Andrew C. Florance founded CoStar Group, Inc., in 1987, fundamentally changing the way commercial real estate professionals access, use and share information. Through CoStar, Mr. Florance pioneered the concept of commercial real estate firms outsourcing research functions to a third-party information provider, combining the operational efficiency of a computer-based information system with the more complete, standardized and higher quality property information produced by the industry’s first independent research organization. Mr. Florance’s enduring commitment to innovation was recently recognized by Forbes magazine, which named CoStar among the 100 Most Innovative Growth Companies in the world, placing it among the top 10 companies within the Software & Services category in its most recent annual list.
As Founder and Chief Executive, Mr. Florance has directed CoStar’s successful expansion from start-up, to its successful IPO in July 1998, and to its market-leading position today as a publicly traded enterprise (Nasdaq: CSGP) and the leading provider of commercial real estate information, analytics and online marketplaces. CoStar’s major holdings include LoopNet, the most heavily trafficked online commercial real estate marketplace with more than 10 million registered members, and Apartments.com, ApartmentFinder.com and ApartmentHomeLiving.com, which together form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners with a proven platform for marketing their properties. CoStar operates websites with over 22 million unique monthly visitors in aggregate (as of January 2016.) Headquartered in Washington, DC, the Company maintains offices throughout the U.S., in Europe and in Toronto with a staff of approximately 2,600 worldwide.
Throughout his career, Mr. Florance has been a leader in raising awareness of energy efficiency and sustainability within the commercial property sector. He conceived and co-authored the first comprehensive analysis of leasing and sales activity in energy-efficient office buildings in the United States. The study, which was published in the Journal of Real Estate Portfolio Management, was selected by the American Real Estate Society as the “Best Paper” published in the prestigious academic real estate journal in 2008. The groundbreaking study was also cited as a critical factor in CoStar Group’s selection as the only commercial real estate-related company to win an ENERGY STAR Award for Excellence from the U.S. Environmental Protection Agency in 2009.
In addition, Mr. Florance has received numerous other awards and distinctions recognizing his accomplishments as an entrepreneur, innovator and corporate leader, including:
• Honored by Leadership Enterprise for a Diverse America (LEDA) for his entrepreneurial leadership and commitment to education.
• Recognized for conceiving and co-authoring two other award-winning studies, including the first analysis to use direct measurement of commercial property to document the full size and scope of the U.S. commercial real estate market as an $11 trillion asset class. In another study, Florance and his co-authors used repeat-sale regression analysis to study price movements within CoStar’s extensive commercial property sales database. The study resulted in the formation of the CoStar Commercial Repeat-Sale Indices (CCRSI), believed to be the most comprehensive and thorough commercial real estate repeat-sale price index available in the market today. In 2012, the Board of Governors of the Federal Reserve System included the CCRSI in the analysis used to produce the “Flow of Funds Accounts of the United States,” considered to be an important and valuable indicator of economy-wide performance. Both studies were published in the Journal of Real Estate Portfolio Management, and selected by the American Real Estate Society for “Best Paper” awards.
• Recognized by the Washington Business Journal for his role in directing the 2010 acquisition of CoStar Group’s headquarters building at 1331 L Street, NW, in Washington, DC, which selected the transaction as the “Best Real Estate Deal-Urban Office Sale of 2010.”
• Named Real Estate Industry Executive of the Year in 2009 by the Cornell Real Estate Review;
• Recognized for leading CoStar to its ranking among the 50 fastest growing Maryland technology companies by Deloitte & Touche for 10 consecutive years, and its selection by Business 2.0 magazine as one of the 100 fastest-growing public technology companies;
• Named Transwestern's 2007 Public Company Trendsetter of the Year;
• Honored by Commercial Real Estate Women (CREW) with its 15th Anniversary Award for industry innovation and recognized by Ernst & Young’s Entrepreneur of the Year award in 2000;
• Awarded a prize from NAIOP, the Commercial Real Estate Development Association, for his contribution to a white paper examining the potential impacts of 9-11 on investment-grade office buildings;
• Awarded two patents by the U.S. Patent and Trademark Office for developing mobile information gathering systems for collecting comprehensive commercial real estate information in the field.
Mr. Florance currently serves on the Board of Directors of Walker & Dunlop, Inc. (NYSE:WD), one of the largest commercial real estate finance companies in the U.S., and on the Board of Directors of the American Real Estate Society, a leading association of real estate thought leaders. He was recently selected by the Office of the Mayor to serve on a task force reviewing the District of Columbia’s use of real estate.
In addition, Mr. Florance is active in a broad range of cultural, educational and community service endeavors. He currently is the co-chair of “The Bunny Mellon Healing Garden Dedicated to the First Ladies of the United States," a project to transform a gravel rooftop at Children’s National in Washington, DC, into a 7,200-square-foot outdoor space for comfort, play, healing and peace. Together with his wife, Heather, the Florances worked to engage Mrs. Michelle Obama, Mrs. Laura Bush, Former Secretary of State Hillary Rodham Clinton, Mrs. Barbara Bush, the late Mrs. Nancy Reagan, and Mrs. Rosalynn Carter to serve as honorary chairs of the Healing Garden.
Mr. Florance also serves as a member of the St. Albans School Governing Board and the Children’s Hospital Foundation Board and he is a member of the Cathedral Chapter overseeing the Washington National Cathedral. Previously Mr. Florance served as a Chair of the Governing Board for Beauvoir, the National Cathedral Elementary School, and as a trustee for the National Building Museum, Ford’s Theater and Shakespeare’s Theatre in Washington, DC, as well as for The St. Andrews School in Middletown, Delaware. Mr. Florance is a graduate of Princeton University with a B.A. in Economics.