CoStar Group Inc - CSGP STOCK NEWS

CoStar Group reports national multifamily rent growth at 10% year-over-year for May 2022, slightly down from 10.6% in April. The report indicates a solid Spring leasing season, with significant growth in Florida markets. Notably, Las Vegas and Phoenix are experiencing a slowdown, with rents dropping to 15.0% and 12.6%, respectively. Month-over-month, rents increased by 1.3%. Analysts suggest these trends may align with traditional seasonal patterns, emphasizing a cautious outlook for previously strong markets.

CoStar Group (NASDAQ: CSGP) announced that its Chief Human Resources Officer, Michael Desmarais, was awarded the Gold Globee® Human Resources Professional of the Year in the Workplace Safety category. This recognition highlights Desmarais's leadership in facilitating a safe return-to-office strategy during the Covid-19 pandemic. CoStar Group emerged as a leader in this movement, with employees returning to the office in May 2021. The award ceremony is set for July 27, 2022. The Globee Awards serve to honor top business achievements across various industries.

CoStar Group, Inc. (NASDAQ: CSGP) has appointed Cyndi Eakin as the new Senior Vice President of Investor Relations, effective immediately. In her new role, Ms. Eakin will enhance relationships with institutional investors and analysts, while also focusing on building an investor relations team. With significant experience at CoStar, where she has served as Vice President, Controller since 2016, she played a vital role in the company's growth, including executing key strategic acquisitions and the first debt offering. This leadership change aims to elevate CoStar's investor engagement and ESG initiatives.

CoStar Group, Inc. (NASDAQ: CSGP) announced that Corey Durant, its Vice President of Research, has been recognized in the 2022 EMPower Ethnic Minority Role Model Lists. This accolade, created by INvolve and supported by Yahoo Finance, honors leaders promoting diversity in the workplace. Durant, founder of the company’s Black Excellence Network, has facilitated over 25 events and supported recruitment at HBCUs. His contributions include donating 500 Chromebooks to Richmond Public Schools, highlighting his commitment to fostering inclusivity and supporting the Black community.

CoStar Group, Inc. (NASDAQ: CSGP) CEO Andrew C. Florance has been named one of Washingtonian Magazine’s 2022 Tech Titans for the second consecutive year. He is recognized for his leadership during a remarkable year, ending 2021 with $2 billion in revenue despite the global pandemic. The Tech Titans list highlights influential figures in Washington, including entrepreneurs and cybersecurity experts, underscoring Florance's significant role in the company's success in the online real estate marketplace sector.

CoStar Group, Inc. (NASDAQ: CSGP) recently released data analyzing recovery trends in the commercial real estate retail market post-pandemic. The research highlights the emergence of 'Live-Work-Play' office nodes, particularly in Hudson Waterfront and NoMa in Washington D.C., which may enhance revenue opportunities for urban retailers. Notably, Hudson Waterfront's retail rent growth surpassed the broader NYC retail market by 90 basis points since Q4 2019. Furthermore, NoMa's retail vacancy rate has decreased by 4.3% compared to D.C.'s overall average, suggesting improved performance in these specific markets.

CoStar Group (NASDAQ: CSGP) reported a year-over-year multifamily rent growth of 10.6% for April 2022, down from 11.4% in March. The report highlighted a deceleration in rent growth, especially in previously high-performing markets, with Atlanta and Orange County seeing significant drops. Despite this, month-over-month growth showed a slight increase of 0.8%, with Charlotte leading. The trend reflects a cooling rental market, particularly impacting areas like Phoenix, which fell from 22% to 15.6% year-over-year.

CoStar Group has announced the winners of round two in its Battle of the Bids contest, with contestants claiming $500,000 in total cash prizes. Notable winners include Derrick Vartanian from Keller Williams, who earned $100,000. The contest features over 1,000 contestants and a chance to win a $1 million grand prize. Round three begins on May 9, 2022. Participants predict auction prices to accumulate points for prizes ranging from $100 to $100,000.

CoStar Group (NASDAQ: CSGP) has announced the acquisition of a 5-story office building in Richmond, VA for $20 million. This 117,448 SF property, previously occupied by SunTrust, aims to support the company's ongoing growth and will enhance employee cohesion with its proximity to existing facilities. With over 1,200 employees in Richmond, CoStar plans to become the region's largest technology company and private employer, reinforcing its commitment to local job creation. The move highlights CoStar's intent to expand operations significantly in the area.