Healthy TEU Volumes at U.S. Ports Amid Softening Industrial Demand
17 Giugno 2024 - 4:00PM
Business Wire
Cushman & Wakefield report on U.S. port-proximate industrial
real estate markets and port performance
Cushman & Wakefield’s (NYSE: CWK) latest report on U.S.
Ports shows 13 key port-proximate industrial real estate markets
have experienced cooling demand coupled with rising vacancy rates
and tempered rent growth.
While these trends mirror the U.S. macro trends, negative net
absorption has been more prominent in many of the port markets as
imports reverted to pre-pandemic levels and inventory strategies
shifted away from a “just in case” approach. There have been
occupiers within port-proximate markets that have placed excess
space back on the market.
“Despite expectations that West Coast ports would regain market
share from East and Gulf ports due to the ongoing Red Sea crisis,
Panama Canal drought, and the upcoming East Coast port
negotiations, this shift has yet to materialize consistently,” said
Jason Price, Senior Director, Americas Head of Logistics &
Industrial Research. “Having learned from previous supply chain
challenges, shippers continue to diversify ports of entry,
resulting in modest growth at most major ports nationwide.”
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 Los Angeles, Long Beach and Houston registering 30%, 16%
and 15% year-over-year (YOY) improvements in 20-foot equivalent
units (TEUs) handled. This is a shift from the first quarter of
2023, which started off slowly due to the reduction of pandemic-era
inventory surplus by retailers. The remainder of 2023 saw improved,
but modest, monthly totals, ending the year with 13% lower volume
than 2022.
Although many port markets rank among the priciest in the U.S.
for industrial space, some reported notable annual rental rate
declines in the first quarter as demand decelerated and vacancy
rates edged higher. Charleston’s average rent fell by 30%, while
the Inland Empire (-16.6%), Puget Sound-Eastside (-15.9%), and
Greater LA (-10.8%) yielded some of the sharpest asking rent
decreases nationwide during that time. However, some port-proximate
industrial markets continued to see steady rent growth amid
relatively tight market conditions: Orange County, California
posted a 2.8% vacancy rate amid a 5.6% YOY rent increase; Hampton
Roads, Virginia, saw rents rise 8.5% annually while boasting a
vacancy rate of just 3.2% as of the first quarter; and
Jacksonville’s 4.9% vacancy rate was 90 bps below the national
average while recording a 30% climb in rents since last year.
Q1 2024 U.S. Port Market Industrial Statistics Industrial
Market Port of Call Inventory (msf) UnderConstruction (msf) Vacancy
(%) Avg Asking Rent(psf) YOY RentChange (%) Q1 2024
NetAbsorption(msf) New Jersey Port of NY/NJ
678.0
10.2
6.3%
$17.04
3.5%
-3.2
NYC Boroughs Port of NY/NJ
139.5
1.5
4.4%
$28.19
7.9%
0.5
Hampton Roads Port of Virginia (Norfolk)
115.2
3.3
3.2%
$9.40
8.5%
0.8
Charleston Port of Charleston
97.8
4.5
9.2%
$7.84
-29.9%
-0.7
Savannah Port of Savannah
128.9
29.3
7.0%
$6.78
4.6%
3.6
Jacksonville JAXPORT
112.8
3.9
4.9%
$8.26
30.4%
0.2
Houston Port Houston
572.6
10.7
6.9%
$7.53
8.0%
5.1
Greater Los Angeles Port of LA/LB
799.6
8.0
3.9%
$18.29
-10.8%
-3.8
Inland Empire Port of LA/LB
624.6
20.8
6.3%
$15.62
-16.6%
-0.1
Orange County Port of LA/LB
253.4
1.5
2.8%
$19.86
5.6%
-0.4
Oakland/East Bay Port of Oakland
214.8
1.6
5.1%
$16.18
0.0%
-1.2
Seattle Northwest Seaport Alliance
261.3
5.6
6.0%
$11.83
3.1%
-0.9
Puget Sound - Eastside Northwest Seaport Alliance
65.4
1.2
5.5%
$13.79
-15.9%
-0.4
4,063.9
102.1
5.5%
$14.09
-0.1%
-0.5
Source: Cushman & Wakefield Research
“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 Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global
commercial real estate services firm for property owners and
occupiers with approximately 52,000 employees in nearly 400 offices
and 60 countries. In 2023, the firm reported revenue of $9.5
billion across its core services of property, facilities and
project management, leasing, capital markets, and valuation and
other services. It also receives numerous industry and business
accolades for its award-winning culture and commitment to
Diversity, Equity and Inclusion (DEI), sustainability and more. For
additional information, visit www.cushmanwakefield.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240617793072/en/
Mike Boonshoft michael.boonshoft@cushwake.com
Grafico Azioni Cushman and Wakefield (NYSE:CWK)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Cushman and Wakefield (NYSE:CWK)
Storico
Da Set 2023 a Set 2024