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10 Must Reads for the CRE Industry Today (November 26, 2018)

One research firm found that Black Friday and Thanksgiving Day shopping foot traffic dropped 1 percent, CNBC reported. CoverGirl has opened a new store in Times Square that’s focused on Instagram, according to the New York Post.

  1. Black Friday, Thanksgiving Day Foot Traffic Dips 1 Percent from 2017: ShopperTrak “Foot traffic at malls and stores across the U.S. this past holiday weekend wasn’t as strong as last year, a retail tracking firm said Saturday, while a separate report suggested more consumers opted to shop online. Preliminary data tracking shoppers’ visits to physical stores Thanksgiving Day and Black Friday show a year-over-year decline of 1 percent, ShopperTrak said. Meanwhile, store visits Black Friday by itself were down 1.7 percent.” (CNBC)
  2. CoverGirl Unveils Times Square Store with Focus on Instagram “This is not your grandmother’s CoverGirl. The budget beauty brand known for ‘Clean Makeup’ that launched the career of a young Cybill Shepherd would be happy to be millennials’ ‘Instagramma.’” (New York Post)
  3. Second-Tier Cities Boast First-Rate Job Figures “The New York and Washington regions were the big winners in com Inc.’s contest for its new headquarters project, leaving others behind because the two East Coast metro areas had the sheer scale to meet the company’s needs for 50,000 workers. The decision highlighted a continuing shift of economic might toward big coastal power cities, but it obscured something else happening in the U.S. economy. Second-tier cities are thriving, and by some measures they are doing even better than their bigger rivals.” (Wall Street Journal, subscription required)
  4. Amazon HQ2 Heats Up Long Island City’s Already Hot Housing Market “Amazon hasn’t even moved in yet, but Long Island City's housing is already seeing a surge of interest. Locally, the retail giant’s decision to build two new headquarter locations has been controversial, and met by growing backlash over the incentives provided by the city and state.” (CNBC)
  5. Act III for a Lower Manhattan Landmark “It was originally home to an insurance company, then to city courts. Now the Clock Tower Building on lower Broadway will be a condo tower.” (The New York Times)
  6. Cyber Monday Set to Be Biggest U.S. Online Shopping Day in History “American consumers are about to click their way into the record books. Cyber Monday is expected to generate $7.8 billion in sales, up nearly 18% on last year, which would make it the biggest online shopping day in the U.S., according to Adobe Analytics.” (MarketWatch)
  7. After Amazon HQ2, Some Lawmakers Question Nondisclosure Requirements “The high-stakes contest for HQ2, com Inc.’s second headquarters, has led some public officials to question whether they will sign nondisclosure agreements so readily in the future. Companies seeking tax breaks and other incentives often require local officials to sign NDAs as part of economic-development deals to protect confidential information.” (Wall Street Journal, subscription required)
  8. Self Storage Rents Fall, Inventory Increases “Self storage rents further declined in October as new supply continued to increase. Over the past 12 months, street-rate rents dropped by 4.9 percent for 10×10 non-climate-controlled and 2.9 percent for 10×10 climate-controlled units. Due to its large population and tight inventory, rents in New York rose 2.4 percent year-over-year for standard non-climate-controlled units.” (Commercial Property Executive)
  9. Brooklyn Beep Eric Adams Urges Probe Into Suspected Fraud at the City’s Program to Take Over Distressed Properties “A city program to move multi-family buildings drowning in debt and disrepair to a selected developer should be investigated for possible fraud, the Brooklyn Borough President said Sunday. Citing an increase in constituent complaints, Brooklyn Beep Eric Adams wants the state attorney general to probe the city’s Department of Housing Preservation and Development’s Third Party Transfer (TPT) program.” (New York Daily News)
  10. Landlord-Managed Coworking Spaces: The Next Big Thing? “George Vogelei, executive vice president at Transwestern, reveals the reasons behind the rise of owner-managed shared space and also touches on the challenges of this alternative.” (Commercial Property Executive)
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