Online shoppers are expected to spend a record $9.4 billion on Cyber Monday, following a record Black Friday that saw $5.4 billion in sales. according to data from Adobe Analytics. The figures mark year-over-year increases of 18.9% and 22.3% respectively. Nordstom (+60%), Walmart (+53%) and Amazon (+49%) are expected to garner the biggest increases in terms of their year-over-year customer spending. Meanwhile, shoppers chose to buy online and pick up in store over 40% more often than last year, a figure that speaks to how omnichannel retail is snowballing. (CNBC)
Southern cities dominate the Top-Five list for commercial real estate development going into 2020, according to new research by PricewaterhouseCoopers. Bolstered by CRE trends including increased technology jobs and more multifamily investor interest, the four best picks are Austin, Texas, Nashville, and Raleigh-Durham and Charlotte in North Carolina. Boston rounds out the list. (Mortgage Professional America)
New York developer Cove Property Trust has received nearly $725 million to refinance Hudson Commons as it pursues lease-up of its 700,000-square-foot creative office tower within Hudson Yards. City. Cove Property and joint-venture investment partner The Baupost Group are among the handful of large developers spending hundreds of millions (and in some cases, billions) to build new towers in Hudson Yards along New York City’s Far West Side. The area’s office towers are filling quickly as companies seek modern space as an employee recruiting tool. Cove and Baupost paid insurer EmblemHealth around $330 million for what was an 8-story building in 2016, and by 2017 had secured $479 million from Apollo Commercial Real Estate to expand the building. Now standing 25 stories, the property is 65% leased, with Peloton and Lyft as its largest tenants. “From day one, we held true to our business plan of preserving a remarkable industrial building, while adding to it an integrated, efficient tower and thereby creating a best-in-class work environment that fosters collaboration, innovation and growth, all at the gateway to Manhattan’s newest center of business,” Cove Managing Partner Kevin Hoo said in a statement. (Commercial Observer)
More News to Note:
VP of Atlanta-based Investor MidCity Talks Affordable Housing Woes in Nation’s Capital
J.P. Morgan Asset Management Hires New Leader for its European Real Estate Portfolio
