WASHINGTON, Nov. 18, 2013 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the leading provider of commercial real estate information, analytics and marketing services, today announced the most dramatic and sweeping upgrade in over a decade to CoStar, its signature product platform.
The new release is part of an aggressive multi-year plan to integrate CoStar's industry-leading property and market information with powerful productivity and analytic tools, and features five major enhancements:
- A faster, more intuitive map-based search. The new search functionality enables customers to visualize search results on a map as they create queries. Search criteria are customized for specific property types, with the most commonly used search criteria brought right up front to get to their results faster. The user "sees" the results change immediately, creating an engaging and user-friendly experience.
- Comprehensive coverage of U.S. multifamily properties. With this new release, CoStar now offers the same comprehensive coverage of U.S. multifamily properties that it has become known for in the office, industrial and retail sectors. CoStar is tracking information on over 300,000 apartment communities with five or more units for a total of over 16 million apartment units, more than twice as many as any other information source. Subscribers can search and analyze multifamily properties in stunning detail; CoStar is capturing information such as multifamily-specific submarkets, building quality, effective rents, concessions, occupancy levels, ownership, unit sizes, bed/bath mix, amenities, images and more.
- More robust analytics. The analytic capabilities in CoStar are greatly enhanced for all property types. More than 40 vivid charts and graphs enable users to analyze vacancy rates, rental rates, absorption, leasing activity and more, for individual properties as well as groups of properties. Among the new analytic capabilities are dynamic charts that predict a property's probability of leasing over time. Another reveals the most active buyers in a market area or segment by sales volume as well as buyer type. The most popular charts and graphs display automatically, and users can customize their analysis by dragging and dropping their choice from a comprehensive Analytic menu.
- Lease valuation and comparison tools. CoStar LeaseAnalysis™ enables brokers and owners to quickly analyze and compare the financials on up to eight lease proposals side-by-side. Integration with CoStar's detailed property information eliminates the need to manually key in large amounts of information, and a "sensitivity" feature allows users to instantly view 125 scenarios on key proposal terms. CoStar LeaseAnalysis eliminates the risk of unknown errors associated with using spreadsheets or spreadsheet-based lease comparison tools, and gives brokers and owners a sophisticated professional tool they can use to engage directly with their clients.
- CoStarGo 2.0. An upgrade to CoStarGo offers mobile access to powerful property and market analytics to commercial real estate professionals when they are out in the field or with clients. CoStarGo 2.0 is the first mobile app that presents detailed analytic information on individual and groups of properties around a user's current location, providing an instant snapshot of current trends for the properties the user is viewing. With CoStar's Dynamic Snapshot™ users can zoom in or out to change the properties onscreen, and CoStarGo 2.0 automatically adjusts to analyze the specific area or set of properties being viewed.
"These improvements are designed to help commercial real estate professionals get to the right answer faster," stated CoStar Group Founder and CEO Andrew C. Florance. "We are confident these new features and enhancements bring tremendous benefits to our traditional customers, commercial real estate brokers. At the same time, we believe our expanded multifamily coverage, together with the enhanced analytics in the new CoStar Suite and CoStarGo, will make our products more valuable to property owners, lenders and institutional investors."
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