Costar Group Sets Industry Record Commercial Property Listings
More than a Half Million Commercial Listings and 35 Billion Square Feet of
Inventory in Industry's Most Comprehensive Database
BETHESDA, Md., April 13 -- CoStar Group, Inc.
(Nasdaq: CSGP), the leading provider of information services to commercial
real estate professionals, today announced that it set a new industry
record by surpassing the half-million mark for researched commercial
for-sale and for-lease listings in its online database. CoStar has more
than 540,000 commercial property listings available -- a claim no other
commercial real estate information provider can make.
"CoStar offers more commercial real estate listings on the Internet
than anyone," said Andrew C. Florance, president and CEO of CoStar Group.
"No other industry provider can match our quality, breadth and depth of
information. We also have the most powerful software tools on the market to
help customers make better and faster decisions when it comes to buying,
selling or leasing commercial properties."
As the industry's largest commercial real estate research organization,
CoStar gathers and verifies for-sale and for-lease listings across all
property types -- office, industrial, retail, land, mixed-use, hospitality
and multifamily -- throughout the United States and United Kingdom.
In March alone, CoStar added more than 80,000 new listings to its
online database. This represents a 281 percent increase over the monthly
average of listings added by CoStar during the previous three months.
According to Florance, a combination of factors helped fuel this surge
in listings. First, a cooling national housing market is prompting more
residential real estate agents to explore offering some level of service in
the commercial marketplace. Another reason is greater visibility among
commercial brokers of CoStar's web-based subscription product for accessing
for-sale listings called CoStar Commercial MLS(TM).
In addition to providing commercial real estate professionals with the
most deal-ready listings, CoStar's database contains detailed information
on 1.8 million properties and more than 35 billion square feet of rentable
building area.
The company's team of over 800 researchers also personally contacts
property brokers, owners, developers, lenders, tenants and appraisers to
help ensure the completeness and accuracy of CoStar's listings -- a level
of due diligence that no other commercial real estate information service
provides.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq: CSGP) is the leading provider of
information services to commercial real estate professionals in the United
States and the United Kingdom. CoStar's suite of services offers customers
access via the Internet to the most comprehensive database of commercial
real estate information on 66 U.S. markets and the United Kingdom. Based in
Bethesda, MD, the Company has approximately 1,000 employees throughout the
United States and the United Kingdom, including the largest professional
research organization in the industry.
This news release includes "forward-looking statements" including,
without limitation, statements regarding CoStar's expectations, beliefs,
intentions or strategies regarding the future. These statements are subject
to many risks and uncertainties that could cause actual results to differ
materially from these statements. More information about potential factors
that could cause actual results to differ materially from those discussed
in the forward- looking statements include, but are not limited to, those
stated in CoStar's filings from time to time with the Securities and
Exchange Commission, including CoStar's Form 10-K for the year ended
December 31, 2005, under the heading "Risk Factors." In addition to these
statements, there can be no assurance that CoStar's services will help
customers make better and faster decisions when it comes to buying, selling
or leasing commercial properties, or that CoStar's research methods ensure
the completeness and accuracy of CoStar's listings. All forward-looking
statements are based on information available to CoStar on the date hereof,
and CoStar assumes no obligation to update such statements.
SOURCE CoStar Group, Inc.
Web Site: http://www.costar.com/
