CoStar Group Inc. (NASDAQ: CSGP) plans to eliminate nearly 100 local jobs in late September as part of an increased focus on its Richmond-based research hub.
The District-based based commercial real estate data firm filed notice July 10 with the D.C. Department of Employment Services of its plan to lay off 96 employees effective Sept. 27. Company CEO Andy Florance forecast the planned layoffs on CoStar’s July 23 earnings call. In all, he said the company plans to relocate 145 positions from D.C. and Atlanta to Richmond, where CoStar will soon have nearly 950 employees.
In a statement, the company said it “recently underwent a consolidation and realignment within its research function,” and plans to hire about 100 outbound multifamily sales staff to be based in Richmond and focused on the growth of its Apartments.com brand. Along with the D.C. cuts, CoStar is eliminating an Atlanta-based research operation. The new Richmond staffers will be focused on advertising products for mid- and…Read the full story from the Washington Business Journal.