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CoStar Group Inc. (NASDAQ: CSGP) is the premier provider of commercial real estate information, analytics, and online marketplaces. Established in 1987, CoStar has built and maintained the most comprehensive database of commercial real estate data through extensive and continuous research. This effort supplies clients with unparalleled insights into property values, market conditions, and current availabilities.
CoStar's diverse suite of online services includes CoStar Suite, which offers in-depth analytical information on over 5 million commercial real estate properties across various sectors such as office, retail, hotels, multifamily, healthcare, industrial, self-storage, and data centers. Another prominent platform, LoopNet, is the most trafficked commercial real estate marketplace online, boasting over 9.8 million registered members.
The company also oversees leading apartment resource sites like Apartments.com, ApartmentFinder.com, and ApartmentHomeLiving.com. These platforms serve renters seeking quality apartment homes and provide a robust marketing channel for property managers and owners. As of June 2015, CoStar's websites collectively attract more than 23.6 million unique monthly visitors.
Headquartered in Washington, DC, CoStar Group has significantly expanded its global footprint, including recent growth into markets in Canada, the United Kingdom, Spain, and France. With over 80% of its revenue derived from subscription-based services, CoStar continues to lead the industry through innovation and a commitment to providing actionable real estate intelligence.
CoStar Group's Apartments.com has released a report on multifamily rent trends for Q1 2023, highlighting ongoing challenges in the market. Despite a positive monthly rent growth in January and February, economic uncertainties have impacted household formations and consumer confidence due to inflation and Fed interest rates. Key metrics show absorption turned positive with 43,000 units, while vacancies rose marginally to 6.7%. Newly delivered units totaled 104,000, with year-over-year rent growth at 2.5%. Over 1 million units are under construction, signaling potential oversupply. Notably, Miami's rent growth decelerated significantly to 3.8%, while Indianapolis leads with 6.6%. The upcoming spring leasing period will be critical for market stabilization amid prevalent risks.
CoStar Group (NASDAQ: CSGP) announces a significant marketing shift for its brand Apartments.com, focusing primarily on streaming video and social media. The 2023 campaign, featuring Jeff Goldblum for the ninth year, engages renters through platforms like TikTok, Instagram, and Snapchat. Research indicates that 82% of renters watch streaming video daily, prompting this strategic pivot. The campaign will feature new partnerships with ad-supported streaming services Netflix and Disney+, alongside ongoing collaborations with Spotify and Pandora, aiming to drive millions of qualified renters to clients’ listings.
CoStar Group, Inc. (NASDAQ: CSGP) will release its first quarter 2023 financial results on
CoStar Group (NASDAQ: CSGP) announced the winners of the 2023 CoStar Impact Awards, acknowledging over 400 commercial real estate (CRE) transactions from 2022 across 128 international markets, including the U.S., Canada, and the U.K.. The awards, now in their second year, celebrate achievements in five categories: Lease of the Year, Sale/Acquisition of the Year, Commercial Development of the Year, Multifamily Development of the Year, and Redevelopment of the Year. Winners were selected by a panel of more than 750 industry professionals, with an emphasis on growth, diversification, and overcoming unique market challenges.
CoStar Group has reported its multifamily rent growth trends for February 2023, indicating a slight recovery with national rents increasing by
News Corp has confirmed that it is no longer pursuing discussions with CoStar Group regarding the potential sale of Move, Inc., the operator of Realtor.com®.
The company remains committed to exploring opportunities that align with its strategy to enhance the value of its Digital Real Estate Services segment and maximize shareholder value moving forward.
News Corp will refrain from making additional comments on this topic until it deems appropriate or mandatory.
CoStar Group, Inc. (NASDAQ: CSGP) reported impressive financial results for the year ended December 31, 2022, with revenue reaching $2.18 billion, a 12% increase from $1.94 billion in 2021. The fourth quarter alone saw revenue of $573 million, up 13% from $507 million in Q4 2021. Net income rose 26% to $369 million, with Q4 net income at $124 million, or $0.31 per diluted share. The company also achieved record new sales bookings of $305 million, a 41% increase. Looking ahead, CoStar anticipates 2023 revenue growth of approximately 13% and expects adjusted EBITDA between $500 million and $520 million for the year.
CoStar Group (NASDAQ: CSGP) has released its 2023 Environmental, Social, and Governance (ESG) Report, showcasing its commitment to ESG practices. The report highlights the establishment of the company's baseline greenhouse gas emissions and plans to complete the CDP Questionnaire this summer. It also emphasizes improved human capital disclosures, diversity initiatives, and a commitment to equity and inclusion. CoStar aims to enhance its transparency and sustainability across operations while positively impacting communities and shareholders.
January 2023 marks a turnaround in multifamily rent growth, breaking a five-month decline. The report by Apartments.com, part of CoStar Group (CSGP), highlights month-over-month rent growth of 0.4% nationally, with strong performances in Midwestern cities like Indianapolis and Cincinnati. However, year-over-year rent growth decreased from 3.6% to 3.2%, indicating ongoing market instability. Despite the positive signs, experts caution that sustained demand is uncertain due to a projected record supply of rental units in 2023. Overall, the rental market shows early signs of potential stabilization amidst fluctuating trends.
Apartments.com, a CoStar Group company, has officially expanded into Canada, providing Canadian consumers with access to a comprehensive rental property listing service. This move addresses significant rental demand driven by rising populations and high mortgage rates, coupled with over 42,000 new rental units currently under construction in Canada. The upgraded platform will enhance the renter experience with tools like 3D property tours and neighborhood profiles. This expansion is expected to increase the number of property listings significantly, aided by ongoing marketing efforts.
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