CoStar Insights

CoStar Group Selects Richmond to Headquarter Research Center for Nation’s Commercial Real Estate Clearing House

by Shara Dahl | Oct 24, 2016

Richmond

CoStar Group announced October 24 that it has concluded a national search for its research operations headquarters, selecting Richmond, Virginia. As a result, CoStar expects to create approximately 730 jobs in Richmond and invest a quarter billion dollars into the local economy.

In an average month, 25 million people visit CoStar Group’s family of websites to lease, buy or analyze a wide range of office, industrial, multifamily, retail or farm properties – or to find their next home on Apartments.com. The team in Richmond will collect, research, and analyze the in-depth market data necessary to help clients make the best decisions and drive connections between the millions of properties and the thousands of companies that need those properties to grow their businesses. CoStar Group expects the new office will place Richmond at the center of transaction flow for the nation’s $17 trillion commercial real estate industry.

“We’re excited to welcome CoStar Group’s new research center to Richmond, which will make the Company one of the largest employers in our city,” said Governor Terry McAuliffe. “CoStar Group’s track record for success, environmental responsibility, professional development programs and commitment to community outreach reflects the type of Company we know our residents would be fortunate to be a part of.”

The 125,000 square feet of office space required by CoStar will likely result in the largest office deal in Richmond in 2016. Many jobs in the Richmond Research Headquarters will be new positions, as the Company continues its investment in meeting the growing content needs of its clients.  

With a 30-year track record of growth and innovation, CoStar Group is continuously recognized as a leader in the industry. Fortune recently listed CoStar Group as one the 100 fastest growing companies in the world; earlier this year, Forbes named CoStar Group as one of the top ten software companies on its most innovative growth companies list.

The new Richmond center is expected to be a true technology innovation hub, powering the software development necessary to support the trillions of pieces of content making up the big data that fuels CoStar Group’s ability to help clients make the best, most profitable decisions.

Read the full press release.    

 
 

This post may include "forward-looking statements" including, without limitation, statements regarding CoStar's expectations or beliefs, which are based on our current beliefs and various assumptions concerning future events and circumstances that are subject to change.  Actual results and events may ultimately be materially different.  All forward-looking statements are based on information available on the date published, and we assume no obligation to update these statements.  You should not construe this post as investment, tax, accounting or legal advice.