CoStar Group has undergone a spherical of layoffs. A spokesperson for the Andy Florance-helmed agency confirmed information of the layoffs Wednesday afternoon.
In keeping with an organization spokesperson, the choice to “remove sure roles inside the group,” was made in an effort to “align our group with these strategic goals and place the corporate for continued success.”
“This was not a choice taken frivolously, and we’re deeply appreciative of the contributions that every affected workforce member has made throughout this transformative interval,” the spokesperson added. “We’re dedicated to supporting our workers by way of this transition and can present sources and help. Our focus stays on constructing a powerful, sustainable firm that serves our clients and drives innovation within the trade.”
The corporate has but to touch upon the dimensions and scope of the layoffs.
“Over the previous two years, we now have skilled a interval of fast development following the preliminary funding section and the profitable launch of Houses.com,” the spokesperson wrote in an e-mail. “This momentum has enabled us to succeed in essential milestones and increase our providers to raised meet the wants of our clients.”
As CoStar appears to the long run, central to its development technique is the deployment of “superior AI applied sciences” throughout your entire firm.
“These initiatives are designed to speed up income development and operational efficiencies, enabling us to streamline processes, elevate the shopper expertise and unlock revolutionary options all through our total portfolio,” the spokesperson wrote.
These layoffs come as CoStar faces strain from activist investors to divest or shutdown Houses.com amid weaker than initially anticipated monetary outcomes. Regardless of this strain, CoStar has maintained that it has no plans to divest of or shutdown Houses.com.
In a response to activist investor calls for, CoStar has stated that “scaling Houses.com has already generated constructive community results for CoStar Group, together with elevated visitors and leads at Flats.com and the continuing integration of recent expertise throughout the Firm, notably in AI.”
“Our 2026 and long-term steering mirror our confidence in our capacity to repeat our prior successes and to unlock the numerous potential of our digital ecosystem for stockholders. Our steering displays the advantage of initiatives throughout our core platform that may not be doable with out Houses.com,” the corporate has acknowledged.
CoStar has forecasted profitability for Houses.com by 2030.
