WASHINGTON, DC – CoStar Group, Inc. (NASDAQ: CSGP), the primary provider of websites for commercial real estate information, analytics and marketing services, today introduced CoStarGo 2.0, the newest and most advanced version of its revolutionary iPad® app for commercial real estate.
The new CoStarGo 2.0 combines mobile access to CoStar's extensive property and market data, sale comparables and tenant information with a powerful, fully integrated set of property and market analysis tools. For the first time, CoStarGo 2.0 makes it possible for real estate professionals to analyze key market indicators, such as vacancy rates, rental rates, absorption, leasing activity, sales prices, cap rates, probability of leasing and more, and make the information available precisely when it is needed – while meeting with lenders or investors or while touring a market or a site with clients.
“The most powerful analytics for commercial real estate are now available on CoStarGo,” stated CoStar Group Founder and CEO Andrew C. Florance. “Commercial real estate brokers were amazed by the first release of CoStarGo in 2011, and they have been enjoying its tremendous mobility and productivity benefits. We believe owners, lenders and institutional investors will be equally amazed by the instant insight they will gain from the powerful analytic tools in this new release.”
CoStar believes CoStarGo 2.0 is the first mobile app that presents detailed analytic information on individual and groups of properties around the user's current location, providing an instant snapshot of current trends for the properties the user is viewing. Users can zoom in or out to change the properties onscreen, and CoStarGo 2.0 automatically adjusts to analyze the specific area or set of properties being viewed.
The sophisticated real estate analytics in CoStarGo 2.0 also make CoStar’s iPad® app more valuable for a broader range of real estate professionals. Building owners can use CoStarGo 2.0 to compare rental rates in their buildings with competitive spaces and determine the probability that a block of available space will be leased over time. Investors can benchmark sales and leasing activity in their portfolios against the broader market, and monitor key market trends to make buy/sell/hold decisions. Lenders can analyze property values based on recent sale comps and check current pricing where they are underwriting loans.
Key Features in the New CoStarGo 2.0:
-The Most Advanced Analytics for Commercial Real Estate, Now in a Mobile App: CoStarGo 2.0 provides access to data on current vacancy and available space, absorption, rental rates, sale prices, cap rates, existing and under construction inventories - all available for users to analyze and gain insight on supply/demand dynamics, property forecasts, rental rate and property valuation trends, under construction levels, and much more. Instead of relying on partial surveys or market-wide, ‘canned’ reports that may or may not reflect actual conditions in a specific location, CoStarGo 2.0 users can take advantage of CoStar’s depth of information to analyze the specific location, property type or asset they want, when they want it.
-Fully Integrated, Responsive Analysis Supporting Macro and Micro Views: Users can take advantage of the convenient zoom in and out feature of the iPad® to expand or focus analysis on the fly. Zoom in to analyze a specific location or set of properties. Zoom out to get the ‘big picture’ and analyze an entire market or submarket. CoStarGo 2.0’s fully integrated analytics automatically adjust to the properties onscreen, providing unmatched flexibility for customizing analysis for specific needs.
-New Lease Analysis Feature Analyzes How Long Available Space will be On the Market: CoStarGo 2.0 is the first CoStar product to include a new feature that analyzes leasing activity and recent lease transactions to project how long available space will remain on the market.
-Vivid Analytic Charts and Graphs: CoStarGo 2.0’s advanced data modeling displays analytic results in bright, easy-to-read charts and graphs that provide a clear understanding of a specific building’s performance or the current trends shaping the market.
CoStarGo 2.0 is fully compatible with iOS 7 and is available for download at the Apple App Store at no charge to subscribers of CoStar's professional suite of online products -- CoStar Property Professional®, CoStar Tenant® and CoStar COMPS®.
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is the primary provider of websites for commercial real estate information, analytics and marketing 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. Through LoopNet, the Company operates the most heavily trafficked commercial real estate marketplace online with more than 7 million registered members. CoStar operates websites that have over 9 million unique monthly visitors in aggregate. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of approximately 2,000 worldwide, including the industry's largest professional research organization. For more information, visit www.costar.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that the use and users of, and reaction to, CoStarGo are not as expected and stated in this release; the risk that actual results in the market differ from the projections and other forward-looking data provided by CoStarGo; the risk that users do not realize the benefits expected and as stated in this release; and the risk that other, competing applications are in the market or will enter the market. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Annual Report on Form 10-K for the year ended December 31, 2012, and CoStar's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, under the heading "Risk Factors" in each of these filings. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements, whether as a result of new information, future events or otherwise. iPad® is a registered trademark of Apple, Inc.