WASHINGTON–(BUSINESS WIRE)–Commercial Observer has released their Power Proptech list recognizing the 30 most powerful people in commercial real estate proptech, featuring CoStar Group’s Founder and Chief Executive Officer, Andrew Florance. 2022 was a year of change in the proptech industry with a reduction in investment and the consolidation of several companies. However, as Commercial Observer’s list notes, the 30 individuals recognized in this inaugural list weathered the storm and have emerged as leaders in the industry.
Since founding CoStar Group in 1986 out of his college dorm at Princeton University, Andrew Florence has built the platform into a market leader for commercial real estate insight and data. This year, CoStar Group was selected to be included in the S&P 500 Index prior to the opening of trading on September 19.
“Sitting in my dorm room I thought I would do this fun project digitizing real estate for a year or so and then go back to graduate school and get an MBA,” said Florance to Commercial Observer. “Never in a million years would I imagine that dorm room business would turn into an S&P 500 company.”
The introduction to the S&P 500 Index came on the heels of an active year of continued global expansion for the company as CoStar Group acquired French commercial real estate news service Business Immo in April and Paris-based BureauxLocaux.com, one of the largest property portals for buying and leasing CRE in France, in late 2021. In the US, CoStar Group launched Citysnap, a consumer-facing search website and mobile app, in conjunction with The Real Estate Board of New York (REBNY). The company also acquired Homes.com in 2021.
Florance believes deeply in the power of proptech and has always held a long-term vision for how CoStar Group can change the world of commercial real estate through the innovative use of technology. Since CoStar Group’s initial public offering in 1998, Florence has fearlessly led the firm through an ever-changing industry landscape and continues to be a leader in the space.
“We’re not only thinking about this quarter or next quarter. We’re thinking about what sort of investments we’re making to digitize real estate over multiple years, and we are committed to it,” Florance said. “Our shareholders believe in us and give us the capital to make these long-term investments.”
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets. 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. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. 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. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information.