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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).