Virtual Reality (VR) is considered among the major technologies to address the inefficient collaboration issue caused by the predominant use of 2D drawings in the construction industry. However, there is still a knowledge gap between researchers and practitioners about the actual benefits of VR in the business context. This paper presents the benefits of VR usage in four real-life high-rise elevator projects from the user and business perspectives. Four VR environments of actual machine rooms for planning were created and tested in a multi-user setting. Overall, users find VR more intuitive than conventional tools to enhance planning accuracy and collaboration. The results also show that VR brings significant economic savings and gains for business in the industry. Future study should investigate the real cost-benefit ratio of VR and streamline its technical implementation within construction projects. The research contributes to the current body of knowledge by providing real-life economic benefits and directions to address the research gap in both academia and industry to promote the wide adoption of VR.