WASHINGTON, June 6, 2011 -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information and analytic services, today announced that NAI Global, the premier network of independent commercial real estate firms and one of the world's largest commercial real estate service providers, has signed a multi-year incentive agreement to increase NAI member firms' use of CoStar services.
Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 professionals and 350 offices in 55 countries. NAI firms complete over $45 billion in transactions annually and manage more than 300 million square feet of space. NAI firms currently subscribe to at least one CoStar service in more than 58 markets.
CoStar and NAI Global have arranged an innovative agreement that provides benefits to the entire NAI organization as individual firms add services or expand existing license agreements with CoStar. The agreement provides incentives for NAI 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's broad market coverage, high quality research and comprehensive data are extremely valuable to NAI members across the U.S.," stated Jeffrey M. Finn, President and CEO of NAI Global. "CoStar's depth of information and extensive analytic capabilities give NAI professionals an important competitive edge and support their ability to provide an exceptionally high level of service to our clients."
"We are very pleased with the opportunity to broaden our relationship with NAI members in a way that offers benefits to every member firm," said CoStar Group Founder and CEO Andrew C. Florance. "We believe this arrangement provides compelling incentives for NAI members that do not currently subscribe, and for the larger number of firms that are CoStar subscribers to take advantage of CoStar's complete suite of services."
The agreement covers CoStar Property Professional®, providing the most complete inventory of commercial properties of all asset types and sophisticated software to research leasing options, analyze market conditions and demographic data, and position properties in the marketplace; CoStar COMPS Professional®, the most comprehensive national database of commercial comparable sales transactions; and CoStar Tenant®, providing a database of detailed tenant information for prospecting and analyses.
About NAI Global
Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 professionals and 350 offices in 55 countries. NAI firms complete over $45 billion in transactions in a typical year, and manage more than 300 million square feet of commercial space worldwide. For more information, visit www.naiglobal.com.
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of information and analytic services. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of approximately 1,500 worldwide, including the industry's largest professional research organization. For more information, visit www.costar.com.