Healthy TEU Volumes at U.S. Ports Amid Softening Industrial Demand
While these trends mirror the
“Despite expectations that
The nation’s top 10 maritime ports registered healthy container volume totals through the first quarter of 2024. All 10 ports registered increases versus the first quarter of 2023, with the ports of
Although many port markets rank among the priciest in the
Q1 2024 U.S. Port Market Industrial Statistics | |||||||
Industrial Market |
|
Inventory (msf) | Under Construction (msf) |
Vacancy (%) | Avg Asking Rent (psf) |
YOY Rent Change (%) |
Q1 2024 Net Absorption (msf) |
|
Port of NY/NJ |
678.0 |
10.2 |
6.3% |
|
3.5% |
-3.2 |
NYC Boroughs | Port of NY/NJ |
139.5 |
1.5 |
4.4% |
|
7.9% |
0.5 |
|
Port of |
115.2 |
3.3 |
3.2% |
|
8.5% |
0.8 |
|
|
97.8 |
4.5 |
9.2% |
|
-29.9% |
-0.7 |
|
|
128.9 |
29.3 |
7.0% |
|
4.6% |
3.6 |
|
JAXPORT |
112.8 |
3.9 |
4.9% |
|
30.4% |
0.2 |
|
|
572.6 |
10.7 |
6.9% |
|
8.0% |
5.1 |
|
Port of LA/LB |
799.6 |
8.0 |
3.9% |
|
-10.8% |
-3.8 |
Inland Empire | Port of LA/LB |
624.6 |
20.8 |
6.3% |
|
-16.6% |
-0.1 |
|
Port of LA/LB |
253.4 |
1.5 |
2.8% |
|
5.6% |
-0.4 |
|
|
214.8 |
1.6 |
5.1% |
|
0.0% |
-1.2 |
|
|
261.3 |
5.6 |
6.0% |
|
3.1% |
-0.9 |
|
|
65.4 |
1.2 |
5.5% |
|
-15.9% |
-0.4 |
4,063.9 |
102.1 |
5.5% |
|
-0.1% |
-0.5 |
||
Source: |
“While some major port markets have been hit the hardest in terms of occupancy losses and rental rate declines, the dissipating construction pipeline will help alleviate some of the upward pressure on vacancy rates in the future. Furthermore, demand is projected to accelerate over the next three years,” said Price.
About
View source version on businesswire.com: https://www.businesswire.com/news/home/20240617793072/en/
michael.boonshoft@cushwake.com
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