Total 654 words used.
Introduction
In 1987, Andy Florance, developed from his dorm room his idea for a business that could provide real estate professionals with detailed information about properties. That idea would become CoStar Group, and Andy Florance, would lead it as Founder and CEO from a small system on a PC into a world leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets. Andy has led, nurtured and grown CoStar Group into a team of over 5,600 employees in 14 countries. Under his entrepreneurial leadership the business has continued to flourish despite the severe macroeconomic challenges seen since the start of 2021.
Consistent Quarterly Earnings Growth
Against a backdrop of rising interest rates and real estate market disruption, Andy has still guided CoStar Group to deliver consistent quarterly earnings growth in every quarter between 2021 and 2023. Revenue for Q1 2023 reached $584m, representing an impressive year-on-year revenue growth of 13%. Revenue for Q1 2021 stood at $458m, meaning over two years to Q1 2023, revenue has rocketed by 28%.
Innovative Products and Expansion
CoStar Group’s consistent growth is driven by Andy’s ability to continuously innovate, expand and improve offerings. In 2022, Andy oversaw the launch of LoopNet, the world’s only international online marketplace for commercial property, in the UK market. It marked the creation of the first international commercial real estate online marketplace, allowing tenants, brokers and investors to access properties available for sale and lease across multiple countries on a single platform. In Q1 2023, supported by the UK launch, LoopNet achieved revenue growth of 16%. In 2022, Andy also led CoStar company, Homesnap, to launch the first ever public portal app for the Real Estate Board of New York, Citysnap, which comprises the most comprehensive inventory of real estate listings in NYC. Providing consumers a much-needed resource for transparent information, enabling better collaboration between buyers, sellers and brokers in NYC’s complex market. Andy has also delivered organic growth through adding and developing employees. In 2022, ground-broke on new facilities at CoStar Group’s R&D campus in Richmond, Virginia that will add 2,000 jobs. Globally, CoStar’s workforce increased by 20%+ in 2022.
Inclusion in S&P 500
In 2022 CoStar Group was selected for inclusion in the S&P 500, a premier benchmark of the U.S. equities market, and was included in the NASDAQ 100, one of the world’s largest pre-eminent large-cap indexes. These achievements are evidence of the trust CoStar Group’s customers place in the company and Andy’s leadership, and are recognition of the company’s robust financial performance, leadership in technology and real estate. In 2023, CoStar Group was added to the Forbes Global 2,000, which ranks the world’s largest public companies based on their global impact and financial strength.
Driving DEI
Believing CoStar Group should represent the communities it serves, Andy has embedded Diversity Equity and Inclusion (DEI) at all levels of the organisation. Including the hiring of a Vice President of DEI, and the creation of a DEI team dedicated to diversity and six different Employee Resource Groups from the Black, Latinx and LGBTQIA+. This has helped boost employee belonging, mentoring and professional development. CoStar Group also partners with 300 organisations that target working with underrepresented populations and requires that external search partners ensure at least 50% of job candidates are from underrepresented groups.
Becoming more sustainable
Andy has committed CoStar Group to energy efficient buildings and has 70% of its occupied and planned office footprint being LEED-certified, a gold standard of building sustainability performance. 95% of CoStar Group’s data centres are powered by renewable energy. The company has electrified its 200+ research vehicles and equipped parking spaces with EV charging stations. In 2022, Andy led CoStar Group to start calculating its baseline greenhouse gas emissions and from this point the company is tracking and reporting its energy consumption and emissions, making the reduction of these easier to monitor and reduce further.
Nomination Title: Andy Florance, Founder & CEO
