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CoStar Group Named ‘Company of the Year’ at 2022 Inman Innovator Awards
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CoStar Group (NASDAQ: CSGP) has been awarded the title of Company of the Year at the 2022 Inman Innovator Awards, recognizing its commitment to innovation and transparency in the real estate industry. In 2022, CoStar launched several key initiatives, including the Citysnap app for New York City and CoStar for Lenders. The company reported a 37% increase in net income year-over-year, with double-digit sales growth in its flagship products. Additionally, CoStar plans to enhance its residential portfolio, including the relaunch of Homes.com.
Positive
37% year-over-year increase in net income.
Double-digit sales growth in flagship products.
Successful launch of initiatives like Citysnap and CoStar for Lenders.
Plans to relaunch Homes.com with new features.
Negative
None.
WASHINGTON--(BUSINESS WIRE)--
CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, was awarded the prestigious title of Company of the Year at the 2022 Inman Innovator Awards.
The award, which was announced during Inman’s semiannual Connect event, recognizes CoStar Group’s commitment to innovation and transparency across the real estate industry. Throughout the company’s 35-year history, CoStar Group has driven a transformation of the industry, changing the way both consumers and professionals rent, lease, buy, and sell property by making accurate real estate information available to both sides of the transaction.
In 2022 alone, CoStar Group: launched Citysnap, a new search portal and app for the New York City market, in partnership with the Real Estate Board of New York (REBNY); introduced CoStar for Lenders, a groundbreaking live integration of data, models and analytics for commercial real estate lending; and continued its expansion into international markets in Europe with the acquisition of Business Immo, a leading real estate news service in France.
2022 also saw expansive growth in sales, earnings, and headcount for CoStar Group. In Q2, CoStar Group’s net income increased 37% year-over-year, and the company’s three flagship products (CoStar, Apartments.com, and LoopNet) all saw double digit sales increases.
In the months to come, CoStar Group will continue to invest in its residential portfolio, which includes Apartments.com, Homesnap.com, Homes.com, and Citysnap. In Q4, CoStar Group expects to relaunch Homes.com as a completely reimagined platform for homebuyers, with groundbreaking new features that will eliminate friction and frustration in the homebuying process.
“I am honored that CoStar Group has been recognized as a leader in innovation by Inman,” said Andrew Florance, Founder and Chief Executive Officer of CoStar Group. “This award is a reflection of the hard work and dedication of our employees. Thanks to this incredible team, CoStar Group is a leader in real estate data, analytics and online marketplaces, and our vision of bringing transparency to the real estate industry continues to resonate with consumers and industry professionals alike.”
Since 1998, the Inman Innovator Awards have honored companies, individuals and new technology that increases productivity, efficiency and transparency.
About CoStar Group, Inc. CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets. 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. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information.
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 CoStar chooses not to, or is unable to, invest in its residential portfolio as planned; and the risk that CoStar is unable to relaunch Homes.com in the timeframe it expects or with the features it expects. More information about potential factors that could cause results to differ materially from those anticipated 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 in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
