Commercial real estate giant CoStar Group is undergoing yet another round of layoffs.
Earlier in March, CoStar filed a Work Adjustment and Retraining Notice in California indicating that it had cut 62 positions. A spokesperson for the company confirmed these cuts.
According to CoStar, the cuts impacted a team of researchers currently based in San Diego.
“This consolidation of our full research team in Richmond, Virginia ensures job functions are in-line with the current and future direction of the business,” a spokesperson for CoStar wrote in an email. “This decision was not at all related to employee or company financial performance.”
Employees impacted by the cuts have been offered relocation assistance if they chose to accept a research role in Richmond. Those impacted also have the opportunity to apply for one of the new outbound multifamily sales or any other open position within the company where their skills align to the job requirements, according to the firm.
“We appreciate all of the contributions our employees have made on behalf of CoStar Group,” the spokesperson wrote.
Although the layoffs were announced in March, they do not go into effect until mid-May 2023.
In December 2022, CoStar announced that it laid off roughly 100 employees from its residential segment.
In late January, word went out that CoStar was in talks with News Corp to acquire Move Inc, the parent company of Realtor.com, for $3 billion. During the firm’s fourth-quarter earnings call with investors the following month, executives announced that “at this point, CoStar Group is not acquiring Realtor.com.”