Port of NY/NJ Sees Substantial Surges in Cargo Volume
As the national and local economies continued to recover amid the backdrop of the ongoing pandemic, the Port of New York & New Jersey recorded substantial year-over-year surges in cargo volume handled, despite experiencing ongoing delays at the ports, Cushman & Wakefield’s Jason Price reported.
However, he cautioned that the port—the busiest on the East Coast–”could begin to record tempered monthly import totals due to the growing delta variant risk, specifically in China, which has caused some port shutdowns already.”
Amid the backdrop of serving as the key East Coast port for imports, the surrounding industrial submarket—the Greater Port Region—has recorded robust market fundamentals over the past six years, reported Price, director, Tri-state & Americas industrial research. Industrial vacancies reached a new historical low of 1.9% at midyear 2021, down 40 basis points since 2020.
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- ◦Economy