search.noResults

search.searching

note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
We need to have college-educated,


sharp, motivated people with good rela- tionship skills. [The decision on locating the center was] about creating the best environment for them. In Washington, if I want to be able to walk 10 minutes to work, I would have to spend $2,300 a month for an apartment. If I do the same thing in Richmond, I could spend $1,000 a month. For someone coming out of college with a little bit of student debt, a $15,000 to $16,000 differential is huge. Another important thing to a 29-year- old would be the cost of a pint of beer … We also want to invest in [employ-


ees’] education. We bring professors in, and we actually fund graduate education for them. We like an environment where you have a bunch of great edu- cational institutions. [Here you have] Virginia State, VCU, Virginia Union, University of Richmond, U.Va., Virginia Tech, I mean, a phenomenal educational system — and affordable beer.


VB: You probably are aware that there’s been an advanced manufactur- ing collaborative research center south of here [the Commonwealth Center for Advance Manufacturing in Prince George County].


VB: How has your company changed the real estate industry?


Florance: I’ve been spending a little bit of time in Madrid lately, and we’re beginning to ramp up there. Madrid reminds me of Washington, D.C., in 1988 or ’89 in terms of the way informa- tion flows … Madrid is the exact same size as Houston, Atlanta and Wash- ington in terms of GDP or in terms of population. In Madrid, the top 20 brokerage firms have 500 brokers total, as opposed to Houston, Washington and Atlanta having 1,500 [each]. Then the amount of inventory that the top broker- age firms have to move in Madrid is 25 million feet. In Washington, Atlanta and Houston it’s 100 million feet. The brokers themselves are earning 300 percent more in Washington, Atlanta


and Houston on average than they are in Madrid … They earn more in an information-rich environment than they do in an information-starved, nondigital environment.


VB: What made you decide to create this research operations headquarters and why did you decide not to base it in D.C.?


Florance: [While CoStar relies on sophisticated technology], at the end of the day, it’s about people who are com- municating with the owners, developers and brokers. They are a trusted inter- mediary or curator of the information … Our clients love to develop long-term relationships with our researchers … The longevity of those relationships is important.


www.VirginiaBusiness.com


Florance: That’s sort of the model we’d love to pursue. How can you take this sort of content and apply it in a real-world scenario? We’ve got 25 million people a month coming to our websites and they’re conducting a billion searches a year and you’ve got a trillion data points coming back, and we’re sav- ing every bit of it … Historically, you’d learn in real estate 101, that you look at a building and you look for other buildings of the same type within a couple blocks, and those are your peers. Except now we know those are not the competitors. What’s more of an indication of a com- petitor is what the consumer looks at and shops for. We can say that a hundred million renters came and searched, and the ones that looked at these lofts in this community most likely spent the same amount of time looking at [loft apart- ments] three miles away, down the river. So your competitor is not that building two blocks away. Your competitor is three miles away, down the river.


VIRGINIA BUSINESS 67


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80