CoStar Group, a commercial real estate company, is going through yet another round.
CoStar filed a Work Adjustment and Retraining Notification in California earlier in March. It stated that it had eliminated 62 positions. The company spokeswoman confirmed the cuts.
CoStar reports that the cuts affected a team of researchers based in San Diego.
CoStar spokesperson wrote in an email that “This consolidation of Richmond, Virginia’s full research team ensures that job functions are in-line to the current and future directions of the business.” “This decision did not affect employee or company financial performance.”
If employees are interested in a Richmond research position, they can be offered relocation assistance. According to the firm, those impacted have the option to apply for the new outbound multifamily sale or any other open job within the company if their skills match the job requirements.
The spokesperson stated that CoStar Group employees are greatly appreciated for their contributions.
Although the layoffs were announced March 1, they will not take effect until mid-May 2023.
CoStar announced in December 2022 that it had laid off approximately 100 employees from its residential segment.
Late January saw word that CoStar was in negotiations with News Corp to purchase Move Inc, the parent company for Realtor.com, at $3 billion. The firm’s fourth quarter earnings call with investors was held the following month. Executives announced that CoStar Group would not acquire Realtor.com.