CoStar Group Releases New Retail Sector Results | news

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WASHINGTON–(BUSINESS WIRE)–Aug. May 2022–

Researchers at CoStar Group, Inc. (NASDAQ: CSGP) – a leading provider of online real estate marketplace, information and analysis to the commercial and residential real estate markets – today have a fresh look at the recovery trends in the commercial real estate retail market in the wake of the global pandemic .

According to analysts at CoStar Group, live work-play office nodes are emerging as a trend that can help protect city retailers from increased levels of remote work.

“Before the pandemic, retail in urban office areas served as an accessible convenience for office workers — perfect for running errands and having lunch with colleagues or a client — but physical office occupancy is still well below urban retail baseline levels sites continue to miss out on an important revenue stream as a result of the pandemic,” said Peter Ferramosca, consultant, CoStar Group. “Our research found that continued mixed-use development trends that create a ‘live-work-play’ environment could limit the negative impact of lower office usage on nearby retail and have the potential to offer investors inflated returns. “

Among the office hubs identified by CoStar Group researchers, the Hudson Waterfront submarket and the NoMa submarket in Washington DC stood out the most.

According to the CoStar Group, more than half of Hudson Waterfront’s commercial real estate portfolio consists of rentable building area (RBA). Additionally, retail rent growth in Hudson Waterfront outperformed the broader New York retail market by 90 basis points from Q4 2019 to Q1 2022.

Ferramosca continued, “Our data tells us that office hubs with a relatively high density of multi-family homes could offer greater revenue potential for local retailers. On average, apartment dwellers spend more consistently on essentials during the week and further increase weekend spend on shopping and entertainment, making it a potentially thriving environment.”

Washington DC’s NoMa submarket is another standout submarket, aided both by its stability due to the concentration of government offices and its inventory, which is 33% multifamily. Retail vacancies in this office hub have fallen 4.3% more than DC as a whole.

To learn more about the CoStar Group and the company’s industry-leading data and analytics, visit CoStarGroup.com.

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplace, information and analytics. Founded in 1987, CoStar conducts extensive, ongoing research to create and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyse, interpret and gain unmatched insights into commercial property values, market conditions and current availability. STR provides best-in-class data benchmarking, analytics and market insights for the global hospitality industry. Ten-X provides a leading platform for conducting online commercial property auctions and negotiated bids. LoopNet is the most heavily trafficked online marketplace for commercial real estate. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com make up the leading online apartment resource for renters looking for great homes, and provide property managers and owners with a proven platform to market their properties. Homesnap is an industry-leading online and mobile software platform that provides easy-to-use applications to streamline the home agent workflow and strengthen the agent-client relationship. Homes.com provides residential real estate advertising and marketing services to real estate professionals. Realla is the UK’s most comprehensive digital marketplace for commercial property. BureauxLocaux is one of the largest specialized real estate portals for buying and renting commercial real estate in France. The CoStar Group websites attract tens of millions of unique visitors monthly. The CoStar Group is headquartered in Washington, DC with offices in the US, Europe, Canada and Asia. From time to time, we plan to use our corporate website, CoStarGroup.com, as a distribution channel for material corporate information. For more information, visit www.CoStarGroup.com.

This press release contains “forward-looking statements,” including, but not limited to, statements regarding CoStar Group’s expectations, beliefs, intentions or strategies regarding the future. These statements are based on current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements, including the risk that trends depicted or implied by the data, or those suggested by such trends, may not continue Not producing results, including trends related to commercial real estate fundamentals, mixed-use development, retail rent growth and retail vacancy rates. Additional information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements includes, among other things, that set forth in CoStar Group’s filings with the Securities and Exchange Commission from time to time , including CoStar’s annual report on Form 10-K for the year ended December 31, 2021 and quarterly report on Form 10-Q for the quarter ended March 31, 2022, each of which is filed with the SEC, including in the “Risk Factors” section . of these filings, as well as CoStar’s other filings with the SEC, which are available on the SEC’s website ( www.sec.gov ). All forward-looking statements are based on information available to CoStar as of the date of this release, and CoStar undertakes no obligation to update any such statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005669/en/

CONTACT: Media:

Matthew Blocher

CoStar group

[email protected]

202.346.6775

KEYWORD: DISTRICT OF COLUMBIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER RETAIL RETAIL RESIDENTIAL & REAL ESTATE COMMERCIAL & REAL ESTATE CONSTRUCTION & REAL ESTATE

SOURCE: CoStar Group, Inc.

Copyright Business Wire 2022.

PUBLICATION: 05/19/2022 10:10 AM / DISC: 05/19/2022 10:11 AM

http://www.businesswire.com/news/home/20220519005669/en

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