CoStar Cuts 76 More Jobs, Months After Laying Off 100 Workers

US commercial real estate specialist CoStar Group has laid off 76 workers as part of a reshuffle that involves transferring roles to the company's East Coast headquarters.

In a notice to the California Employment Development Department, CoStar outlined that 14 workers were let go in January with a further 62 notified of their imminent redundancy in March - set to be finalized in May.

All the affected roles for this round of layoffs are for CoStar's researcher team, whose jobs are based in San Diego but will instead be consolidated into a centralized team in CoStar's Virginia headquarters—some 2,600 miles (or a 38hr drive) away.

San Diego workers have been offered the opportunity to move to Virginia and retain their role, said CoStar.

The layoffs follow a further 100-job cut round in December, which impacted CoStar's new residential unit (Homes.com) and real estate agent software business Homesnap.

CoStar says the December layoffs were necessary to remove 'duplicative' roles, and the firm expects to hire 700 people to its residential arm in 2023.

CoStar recently pulled out of potential $3Bn a deal to acquire Realtor.com after the Group opted to back Homes.com, the residential portal it acquired in 2020.