Cargo Volume to U.S. Seaports Are Steady as She Goes, by Jones Land LaSalle
Seaports are focused on enhancing their infrastructure to attract ocean carriers, while industrial users want access to population centers and supply chain optimization, according to Jones Land LaSalle’s U.S. Seaport Outlook 2013 report. Both are positioning themselves to compete and vie for market share, and this is creating excellent momentum for industrial real estate. Eastern seaboard ports are preparing for the completion of the Panama Canal's expansion, set for 2015. This will be a game changer for many industrial markets as it relates to long-term demand growth.
In the report, JLL analyzes seaport-centric industrial space in gateway U.S. real estate markets, looking at the influence of global economic drivers, including trade and cargo flows, socioeconomic and political factors, as well as port capacity and infrastructure investment. The report profiles the major U.S. seaports.
Here are key trends in the report:
- U.S. port volume is inching closer to pre-recession highs.
- Leading the pack is the Port of New York/New Jersey with the Port of Los Angeles a close second and the Port of Long Beach third.
- Savannah leads the second-tier ports.
- Charleston heads up the third-tier ports.
- Second and third tier ports have big projects underway that could elevate them to first tier ports in the future.
- Many of the big ports will be ready to handle the big ships when the Canal opens.
- Carriers are already reducing costs by sending big ships through the Suez Canal, slow-steaming and consolidating volumes.
- There are only 11 available spaces in excess of 500,000 square feet within 15 miles of any major seaport in the U.S.
- There are big opportunities for East Coast port-supporting markets such as Atlanta, Charlotte and Baltimore.
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