commercial property and are driving instrumental change in our industry.
“The significant level of adoption is enabling us to take the VTS platform’s capabilities to the next level with new features such as real-time building stacking plans, a faster deal approval process, and a quicker way to calculate remaining lease obligations.”
VTS software enables users to see real-time information on leases, prospects and negotiations. VTS said this reduces voids, increases revenue, improves productivity and reduces risk across portfolios.
Globally, there are 6bn sq ft under management using VTS.