BETHESDA, MD -- CoStar Group, Inc. (NASDAQ: CSGP) announced today that the Greater Washington Commercial Association of REALTORS® (GWCAR) has endorsed the CoStar Property® service to provide comprehensive commercial real estate information to its members.
CoStar Group is the leading provider of information services to commercial real estate firms in the United States and the United Kingdom. GWCAR is a regional trade association dedicated to serving commercial real estate interests throughout the District of Columbia, Suburban Maryland and Northern Virginia. Its membership includes most of the region's leading brokerage firms and property owners.
GWCAR previously had considered launching a commercial information exchange (CIE), and had conducted a year-long review of their market information needs. After examining such things as functionality, cost, ownership and accuracy of the data, service and support, reliability and financial stability, GWCAR voted unanimously to continue supporting the CoStar system.
"We understand why an exchange-oriented approach is appealing," said Chuck Ebert, CAE, RCE, Chief Executive Officer of GWCAR. "But in the final analysis, we decided to go with an established, independent provider whose core business is aggregating, verifying and disseminating the highest quality data at the best possible value. Collectively and unanimously, we are endorsing CoStar Group. "
"We are pleased that GWCAR has chosen to continue supporting the CoStar platform," said Andrew C. Florance, President and CEO of CoStar. "Our new-generation product, CoStar Property 8.0, provides the most powerful technology available to the commercial real estate industry. But most importantly, our independent research enables customers to focus their time and resources providing outstanding service to their clients, rather than maintaining a database."
"We believe the CIE system depends too heavily on broker input of information and does not offer a level playing field for all market participants," Florance added. "As an independent provider of market information, we believe we have a better model and offer a far greater value."
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 integrated suite of products offers customers access via the Internet to the most comprehensive, verified database of commercial real estate information in 50 U.S. markets and the United Kingdom. Based in Bethesda, MD, the company has approximately 850 employees in 34 offices throughout the United States and the United Kingdom, including the largest professional research organization in the industry.
About the Greater Washington Commercial Association of REALTORS®
A regional trade association dedicated to serving commercial real estate interests throughout the metropolitan Washington area, GWCAR is comprised of more than 600 commercial brokers and affiliated professionals. It is a member-driven, customer-focused service organization, which exists to enhance members' ability to serve the public, ethically, professionally and successfully. GWCAR is affiliated with the National Association of REALTORS®, a national trade association representing nearly 890,000 members involved in all aspects of real estate.