Another option might be to use TF.EXE:
To get my collection "powerbuilder126" updated:
"C:\Program Files (x86)\Microsoft Visual Studio 14.0\Common7\IDE\TF.EXE" workspaces /collection:http://r2-prod-03:8080/tfs/powerbuilder126
cd d:\_TFS\POWERBUILDER126
"C:\Program Files (x86)\Microsoft Visual Studio 14.0\Common7\IDE\TF.EXE" vc get /version:T WIN8DEV2 $/ /recursive /login:rsl\miguel,myPassword
(WINDEV2 is the name of my PC and workspace).
(rsl\miguel is my domain user)
Bear in mind, that if there are Merge/Lock conflicts, a window will pop-up to ask you what to do.
This will only get the *.sr* files, so not fit do do a compile afterwards, since the pbl's remain unchanged if I'm not mistaken.
The other methods described by others are preferred. I only use this to do a backup.
HIH