WASHINGTON, June 26, 2012 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information, analytic and marketing services, today announced that The Metropolitan Washington Council of Governments and its Commuter Connections® program have chosen CoStar as a winner of their 2012 Commuter Connections Employer Recognition Award in the Incentives category.
"CoStar is proud to be recognized by Commuter Connections for our commuter assistance incentive program," said CoStar Group Founder and CEO Andrew C. Florance. "We are deeply committed to reducing our carbon footprint and work hard to ensure that our employees can be part of that process."
Commuter Connections encourages District area businesses and their employees to adopt alternative commuting methods such as transit, teleworking, carpooling/vanpooling and bicycling, as these methods help to mitigate traffic congestion and provide for cleaner air through reduced auto emissions.
The Commuter Connections annual Employer Recognition Awards recognize employers who have voluntarily initiated programs that facilitate the use of such alternatives. Eligible employer programs included those that marketed alternative commuting options, initiated a successful telework program, or provided incentives that made using alternative transportation modes easier and more attractive than driving alone. Applications are evaluated by a selection committee and winners are chosen for their ability to offer measurable commuter benefits that reduce automobile fuel consumption and emissions through fewer vehicle trips and miles traveled. In addition, winners are selected for their altruistic policies that improved the lives of their employees and the region.
CoStar is being recognized for the incentives it provides to reward and encourage employees to seek alternative means of transportation. Through its 10-point commuter assistance program, CoStar aims to improve employees' commutes, reduce staff dependence on driving and to reduce CoStar's carbon footprint. Its commuter assistance incentives include a subsidy to cover the cost of each eligible employee's commute via public transportation, free parking for carpoolers, a free employee shuttle service to and from Metro Center, guard-monitored bike racks and loaner bicycles, all at no cost to employees. Of its nearly 700 employees in the District, approximately 80% take advantage of the commuter assistance incentives. Based on the Commuter Connections vehicle miles traveled calculators, CoStar employees save 242,000 gallons of gasoline per year and drive 4.8 million fewer vehicle miles by taking advantage of CoStar's public transportation incentives.
Commuter Connections honored the 2012 winners during an awards program on June 26, 2012 at the National Press Club in Washington, DC.
About Commuter Connections
Commuter Connections is a regional network of transportation organizations coordinated by the Metropolitan Washington Council of Governments. If you live or work in the Metropolitan Washington D.C. area, Commuter Connections can provide you with information on all your commute options, so you can make a smart choice about how you travel to work. Commuter Connections also helps employers establish commuting benefits and assistance programs, including telework/telecommute programs, for their employees. For more information, visit http://www.mwcog.org/commuter2.
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of information, analytics services and marketing. 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 5.8 million registered members and 3.6 million unique monthly visitors. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe including the industry's largest professional research organization. For more information, visit www.costar.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the company's plans, objectives, expectations and intentions and other statements including words such as "hope," "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict,", "continue" "commitment" and "potential" or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar and are subject to significant risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements. Additional factors that could cause results to differ materially from those anticipated in the forward-looking statements can be found in CoStar's Annual Report on Form 10-K for the year ended December 31, 2011, and CoStar's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, each filed with the SEC, including in the "Risk Factors" section of each filing, and the company's other filings with the SEC available at the SEC's website (www.sec.gov). CoStar does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.