CoStar Shifts Strategy With Job Relocations, Sales Focus And Researcher Layoffs

CoStar Group, the commercial real estate data leader that has more than doubled its market value in the last two years, just unveiled a major shift in its research and sales efforts.

The D.C.-based company is relocating 145 positions from D.C., Atlanta and other East Coast offices to Richmond, Virginia, CEO Andy Florance said on CoStar`s earnings call Tuesday. 

In addition, CoStar is eliminating 120 researcher positions from Atlanta this month and hiring 100 sales people in the Richmond office, a research hub it opened in 2016. Following the consolidation, CoStar`s Richmond office will have 950 people, compared to 750 in its Downtown D.C. headquarters.

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RSK: Hahaha...this is no surprise to anyone...they are just admitting it publicly what everyone knew all along.