BETHESDA, MD -- CoStar Group (NASDAQ: CSGP), the leading provider of information to the commercial real estate industry, in June released nationally CoStar Exchange™, an online marketplace for the buying and selling of commercial properties. With an unmatched level of independent, verified and highly secure information on more than 44,000 for-sale commercial properties throughout the U.S., CoStar Exchange™ provides real estate professionals with the knowledge they need to complete sale transactions. Already, 13 commercial real estate firms have signed up for subscriptions to Exchange™.
For the $5 trillion commercial real estate industry, the need for accurate, timely information on properties for sale is critical - yet underserved. By streamlining the sale process, enabling real estate professionals access to a tremendous level of information on properties for-sale and expanding the potential market for each property, CoStar Exchange™ will bring greater transparency and liquidity to the entire asset class and increase the volume of transactions.
"We've spent over 12 years building the premier commercial real estate database for space availability, comparable sales, tenants, market statistics and digital images," said Andrew Florance, CoStar Group Founder and CEO. "CoStar Exchange™ truly integrates all of our data, while harnessing the power of the Internet to deliver an unprecedented level of knowledge in real-time to the real estate professional."
Moving Beyond The Traditional Investment Package
CoStar Exchange™ leverages the speed and efficiency of the Internet to provide more than 220 data fields on each property - offering for the first time a centralized, independent source for real estate professionals to search, sort, track and report on for-sale commercial properties. CoStar Group's 700 researchers continuously compile, verify and update the content contained in CoStar Exchange™ that is delivered real-time to CoStar Exchange subscribers.
Moreover, by using this information and Exchange's unique presentation-building features, professionals can create and distribute high-tech, high-impact electronic investment packages to attract potential buyers and facilitate loan underwriting.
"The sale and purchase of commercial real estate is an incredibly complex transaction, where having immediate access to the right information can make a tremendous difference," noted Florance. "Until now, the process to obtain this information has been cumbersome, costly and inefficient."
Benefits for Buyers and Sellers
In designing CoStar Exchange™, CoStar talked with thousands of commercial real estate professionals and extensively tested the product to develop a streamlined Web-based purchase and sale process. Ultimately, CoStar expects that CoStar Exchange™ will help commercial real estate professionals increase their efficiency, reduce transaction costs and realize more value in every transaction by:
- Enabling sellers to reach a wider network of qualified buyers
- Allowing sellers to reduce the cost of producing marketing materials
- Offering buyers a wider selection of qualified properties for sale
- Providing buyers with necessary third-party, verified information to complete due diligence
- Establishing a highly secure environment using RSA's e-LockBox™ security technology for buyers and sellers to share confidential, sensitive information
- Improving liquidity and transparency of commercial real estate properties.
About CoStar Group
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 via the Internet to the most comprehensive, verified database of commercial real estate information in over 50 U.S. markets. The company has more than 1,000 employees and contractors nationally, including over 700 highly trained commercial real estate research professionals in 27 offices. For more information, please visit http://www.costargroup.com.