Healthy TEU Volumes at U.S. Ports Amid Softening Industrial Demand
Cushman & Wakefield report on
While these trends mirror the
“Despite expectations that West Coast ports would regain market share from East and Gulf ports due to the ongoing Red Sea crisis, Panama Canal drought, and the upcoming East Coast port negotiations, this shift has yet to materialize consistently,” said Jason Price, Senior Director, Americas Head of Logistics & Industrial Research. “Having learned from previous supply chain challenges, shippers continue to diversify ports of entry, resulting in modest growth at most major ports nationwide.”
The nation’s top 10 maritime ports registered healthy container volume totals through the first quarter of 2024. All 10 ports registered increases versus the first quarter of 2023, with the ports of
Although many port markets rank among the priciest in the
Q1 2024 U.S. Port Market Industrial Statistics | |||||||
Industrial Market | Port of Call | Inventory (msf) | Under Construction (msf) |
Vacancy (%) | Avg Asking Rent (psf) |
YOY Rent Change (%) |
Q1 2024 Net Absorption (msf) |
Port of NY/NJ | 678.0 |
10.2 |
|
|
|
-3.2 |
|
NYC Boroughs | Port of NY/NJ | 139.5 |
1.5 |
|
|
|
0.5 |
Port of |
115.2 |
3.3 |
|
|
|
0.8 |
|
Port of |
97.8 |
4.5 |
|
|
- |
-0.7 |
|
Port of |
128.9 |
29.3 |
|
|
|
3.6 |
|
JAXPORT | 112.8 |
3.9 |
|
|
|
0.2 |
|
572.6 |
10.7 |
|
|
|
5.1 |
||
Port of LA/LB | 799.6 |
8.0 |
|
|
- |
-3.8 |
|
Inland Empire | Port of LA/LB | 624.6 |
20.8 |
|
|
- |
-0.1 |
Port of LA/LB | 253.4 |
1.5 |
|
|
|
-0.4 |
|
Port of |
214.8 |
1.6 |
|
|
|
-1.2 |
|
Northwest Seaport Alliance | 261.3 |
5.6 |
|
|
|
-0.9 |
|
Puget Sound - Eastside | Northwest Seaport Alliance | 65.4 |
1.2 |
|
|
- |
-0.4 |
4,063.9 |
102.1 |
|
|
- |
-0.5 |
||
Source: Cushman & Wakefield Research |
“While some major port markets have been hit the hardest in terms of occupancy losses and rental rate declines, the dissipating construction pipeline will help alleviate some of the upward pressure on vacancy rates in the future. Furthermore, demand is projected to accelerate over the next three years,” said Price.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of
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Mike Boonshoft
michael.boonshoft@cushwake.com
Source: Cushman & Wakefield