Port of NY/NJ Surpasses Pre-Pandemic Volume in ’23 

As the busiest port on the East Coast, the Port of New York and New Jersey (PNYNJ) exceeded pre-pandemic container volume levels, handling 7.8 million TEUs in 2023, a 4.4% increase from 2019, according to Cushman & Wakefield’s 2023 year-end Port of New York and New Jersey (PNYNJ) industrial review.   

The port has undergone a $220 million project to enhance port capacity, including the redesign and rebuilding of Port Newark’s northern entrance. The report notes a 240 basis point increase in the vacancy rate of the Port Region, reaching 5.3%, primarily due to new product deliveries. Leasing activity surged in the fourth quarter, surpassing 1.0 million square feet for the first time since 2021. 

“This report highlights the Port of New York and New Jersey’s resilience and strong recovery from the pandemic. Despite facing challenges, the Port has achieved more than pre-pandemic container volume levels and continues to be the busiest port on the East Coast,” said John Obeid, senior research manager of Cushman & Wakefield.

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