-
Depth, breadth, granularity and timeliness of CoStar data expected to yield significant benefits to PPR clients compared to traditional survey based methods
- Integration significantly increases coverage to 210 metro areas and nearly 8,000 submarkets
WASHINGTON, Nov. 16, 2011 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information and analytic services, today announced it has completed the integration of CoStar's comprehensive commercial property database and PPR's best-in-class analytics and forecasting tools. PPR clients will be able to base their investment decisions on actual, verified data that is more accurate, timely and granular. This is a significant move away from the sample data method that is currently employed in the industry.
"PPR clients can now stay ahead of the trends and be informed in a way that was not possible before," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. "They will be able to identify trends as they are developing, not learn about them after they have happened. We expect this will yield new insights and analysis for our clients. The integration of PPR moves us closer to offering a comprehensive data and analytics solution that gives clients the ability to choose the modules they need with consistency and accuracy from one trusted source."
"Combining the analytic capabilities of PPR's 45 real estate economists and CoStar's research platform, with granular data on over 80 billion square feet of inventory, is a really powerful combination," added Florance.
The integration also represents a significant increase in the depth and breadth of data available from PPR's analytic products, and greatly improves PPR's geographic coverage from 100 metro areas and 952 submarkets to 210 metro areas and approximately 8,000 submarkets in the integrated database. All major property types including office, industrial, retail and multifamily are now covered.
Prior to being acquired by CoStar, PPR relied on brokerage and other data from a variety of different sources. While these sources were sufficient for broader market analysis, none offered nearly the depth and detail CoStar provides. CoStar data is much more comprehensive and timely than survey based data.
"Historically, PPR has been very well respected for its forecasting, analytics and relative value analysis acumen, but clients wanted more granularity, such as smaller submarkets," stated PPR Managing Director Hans Nordby. "With the integration of CoStar data, PPR will cover more narrowly defined submarkets and provide more granular information, right down to the building and suite level. We are confident that no other firm in commercial real estate research can approach this level of detail."
Nordby added, "By tracking the entire market, we believe our analysis will get stronger. We expect to be able to identify new supply and demand trends and dig deeper into quality and property sub-types in local markets as we capture local market input from our forecasting and analysis team members. Our models are expected to include more accurate supply, vacancy and rent dynamics, better accounting for lease terms and cap ex and more direct linkage to the capital markets."
The current data integration completes the first phase of CoStar's planned integration of PPR. CoStar also plans to integrate some of PPR's existing tools and applications into the CoStar platform and develop new tools for CoStar and PPR clients through continued collaboration.
About PPR
Property and Portfolio Research (PPR) provides unparalleled expertise and objective thinking in analyzing and forecasting commercial real estate markets. PPR sets the pace in offering independent research, a unique set of analytic tools, and actionable insights to investors on hundreds of global markets in North America and Europe. Clients, both public and private investors, range from commercial banks and financial institutions to pension funds and insurance companies as well as government and rating agencies.
With a dedicated commitment to providing the best in commercial real estate research, PPR's widely respected knowledge of the markets allows clients to stay ahead of market trends, act decisively, and feel confident about their investment decisions. PPR is a Division of CoStar Group.
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of information and analytic services. 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 and market conditions. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of approximately 1,500 worldwide, including the industry's largest professional research organization. For more information, visit www.costar.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2010, and Form 10-Q for the quarter ended September 30, 2011, under the heading "Risk Factors." In addition to these statements, there can be no assurance that the depth, breadth, granularity and timeliness of CoStar data will yield significant benefits to PPR clients compared to traditional survey based methods; that PPR clients will base their investment decisions on the PPR data; that the integration will enable clients to stay ahead of trends and be informed in a way that was not possible before; that PPR clients will stay ahead of the trends and be more informed; that PPR clients will identify trends as they are developing, rather than learn about them after they happened; that the integration will yield new insights and analysis for clients and move CoStar closer to offering a comprehensive data and analytics solution that gives clients the ability to choose the modules they need; that by tracking the entire market, PPR's analysis will get stronger; that PPR will be able to identify new supply and demand trends and dig deeper into quality and property sub-types in local markets as PPR captures local market input from its forecasting and analysis team members; that PPR's models will include more accurate supply, vacancy and rent dynamics, better accounting for lease terms and cap ex and more direct linkage to the capital markets; that CoStar will successfully integrate some of PPR's existing tools and applications into the CoStar platform and develop new tools for CoStar and PPR clients through continued collaboration; and that by utilizing PPR's knowledge of the markets, PPR's clients will stay ahead of market trends, act decisively and feel confident about their investment decisions. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements, whether as a result of new information, future events or otherwise.