WASHINGTON, Sept. 19, 2012 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information, analytics and marketing services, today announced its Property and Portfolio Research (PPR) division has launched an expanded multi-family product powered by CoStar's industry-leading commercial property database.
CoStar tracks detailed information on almost 400,000 multi-family properties in 210 U.S. markets and has been building the most comprehensive database of multi-family properties in the industry. The Company has established a dedicated team of 40 individuals that is specializing in the research and verification of multi-family information. Along with independent research, analytics and actionable insights provided by PPR's team of more than 40 economists, the PPR multi-family product is designed to meet the information and analytics needs of PPR's clients, including commercial banks, financial institutions, pension funds, insurance companies and government and rating agencies.
"We believe the unparalleled combination of strong analytics from PPR coupled with CoStar's unmatched, comprehensive data gives our clients who are interested in multi-family an outstanding resource for analyzing properties," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar.
CoStar has already expanded its detailed coverage on more than 25,000 multi-family properties, with information on unit count, unit size, asking rent, effective rent and vacancy. The number of properties with expanded information is expected to grow rapidly over the next 12 months and beyond.
"With coverage of 210 markets, PPR plans to provide insight into the vast majority of U.S. cities, not just the big markets," said PPR Managing Director Hans Nordby. "This is a key point for lenders, who often serve a wide geographic footprint, as well as investors, who are investing in smaller cities."
"From an analytics perspective, we are going where no apartment research group has gone before," Nordby continued. "We expect to offer effective rent estimates, including forecasts at the metro and sub-market level, as well as demographic and demand driver screens at the street corner level, leveraging CoStar data that simply is not available elsewhere."
About Property and Portfolio Research
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 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 helps 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, analytics and marketing 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, market conditions and current availabilities. Through LoopNet, the Company operates the most heavily trafficked commercial real estate marketplace online with more than 6.1 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 includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that the number of properties with expanded information does not grow rapidly over the next 12 months and beyond; the possibility that the product will be modified and therefore does not provide the details, services or coverage outlined in this release, including coverage of the vast majority of U.S. cities or effective rent estimates and forecast services at the metro and sub-market level; and the risk that the product does not launch when expected. 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 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 June 30, 2012, under the heading "Risk Factors" section of each of these filings. 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.