BETHESDA, MD — February 12, 2007 — CoStar Group, Inc. (NASDAQ: CSGP), the number one provider of information services to the commercial real estate industry, today announced that it will begin adding the ENERGY STAR rating — the most recognized national metric for evaluating building energy efficiency — to properties in its massive online database, which currently contains more than 2 million researched and verified commercial properties of all classes and types.
"With the help of ENERGY STAR, we believe commercial property professionals across every spectrum of our industry are improving the energy performance and, thereby, the financial value of their properties," said Andrew C. Florance, president and CEO of the CoStar Group. "I believe adding the ENERGY STAR rating to properties throughout our database, including those that have earned the ENERGY STAR label, will heighten awareness about the connection between asset values and energy efficiency within our industry."
According to the U.S. Environmental Protection Agency, energy consumption from the operation of commercial buildings accounts for 18 percent of all greenhouse gas emissions in the United States. In a typical office building, energy represents 30 percent of operating costs — its single largest and most manageable operating expense. On average, ENERGY STAR partners experience a 10 to 30 percent reduction in their operating costs through changes in building management strategies and capital investments with acceptable rates of return.
"I can't think of a more efficient, unbiased way of bringing easy-to-interpret data on energy performance, financial value and climate stewardship to the commercial real estate market," said Stuart Brodsky, EPA program manager for ENERGY STAR commercial property markets. "CoStar's integration of the ENERGY STAR rating into its database will give industry professionals direct access to the nation's leading system for evaluating the environmental efficiency of commercial properties. Continuous improvement in energy performance is a key indicator of superior asset management practices, and tracking a property's rating on an ongoing basis through CoStar will bring this information to the broadest possible market."
Last year, CoStar began highlighting commercial properties that are LEED-certified by the U.S. Green Building Council throughout its database so that subscribers could pinpoint high-performance green buildings. So far, more than 200 LEED-certified properties have been added to CoStar's database.
Together, the LEED certification and ENERGY STAR rating will enable every CoStar subscriber to know the extent to which properties are truly green and energy efficient.
As part of its corporate sustainability initiatives, CoStar also equipped its field researchers last year with more than 100 fuel-efficient hybrid cars so that, as researchers collect building-level information throughout the United States and the United Kingdom, they also lower their carbon emissions. CoStar's professional field researchers drive over 3 million miles a year gathering, inspecting, photographing and transmitting real-time data on commercial properties to CoStar's office-based research analysts. CoStar estimates that including Prius hybrids in its field research fleet will reduce fuel consumption by approximately 160,000 gallons a year.
As the industry's largest commercial real estate research organization, CoStar gathers and verifies for-sale and for-lease listings across all commercial property types — office, industrial, retail, land, mixed-use, hospitality and multifamily in 66 U.S. markets and parts of the United Kingdom.
The company provides subscribers with the largest inventory of fully researched and verified for-lease and for-sale availabilities and comparable property sales covering over 37 billion square feet and more than 2 million commercial properties of all classes and types. This massive online database is continually updated by more than 1,300 highly trained researchers who personally gather and verify hundreds of commercial property details by phone and in the field using a fleet of high-tech mobile units, door-to-door tenant canvassing, sophisticated aerial and architectural photography and satellite mapping systems.
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About EPA's ENERGY STAR Program
Established in 1992, ENERGY STAR is a government-backed program that helps businesses and consumers protect the environment through superior energy efficiency. Last year alone, American consumers and businesses, with the help of ENERGY STAR, saved $12 billion and prevented greenhouse gas emissions equal to those from 23 million vehicles. For more information, visit http://www.energystar.gov.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is the number one provider of information services to commercial real estate professionals in the United States and the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information on 66 U.S. markets and parts of the United Kingdom. Headquartered in Bethesda, MD, the company has approximately 1,300 employees throughout the United States and the United Kingdom, including the largest professional research organization in the industry. http://www.CoStar.com