BETHESDA, Md., October 04, 2001 –CoStar Group, Inc. (Nasdaq: CSGP) today announced it is publishing the CoStar Office Report. Incorporating the full content of its massive database, CoStar has produced the first independent, comprehensive analytic report on U.S. office markets ever published, covering over 1,100 sub-markets in the nation's 36 largest office markets.
"CoStar Group has the largest commercial real estate research organization in the U.S. today and we believe the majority of office market transactions are supported by our information," said Andrew C. Florance, CoStar's president and CEO. "To date, our database has only been distributed electronically to industry professionals, so the size and volume of our research coverage is often unimaginable to people. This report marks the first ever, direct aggregation of CoStar Group's office database.
Headquartered in Bethesda, Md., CoStar Group, Inc. (Nasdaq: CSGP), is the leading provider of information services to the U.S. commercial real estate industry. CoStar's suite of products offers customers access to the most comprehensive, verified database of commercial real estate information in over 50 U.S. markets. The company has approximately 900 employees and contractors nationally, including approximately 650 highly trained commercial real estate research professionals in 27 offices.
"Many of the commercial real estate reports published today are based directly or indirectly on our information," Florance noted. "Surprisingly, we often see that the basic facts we have supplied are presented in a very wide variety of interpretations. Some reports cite other reports that utilize our data and are outdated by the time they reach the market. Other times, reports are based only on a sampling of the total office inventory. While there are a number of organizations that produce excellent analyses of the office market, we feel that we can provide value to the marketplace by making available the actual, unbiased source information that shows true market conditions."
The CoStar Office Report is a product of CoStar Advisory, a line of analytic reports written by a team of experienced professionals. After CoStar's 1999 acquisition of Jamison Research, the team that produced the highly praised Jamison Advisory reports for clients in Atlanta and Dallas launched CoStar Advisory and began development of the CoStar Office Report.
CoStar's 800-page Office Report offers commercial real estate professionals critical information, previously inaccessible, but necessary to make intelligent real estate decisions, accurately value real estate assets, manage facilities efficiently, reduce lending risk, achieve optimum real estate portfolio performance and compete effectively in the industry. The report is one of unprecedented depth and detailed analytics with charts and graphs that reveal recent trends and the current state of U.S. office markets. The clarity and simplicity of the information presented makes it easy for the reader to understand and act on the facts revealed.
Readers of this report will gain greater market insight since statistical results for an individual office market can be easily compared to market conditions in the other metropolitan areas covered in this report. In-depth historical and current data is provided on over 850 office sub-markets and include details such as absorption rates, vacancy, rental rates, average sales prices, cap rates, existing inventory, and current construction activity.
"CoStar's status as an independent information source, not affiliated with any one owner, service provider or real estate investor, makes this report an unbiased presentation," Florance added. "Commercial real estate brokers, leasing agents, appraisers, lenders, institutional investors, real estate investment trust managers and corporate real estate executives can reasonably rely on the information in this report without hesitation since CoStar has provided credible, third-party reporting since 1987."
CoStar is uniquely positioned to deliver this digest to the industry. After analyzing commercial real estate terms and industry practices in hundreds of U.S. submarkets, CoStar has developed standard definitions and calculations, integrated those standards into its research methodology and applied them across every market it covers. In addition, CoStar's staff of approximately 650 researchers conducts an exhaustive research process that includes driving millions of miles, conducting hundreds of thousands of on-site building inspections, examining more than 60 million public records and performing nearly 5 million interviews with brokers, owners and tenants annually to collect base level building information. After 14 years, an investment of approximately $200 million in research and technology, and a proven research methodology, CoStar's database content and digital imagery have become the industry standard and primary data resource.
The CoStar Office Report is available in print or electronic version by ordering online at www.costargroup.com or calling 888-653-8949.