BETHESDA, MD -- CoStar Group, Inc. (NASDAQ: CSGP) today announced that Colliers International Property Consultants USA, one of the world's premier commercial real estate services organizations, has signed a multi-year agreement with CoStar for its U.S. operations.
CoStar Group is the leading provider of information services to the commercial real estate industry in the United States and the United Kingdom. Approximately 40,000 commercial real estate professionals rely on CoStar Property's database and sophisticated software tools to find available space, analyze market conditions, accurately value properties, and to position properties for lease or sale in the marketplace.
Colliers International is a global partnership of commercial real estate service companies with 238 offices in 51 countries, including 102 offices across the U.S. Collectively, Colliers' U.S. firms represent CoStar's second-largest customer relationship. Currently, Colliers member firms have access to at least one CoStar service in 60 U.S. offices, including Seattle and Cleveland, which subscribed to CoStar Property Professional earlier this year. There are only five cities in CoStar's coverage area where Colliers members do not subscribe to any CoStar service.
"CoStar's broad market coverage and comprehensive data is valuable to an organization like ours," stated Margaret Wigglesworth, President & CEO of Colliers International USA. "Expanding our relationship with CoStar will enable us to continue to provide a high level of service to our clients."
"We are excited about the opportunity to broaden our relationship with Colliers in a way that can benefit every member firm," added CoStar President & CEO Andrew C. Florance. "We believe this arrangement provides yet another compelling reason for Colliers members to utilize our services."
CoStar and Colliers have struck an innovative agreement that provides benefits to the entire organization as individual firms add services or extend existing license agreements with CoStar. The agreement provides incentives for Colliers firms that add a new subscription to any of CoStar's subscription-based services, or extend an existing subscription for a two-year term. CoStar also will provide Colliers members with customized reports to tailor output from CoStar Property Professional™ and maximize their organization's branding.
In addition, research and national business development professionals in Colliers USA's headquarters will have access to CoStar's complete inventory of current and historical property and tenant data for every market in which a local member firm subscribes. Greater participation by Colliers member firms will enable the organization to present more consistent research and market reports.
"The goal of the agreement is to increase our business with Colliers firms by signing the few firms that do not currently subscribe and by upgrading existing Colliers firms to take advantage of CoStar's complete suite of services," Florance noted.
The agreement also covers CoStar COMPS Professional™, the most comprehensive national database of commercial comparable sales transactions; CoStar Exchange®, the industry's premier database of commercial properties for sale; CoStar Connect®, professional marketing tools to present a firm's lease and sale listings on its Web site; and CoStar Ares, one of the industry's top-selling contact management software programs.
Colliers accesses CoStar information in the U.K. under a separate license with CoStar's FOCUS subsidiary.
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 50 U.S. markets, London and the United Kingdom. Based in Bethesda, MD, the company has approximately 850 employees in 35 offices throughout the United States and the United Kingdom, including the largest professional research organization in the industry.
About Colliers International
Colliers International is a global partnership of independently owned commercial real estate firms. The organization's 7,600 employees span the world in 238 offices in 51 countries. On a worldwide basis, Colliers manages 332.5 million square feet, and has revenue of $US 880 million. For more information about Colliers International, visit our Web site at http://www.colliers.com.