U.S. Ports Update - YE2017

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Seaports are a vital economic engine for the U.S. and a huge driver of demand for industrial real estate. Port of entry markets in the United States remain one of the key drivers in the industrial market. As imports have risen steadily over the last few years in many of the ports across the country, the appetite for nearby industrial space has been robust. A huge driver of demand, imports represented 63% of the total loaded cargo volume in 2017 for the top 13 ports in the U.S.

With the explosive growth occurring in eCommerce, the demand for industrial space in warehouse, distribution, and fulfillment centers has been soaring. The U.S. industrial market has now recorded over 240 msf of absorption for four consecutive years—the strongest run on record. The warehouse market remains tight with vacancy tracking at 5.2% in Q4 2017. Over the past year, logistics-related vacancy has declined 50 bps (from 5.7% to 5.2%) despite the delivery of 168.6 msf of new speculative warehouse product. These banner numbers do not occur without healthy port markets, which accounted for 28% of the net absorption registered in 2017 and vacancy rate of just 3.5%.

For information on Cushman & Wakefield's Ports & Intermodal Advisory Group, please contact:

Co-Lead Ports & Intermodal Advisory Group
+1 949 955 7653

Co-Lead Ports & Intermodal Advisory Group
+1 202 471 3594