Comprehensive Analysis is First of Its Kind to Use Direct Measurement Calculations
Apr. 19, 2011 (GlobeNewswire) --
WASHINGTON, April 19, 2011 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP) today announced that the American Real Estate Society (ARES), an association of real estate thought leaders whose members include leading global academic and professional researchers, has selected a recent study co-authored by CoStar Group executives and published in the Journal of Real Estate Portfolio Management (JREPM) to receive the "Best Paper Award" for 2010.
The award-winning study, "Slicing, Dicing, and Scoping the Size of the U.S. Commercial Real Estate Market," is believed to be the first analysis to document the full size and scope of the commercial real estate market using direct measurement of commercial property, with additional tests used to size the hospitality and multi-family markets, providing a much more accurate and precise determination of market size than previous commonly cited estimates.
Analyzing the extensive data available in CoStar's comprehensive database of U.S. commercial property, the rigorous study established the total market value of commercial real estate in the U.S. at $11 trillion at the time the study was conducted. In addition to benchmarking commercial real estate as a major asset class, the direct measurement calculations used in the study also provided an important framework for analyzing the investment potential of commercial real estate within different markets and by different commercial property types.
Andrew Florance, CoStar Group's Founder and CEO; Dr. Ruijue Peng, Chief Research Officer for Property and Portfolio Research, a CoStar subsidiary; Jay Spivey, Senior Director of Analytics for CoStar Group; and Dr. Norm Miller, Professor and Director of Academic Programs at the University of San Diego's Burnham-Moores Center for Real Estate, authored the study. The winning paper was published in Volume 16, Number 2 edition of JREPM. Its selection as "Best Paper" was made by the more than 1,000 members of ARES and presented at the group's 2011 annual meeting held, April 13 -16, 2011 in Seattle, WA.
"Before this study, we had limited means of assessing the size of the commercial real estate market as a whole, and could only estimate the full size and value of this increasingly important asset class," noted Dr. Glenn R. Mueller, professor at the Burns School of Real Estate and Construction Management at the University of Denver, and one of the Journal's editors. "For the first time, we now have the means to use direct measurement to produce a much more accurate and precise valuation, which is critical for investors as well as researchers. At 11 trillion dollars, U.S. commercial real estate approaches the size of the U.S.