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Shift of Cargo to East Coast Ports Expected to Have Sticking Power
The Port of New York/New Jersey handled over 9.5 million twenty-foot equivalent units (TEUs) of cargo in 2022, a record-breaking container volume with a 5.7% year-over-year increase. Accordingly, the port surpassed Long Beach, CA last year to become the nation’s second busiest port after Los Angeles, Cushman & Wakefield reported.
The shift of cargo from the West Coast to the East Coast ports is expected to have sticking power, wrote Cushman & Wakefield’s John Obeid, partly because retailers and manufacturers have invested in new facilities or altered their shipping practices to favor other ports to hedge their bets against future supply chain issues.
Industrial vacancies in the Greater Port Region ticked higher year-over-year to 3.6% due to the delivery of new product to the market. Nonetheless, pre-leasing activity and tenant demand persisted throughout the year, resulting in 2.4 million square feet of positive net absorption.
- ◦Lease
- ◦Economy
