Commercial property data firm CoStar Group (CSGP) reported solid growth during the third quarter, signing contracts with 63 new real estate firms and expanding into six new markets. As a result, revenues increased by 20% between the second and third quarter.
“Our third quarter 2005 financial results reflect strong subscription revenue growth in our core markets, while we focus on establishing new growth platforms for 2006,” says CoStar Group President & CEO Andrew Florance. “We are making solid progress on our expansion efforts as we have signed 175 companies in the course of the last 15 months in the 21 expansion markets.”
CoStar opened six new markets in the third quarter, among them Greensboro/Winston-Salem, Greenville/Spartanburg, Providence, Salt Lake City, Toledo and Tulsa. These six markets represent 66,000 properties with 1.26 billion sq. ft. of commercial space.
As of Jan. 1, 2005, CoStar had nearly 53,000 domestic properties listed for sale. That number has soared 61% year to date to 85,200 properties now listed for sale.