There was a time when commercial real estate information was unreliable. In response, CoStar Group began to provide real time information on all available properties on the market — bringing transparency to the market.
In the $17 trillion commercial real estate industry, CoStar Group is the data/analytics leader and research powerhouse offering more than 1,750 researchers who update listings and market information at least every 30 days.
According to Shea C. Dittrich, CoStar Group senior director, marketing, with more than 110,000 commercial real estate professionals relying on CoStar’s information to successfully conduct business, it is able to integrate interviews into the research process, allowing the information to be current and relevant. “CoStar’s research process covers all markets throughout the country from a census level approach, as opposed to other companies that are only able to provide a sampling approach to information,” he says.
Named to the Forbes Most Innovative Growth Company List for the past four years, CoStar takes great pride in its ability to continually innovate. The company began as a print catalogue 31 years ago, moved to discs and today has a sophisticated online platform navigating thousands of data points on nearly every commercial property. Dittrich points out that in less than one minute, a 100-page underwriting report can be generated, which includes all relevant information on a property and the market that needs to be reviewed.
Dittrich says CoStar Group acquired Apartments.com and then created a new online marketplace specifically designed to meet the needs of consumers looking for rental properties. “Since the re-launch of Apartments.com, it has become the most trafficked apartment listing site,” he says.
With an industry dramatically shifting over the last few years, Dittrich says CoStar has adapted and taken a leadership role. “Thirty years ago, CoStar’s print publication was updated quarterly and welcomed by the industry. Today, professionals want immediate access to the most up-to-date information and CoStar delivers listing updates within a minimum of 30 days,” he says. “Professionals need access to much more than listing information. They rely on sale comp information that is fully vetted by both sides of a transaction. CRE professionals also need information on executed leases, tenants, and the ability to analyze a lease. “
Perhaps the biggest expectation professionals have today is the need to support their decisions through analytics and forecasting to lenders and investors. Dittrich says CoStar saw these needs ahead of time and developed tools and resources that professionals could depend on for running efficient and successful business.
CoStar employs more than 3,000 people in more than 80 offices throughout North America and Europe. As an intelligence company, CoStar has built a team of researchers that encompass all the necessary components behind a true commercial real estate research process — including a portfolio research team, field researchers, aerial researchers and market analysts located around the country.
“CoStar’s sales force is second to none, with a team of more than 1,000 sales professionals and client relationship managers located in local markets nationwide to serve clients quickly,” says Dittrich.
For information, call 888-226-7404 or visit costargroup.com.