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CoStar to Hire 730 in Richmond

POSTED November 11, 2016

WASHINGTON -- CoStar Group has selected Richmond, VA for its research operations headquarters. CoStar expects to create approximately 730 jobs in Richmond and invest a quarter billion dollars into the local economy.

CoStar Group creates and delivers the information, marketing, and analytic tools that facilitate the vast majority of commercial real estate transactions in the United States. The CoStar research team curates and certifies information on approximately $1 trillion of potential real estate transactions and tracks billions of dollars of completed deals.

In an average month, 25 million people visit CoStar Group's family of websites to lease, buy or analyze a wide range of office, industrial, retail or farm properties  or to find their next home on Apartments.com. The team in Richmond will collect, research, and analyze the in-depth market data necessary to help clients make the best decisions and drive connections between the millions of properties and the thousands of companies that need those properties to grow their businesses. We expect the new office will place Richmond at the absolute center of transaction flow for the nation's $17 trillion commercial real estate industry.

"Our researchers play a very important role in our economy by helping growing businesses find the offices, stores, land, industrial properties or multifamily locations that are essential to their success," said Andrew Florance, CoStar Group Founder and Chief Executive Officer. "CoStar researchers develop close working relationships with top commercial real estate brokers, owners and investors to support billions of dollars of transactions. We employ a highly educated and motivated work force and chose Richmond as the ideal environment in which to grow our Company because it offers access to an incredibly strong higher education system and a great quality of life."

CoStar Group has a 30-year track record of growth and innovation and is recognized as a leader in the industry. Fortune recently listed CoStar Group as one the 100 fastest growing companies in the world; earlier this year, Forbes named CoStar Group as one of the top ten software companies on its most innovative growth companies list. The new Richmond center is expected to be a true technology innovation hub, powering the software development necessary to support the trillions of pieces of content making up the big data behind CoStar's success.

"We're excited to welcome CoStar Group's new research center to Richmond, which will make the Company one of the largest employers in our city," said Governor Terry McAuliffe. "CoStar Group's track record for success, environmental responsibility, professional development programs and commitment to community outreach reflects the type of Company we know our residents would be fortunate to be a part of."

The 125,000 square feet of office space required by CoStar will likely result in the largest office deal in Richmond in 2016. As a leading U.S. based Company, CoStar Group is firmly committed to retaining and developing talent here, rather than outsourcing to other countries. Many jobs in the Richmond Research Headquarters will be new positions, as the Company continues its investment in meeting the growing content needs of its clients.