Port of Seattle Remains Strong Amidst Headwinds

As of mid-year 2022, twenty-foot equivalent units (TEUs) totaled 1.8 million at the Northwest Seaport Alliance, with mid-year 2022 import volume of 698,298. The Northwest Seaport Alliance remains the No. 7 port in the U.S. with 6.5% market share.  

Over the last few years, the top 10 maritime ports have accounted for approximately 85% of the total TEU volume handled throughout the U.S., which equates to some 27.2 million TEUs through the first six months of the year, a 5.2% increase year-over-year.   

As increased port activity has persisted at most of the nation’s maritime ports, industrial demand has unsurprisingly followed suit. Port industrial markets have proven to be some of the strongest in the nation as they feed some of the country’s most populous metropolitan areas. The industrial markets surrounding the top 10 U.S. ports encompass over 4.0 billion square feet of space, representing about 25% of the national total.   

With an inventory of 251.8 million square feet (msf), Seattle has a vacancy rate of 3.7% with 4.08 msf absorbed as of Mid-September. Only five of the major port industrial markets (Inland Empire, Charleston, Savannah, Hampton Roads, and Seattle) yielded more than 4.0 msf of absorption year-to-date.  

Since the start of 2022, industrial markets around ports have totaled 37.4 msf of new deliveries, accounting for just 1.0% of inventory and 19.3% of the U.S. total. Seattle has completed 2.39 msf year-to-date with another 5.08 msf under construction. 

For more, click here to read our North American Ports Report.