When it comes to commercial property startups, there are a lot of quickly growing companies changing the way the industry operates, but there is only one unicorn. VTS recently hit that distinction when its latest funding round valued them at over $1 billion. Investors of all kinds (VCs, investment funds and now commercial property companies themselves) have been falling all over each other to get in on the warp-speed rocketship that is VTS. From outside the industry, this might seem irrational. Their core product is, after all, fundamentally just a platform for commercial landlords and their leasing brokers to manage their deals and tenants. But what they have been able to do in terms of penetration (the vast majority of all office space in the US is leased using their platform) gives them a lot of room for growth.
We recently talked with their co-founder and CEO, Nick Romito, about where he sees opportunity for his company. He told us about how the depth of real-time data that is managed on the platform enables clients to benchmark their assets against the market like never possible before and their plans for their newly announced marketplace, Truva. Not one to pass up the chance to pick the brain of someone with the kind of intimate knowledge of the commercial property industry like Nick has, we were also able to learn a lot about what he sees for the future of the PropTech industry, the trend of increased data accessibility and the likely future of co-working. If you want to learn about what the future of the commercial property landscape from someone who is shaping it, then this podcast is for you.
