Dec 18, 2007
CoStar Group Launches Major Upgrade to COMPS Professional®
2006-11-21 2006 CoStar Group Launches Major Upgrade to COMPS Professional® 100 New Features and More Verified Sales Records Enhance America's Leading Source of Researc...
2006-11-21 2006 CoStar Group Launches Major Upgrade to COMPS Professional® 100 New Features and More Verified Sales Records Enhance America's Leading Source of Researched Commercial Real Estate Comparables
BETHESDA, MD — CoStar Group, Inc. (NASDAQ: CSGP), the number one provider of information services to the commercial real estate industry, today announced a major upgrade of CoStar COMPS Professional®, America's leading source of researched and verified sales comparables of office, hotel, retail, industrial and multifamily properties as well as land. For industry professionals throughout the nation, COMPS Professional has become an indispensable, one-stop source for researching commercial property sales and for-sale listings, identifying market trends, expediting the appraisal process and supporting property valuations.
COMPS Professional, which contains more than 1.2 million sales records valued at over $2 trillion, is unequalled in the commercial real estate industry for its depth and breadth of information. CoStar verifies scores of details on the sales comparables in its database and includes high-resolution digital photographs of those properties through its team of more than 800 professional researchers who continually collect and confirm transaction details such as sales price, price per-square foot, income and expenses, capitalization rate and loan data. And, unlike competitors who merely aggregate and post a subset of for-sale listings with unconfirmed details online, CoStar seeks to include and verify all for-sale listings throughout the country as well as actively research principal-to-principal deals and thousands of other commercial real estate sales that never make it to a listing service.
"This upgrade represents a monumental, multi-year effort to significantly enhance what is already the most comprehensive database of researched and verified sales comparables in the commercial real estate industry," said CoStar President and CEO Andrew C. Florance. "Now COMPS subscribers have even more thorough inventory and 100 new features at their fingertips, providing unprecedented insight into commercial market activity and trends. One of the most significant new features is the ability to view for-sale properties alongside sold properties in all three formats — plotted on a map, aerial image or in a table."
Other new features include:
- One-click access to support documents for new comparables, including deeds of trust, transfer documents, SEC filings and press releases
- Faster information about newly sold and under-contract properties, which can be as fast as the day of the sale for properties marketed with CoStar or within several days of the sale for many of the researched comparables
- More user-friendly screen views, aerial images, enhanced mapping capabilities, demographics and a new keyword search function
- Over 35 new property fields
- Listings of current tenants, as well as tenants at the time of sale, within sold properties
- Ability to print presentation-quality reports
"Another major improvement to our new COMPS service took place behind the scenes in the form of an integrated Enterprise Research System, which enabled us to merge multiple research systems into one," said CoStar Vice President of Research Craig Farrington. "This streamlined system eliminates redundancies in the data entry process while leveraging our ever-growing property inventory and contact databases. It also provides centralized information sharing across our product line. The result is a faster, integrated system that we believe will lead to an estimated 25 percent increase in the productivity of our research force and take the quality of our service to a higher level," Farrington added.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is the number one 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, London and the United Kingdom. Headquartered in Bethesda, MD, the company has approximately 1,300 employees throughout the United States and the United Kingdom, including the largest professional research organization in the industry.