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World’s First and Largest Commercial Property Online Marketplace Launches in the UK
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
CoStar Group (NASDAQ: CSGP) has launched LoopNet, the largest commercial property marketplace, in the UK, marking a significant milestone in international commercial real estate. The platform will integrate UK listings, enhancing accessibility to a market worth £1.5 trillion. It aims to attract over 12 million unique visitors monthly, expanding its reach significantly. With 88% of commercial property searches initiated online, LoopNet offers advanced technology for viewing and pricing, providing a vital tool for navigating the current market.
Positive
Launch of LoopNet in the UK, enhancing access to £1.5 trillion market.
Anticipated increase in unique monthly visitors to nearly 12 million.
Integration of Realla into LoopNet expands listing access and audience quality.
Advanced technology offered by LoopNet improves online viewing and real-time pricing.
Negative
None.
LONDON & WASHINGTON--(BUSINESS WIRE)--
CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, has launched LoopNet, the world’s largest commercial property marketplace, in the UK market. The launch marks the creation of the world’s first international commercial real estate online marketplace, allowing tenants, brokers and investors to access properties available for sale and lease across multiple countries on a single platform.
Prior to its launch in the UK, LoopNet marketed exclusively US and Canadian commercial properties to an international community of buyers and tenants. The integration of tens of thousands of UK property listings into the marketplace will unlock global access to the UK commercial real estate market, worth an estimated £1.5 trillion, benefitting brokers, investors, would-be occupiers, and owners of commercial real estate.
With over 11m monthly unique visitors, LoopNet will provide UK users with unprecedented exposure to potential investors and tenants, significantly broadening the reach of every listing by successfully capturing relevant local and global audiences. Used by 93% of Fortune 100 companies, LoopNet has made significant investment into Google search engine marketing (SEM) as well as other types of marketing, resulting in superior volumes of traffic to the platform and more efficient outcomes for the end-user.
Prior to the launch of LoopNet, the UK market was served by Realla, a CoStar Group company and the UK’s leading dedicated commercial property marketplace, which has now been integrated into LoopNet, unlocking access to additional pools of capital, a greater number of listings and a high-quality international audience. Prior to the integration, Realla had an average of 734,000 unique monthly visitors, which will now be significantly boosted by the additional traffic generated by LoopNet, bringing the total expected LoopNet traffic to nearly 12m unique monthly users from the first day of the launch.
With 88% of commercial property searches currently being initiated online as market participants aim to save time and money, LoopNet provides sophisticated technology allowing brokers, tenants and investors to conduct viewings online and benefit from up-to-date pricing and information. The transparency enabled by LoopNet benefits all users, enabling them to get first-hand insights into the market and providing a useful benchmarking tool for market participants – an essential feature for those transacting in today’s volatile market environment.
CoStar Group Founder and Chief Executive Officer Andy Florance said: “The UK-wide roll-out of LoopNet, our leading commercial real estate marketplace, is an important element of CoStar Group’s on-going strategic international expansion effort. Having built a strong relationship with our UK customer base through CoStar and Realla, we are excited to be able to offer our UK users access to the international market, which will significantly increase their visibility and reach. With overseas interest in UK commercial property on the rise due to the attractive exchange rate, the launch of LoopNet could not have been timed better, allowing thousands of UK market players to reap the benefits of global exposure. LoopNet quickly became the industry leader for commercial marketplaces in the US, and we are optimistic about its prospects in the UK, where it’s the only marketplace to provide access to such a vast global audience, directly benefitting brokers, tenants, owners, and investors.”
About CoStar Group
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential 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, www.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 LoopNet does not produce the expected results or benefits for CoStar or other industry participants; and the risk that user traffic is not as expected. All forward-looking statements are based on information available to CoStar on the date hereof, and they assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
