CoStar Group is one of the nation’s leading providers for commercial property data, listings and comps. Today they are moving to acquire Atlanta’s oldest commercial property resources: Dorey Companies. This certainly narrows the competition for market dominance in Metro Atlanta down to LoopNet and CoStar. As a commercial broker, I welcome the consolidation. It is very hard to get accurate property data when having to research 3 sources. Having only two commercial listing resources should help brokers and consumers alike when searching for the right commercial investment. Stay tuned for more news as I receive details of the acquisition. UPDATE: CoStar is pushing this as a ‘partnership’ and billing it as "Atlanta’s ultimate online information source". It will be an improvement through consolidation, but I’d love to see CoStar embrace more user-friendly interface maybe even throw some widgets or plugins to us brokers (a la LoopNet). Costar is currently tracking 40,000 plus properties here in Metro Atlanta which will now combine with Dorey’s 25,000 ish properties they track to yield almost 65,000 properties tracked. There will be some overlap, but the combined results should far outweigh the two separate databases. I also find it funny that CoStar has a press release dated 1998 about it’s agreement for data sharing and marketing with Dorey Companies: http://www.costar.com/corporate/press/Release.aspx?c=2216&ekmensel=8_submenu_76_link_2 It’s good to see they finally followed through after 10 years. If this is not proof that the commercial real estate industry needs some modernization, then I don’t what is.
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