BETHESDA, MD -- CoStar Group, Inc. (NASDAQ:CSGP) today announced the release of Property Express™, a new service providing on-demand access to CoStar's national database of office and industrial properties for lease and for sale.
CoStar is the leading provider of information services to the commercial real estate industry in the United States and the United Kingdom. CoStar Property Professional™, the Company's flagship service, provides commercial real estate brokers, owners, developers, lenders and asset managers with the most comprehensive inventory of office and industrial properties across the U.S. on a subscription basis. Thousands of commercial real estate professionals use CoStar Property Professional every day to identify available space, analyze market conditions, evaluate leasing and sale opportunities, value assets and position properties in the marketplace.
CoStar Property Express provides access to a "light" version of CoStar Property Professional, for a 24-hour period, without requiring a subscription. Anyone with a need for current, reliable commercial real estate information can log in with a credit card and search for-lease and for-sale listings within the same database commercial real estate professionals rely on for their market information. Property Express currently provides comprehensive coverage of office and industrial space for lease and for sale in 50 major U.S. markets, encompassing over 328 counties.
"We believe this exciting new product will appeal to a broad base of current CoStar subscribers who need short-term access to commercial real estate data outside of their home market," stated CoStar Group President & CEO Andrew C. Florance. "In addition, we believe Property Express will be a valuable resource for many other professionals who have an occasional need for high quality commercial real estate information."
"The cost advantages of our new technology enable us to offer this scaled-down service at an affordable price to small brokers, owners and other users who don't need the full features found only in the CoStar Professional system," Florance added. "We think Property Express is a great way to introduce our services to a much broader audience, and believe that it may ultimately double the number of people using our services."
CoStar has offered on demand access to its sale comparables database service, CoStar COMPS®, for several years, and has experienced consistent year-over-year increases in both on-demand and subscription revenue. "Based on our experience with COMPS Express™, we believe Property Express can become a significant revenue driver and penetration tool," Florance stated.
While CoStar Property Professional and Property Express draw on the same database and image library, Property Express is designed specifically to identify leasing and sale opportunities. CoStar Property Professional has all the tools a power user would need—advanced search capabilities, ownership information, historical data, alerts, analytics, forecasting, satellite aerials, user-defined fields, integration with CoStar's other subscription-based services, and access to CoStar Professional Directory.
CoStar's data is collected and maintained by the industry's largest professional research organization. CoStar employs approximately 500 experienced researchers who proactively track 25 billion square feet of commercial property across the U.S. and U.K., and update for-lease and for-sale listings from tens of thousands of participating property owners and brokers, ensuring what we believe to be the most accurate and up to date data available.
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.