Key business relationship brings new forecasting methodology
WASHINGTON–(BUSINESS WIRE)–CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial
real estate information, analytics and online marketplaces, announced an
expanded agreement with Oxford Economics, the leading global economic
advisory firm and provider of economic data, analysis, and forecasts.
Oxford Economics will provide CoStar with the economic data and
forecasts used in CoStar’s product offerings and commercial real estate
forecasting models across the United States, Europe, and Canada.
“We have worked with Oxford Economics for nearly a decade in Europe and
are pleased that they are now forecasting all US metros, allowing CoStar
to have a consistent economic data provider and view across both North
America and Europe,” said John Affleck, CoStar’s Vice President of
Market Analytics. “Their Global Macro Model is the industry standard for
integrated global economic forecasting, and will allow CoStar to produce
custom economic scenarios. And, their county- and LAD-level data enables
us to include economic effects at a sub-market level in our forecasting
Headquartered in Oxford, UK with offices around the world, Oxford
Economics employs more than 250 economists and analysts serving leading
multinational companies, financial groups, real estate organizations,
governments, central banks and academic institutions worldwide. Long
regarded as the industry leader in city, regional and other sub-national
economic forecasting globally, Oxford Economics recently expanded its US
forecasting coverage to include more than 3,500 sub-national economies,
spanning all 50 states, 382 metros and 3,142 counties.
CoStar’s forecasting model, as seen in CoStar’s market and submarket
reports, will be fueled with Oxford Economics metro-level data, a range
of economic scenarios beyond the Base Case, including an Upside, Slower
Growth, a Recession case, and an Interest Rate Shock scenario.
“We are delighted to be extending our relationship with CoStar and look
forward to supporting the initiative from our substantial network of US
offices, based out of our US headquarters in New York,” said Adrian
Cooper, CEO and Chief Economist of Oxford Economics. “Our development of
total US Metro and County forecasting coverage has enabled this joint
opportunity to provide our US national and regional forecasts to CoStar.”
for more information.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial
real estate information, analytics and online marketplaces. 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. LoopNet is the
most heavily trafficked commercial real estate marketplace online with
approximately 5 million monthly unique visitors per month. Realla is the
UK’s most comprehensive commercial property digital marketplace.
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. CoStar Group’s websites
attracted an average of approximately 45 million unique monthly visitors
in aggregate in the third quarter of 2018. Headquartered in Washington,
DC, CoStar maintains offices throughout the U.S. and in Europe and
Canada with a staff of over 3,600 worldwide, including the industry’s
largest professional research organization. For more information, visit www.costargroup.com.
Megan Sweat/Christine Dusome