The GAAFET (gate-all-around FET) is expected to replace FinFETs in future nodes due to its excellent channel controllability. It is also expected to be an impressive device due to its horizontal or vertical transistor structures. Vertical GAAFETs (V-FETs) are expected to be a promising device compared to horizontal GAAFETs (H-FETs) due to their structure, which allows area reduction and significant parasitic reduction. Besides, V-FETs are positioned on top of each other and thus allow more significant size reductions. Therefore, this paper studies the overall potential of many-tier V-FETs by investigating the essential design factors from the layout perspective. First, we study the factors that should be considered for designing many-tier V-FETs. Second, we propose an interconnect structure that maximizes the advantages of many-tier V-FETs. Third, we compare 2-tier V-FET standard cells to one-tier V-FET cells and visualize the advantages that many-tier V-FET cells provide. Our study shows that 2-tier V-FET standard cells provide a-35.6% area reduction with a cost of +16.5% wirelength and +13.2% parasitic capacitance increase compared to 1-tier V-FET cells. Compared to H-FETs and FinFETs, our cells show-50.1% area reductions with-0.3% wirelength reductions and-18.9% parasitic capacitance reductions. We emphasize that the design freedom to place transistors on top of each other and proper interconnect structures lead to ultra-scale miniaturized standard cell designs. We note that the increase in wirelength and capacitance is due to the vertical size increases and detours that must exist in the designs. Thus, careful circuit design is required to obtain the maximum advantages from V-FETs.