ESRI Data Offering More Accurately Reflects Current Market Conditions
Redlands, California-April 16, 2010-ESRI announces that CoStar Group, Inc. (NASDAQ-CSGP), the number one provider of information, marketing, and analytic services to the commercial real estate industry, is licensing ESRI geographic information system (GIS) demographic data and software. The new agreement gives customers online access to data that is more precise and up-to-date than ever before. CoStar customers, including retailers, owners, brokers, and appraisers, will be able to benefit immediately from the new demographic and business information.
"CoStar chose ESRI as our demographic data supplier based on our confidence in ESRI’s veteran team of demographers, statisticians, economists, and analysts," says Bob Evatt, vice president, software development, CoStar Group. "Their high level of expertise and professionalism ensures that CoStar subscribers will receive the most accurate demographic data available."
The data CoStar is licensing includes demographics, business and employment data, and consumer spending information with current-year estimates and five-year projections. It is integrated into two online applications, CoStar Property Professional and CoStar Comps Professional, that are used to find information and perform analyses on geographic areas around commercial properties.
"The CoStar partnership reaffirms the value of high-quality, accurate data that can be easily embedded in spatial analysis," says Simon Thompson, director of global commercial marketing, ESRI. "Our mutual clients in the real estate market gain immediate benefit from this partnership, which builds on the core strengths and expertise of both companies."
Properties can be searched based on specific demographic criteria and compared to other properties based on their surrounding demographic characteristics. ESRI created standard radius trade areas around every commercial real estate property in CoStar’s database, representing about 5.2 million listings, using ESRI Business Analyst GIS software. Subscribers can generate up to 7 demographic reports and 14 individual demographic charts and export demographic data for each property.
CoStar will use ESRI software to calculate trade area demographics as new properties are added to its database, giving CoStar customers in-depth information about available real estate. Being able to incorporate new data on the company’s Web site as it becomes available makes CoStar more responsive to an ever-changing marketplace.
For more information about how ESRI software and data is used in the commercial real estate market, visit www.esri.com/commercialre.
Since 1969, ESRI has been giving customers around the world the power to think and plan geographically. The market leader in GIS, ESRI software is used in more than 300,000 organizations worldwide including each of the 200 largest cities in the United States, most national governments, more than two-thirds of Fortune 500 companies, and more than 7,000 colleges and universities. ESRI applications, running on more than one million desktops and thousands of Web and enterprise servers, provide the backbone for the world’s mapping and spatial analysis. ESRI is the only vendor that provides complete technical solutions for desktop, mobile, server, and Internet platforms. Visit us at www.esri.com/news.