Share:
2021-Ports-Report-Hero-Small 2021-Ports-Report-Hero-Large

Insights

North American Ports Report | Mid-Year Update

To keep up with this pace of goods coming into the continent, the North American industrial market has absorbed over 217 million square feet (msf) in the first half of 2021 alone, a 94% increase over the first half of 2020.

Get 2021 Mid-Year Report

Surges in Cargo Volume, Shipping Delays Climbing Toward 2020 Peaks 

Through the first half of 2021, many North American ports experienced surges in cargo volume, specifically imports, as the national economy continued to recover amid the backdrop of the pandemic. With consumer confidence increasing and economies opening in the second half of last year, goods were being shipped at a rate not ever seen before. As a result of pent-up demand, major ports such as New York/New Jersey (NY/NJ) and the Ports of Los Angeles (LA) and Long Beach (LB) continued to experience delays, including wait times and delays in ship arrivals. The Ports of LA and LB have seen container ships queuing up at rates not seen since the 2020 peak season (last fall). This is due to the simultaneous arrival of ships delayed from South China, new trans-Pacific services and additional extra loader vessels. Imports through the ports of LA and LB have swelled 41.1% year-over-year though midyear.  
North-American-Industrial-Chart-2021
North American industrial markets, and especially port-proximate industrial markets, are seeing record low vacancies. Los Angeles, New Jersey and Savannah are below 3.0% vacancy while Vancouver has a sub 1.0% vacancy rate. Additionally, rents in these port-adjacent areas are reaching new highs. New Jersey, Los Angeles, Seattle, Miami and Long Island, to name a few, have all seen more the 11.0% year-over-year (YOY) increases in rental rates, and increases are not expected to slow. As vacancy rates drop and rents continue to rise in these areas, tenants must obtain space further from ports to store the influx of product coming in. 

Ranking Among The Top North American Ports Mid-year 2021 (Jan-June) 

Top 10 North American Ports

H1 2021 Total Container Volume (TEUs)

Annual Change (H1 2020 vs H1 2021)

H1 2021 Import Volume

Annual Change (H1 2020 vs H1 2021)

Los Angeles

5,427,875

44.3%

2,834,213

45.3%

Long Beach

4,753,829

38.5%

2,315,171

39.5%

New York/New Jersey

4,395,072

30.6%

2,241,180

31.2%

Savannah

2,740,547

31.0%

1,363,723

37.9%

Vancouver

1,963,048

25.5%

991,453

25.5%

Northwest Seaport Alliance

1,860,174

18.9%

741,851

31.1%

Virginia

1,681,701

32.0%

792,725

34.6%

Houston

1,607,753

12.6%

749,406

31.5%

Charleston

1,335,097

21.8%

609,016

26.7%

Oakland

1,301,781

11.4%

544,642

19.9%

Sources: Cushman & Wakefield Research, New Harbor Consulting, Major NA Ports 


Download North American Ports Report - Mid-Year Update 2021 to learn more.

WANT MORE INFORMATION ABOUT INDUSTRIAL?
Learn more about what's next for the Industrial sector of commercial real estate.
Subscribe Explore U.S. MarketBeats

 

 

 

 

Related Insights

Industrial_Natl-MarketBeat-Card-7-7-21
MarketBeat • Industrial

Industrial Reports

Cushman & Wakefield MarketBeat reports analyze quarterly commercial real estate activity including supply, demand and pricing trends.
Carolyn Salzer • 7/8/2021
Industrial Warehouse (image)
Research • Industrial

North American Industrial Outlook

Market fundamentals in the North American industrial sector remained strong in 2020 despite pandemic-driven challenges. What’s the outlook for industrial real estate in 2021-2022?
Carolyn Salzer • 2/3/2021
Sustaining Industrial Labor Needs During and After the Pandemic Web Card Image
Article • Industrial

Sustaining Industrial Labor Needs During and After the Pandemic

Finding and retaining a skilled workforce continues to be a critical need, and those unemployed during the pandemic may need training and help with other issues to step into those open roles.
Bethany Clark • 12/10/2020

Related Industries & Specialties

Logistics & Industrial
In the fast-evolving sector, occupiers and owners benefit from our versatile representation expertise throughout the supply channel.
Learn More
Ports & Intermodal
Our professionals analyze ocean cargo and container-movement trends to help clients make decisions based on intelligent market knowledge.
Learn More
Retail, E-Commerce & Logistics
At the connection of retail, e-commerce, logistics and industrial, we offer omnichannel solutions to keep you current in an evolving landscape.
Learn More

Ready to talk?

Our professionals are ready to provide further details on this and many other topics.