Surging Long Beach Port Traffic Equals Largest Month in 110 Years
Increases in cargo shipments due to holiday inventory replenishing have pushed delay times from an average of two days to more than eight days, according to a recent Kidder Mathews industrial report. The Port of Long Beach processed 771,735 20-foot equivalent units in February, an increase of 43.3 percent from February 2020. This marks the largest year-over-year increase for a single month in the port’s 110-year history.
Healthy fundamentals will continue to keep the industrial market on firm footing. With global e-commerce users expected to grow to 3.8 billion in 2021, demand for logistics and manufacturing spaces will be a main driver in many markets.
Limited vacancies and the ongoing trend of converting industrial spaces into multifamily or creative office space will continue to drive rental rates upward, says the Kidder report.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.