(MENAFNEditorial)
Distribution centers near the nation’s top seaports are bursting with consumer goods and other cargo—and that’s before the Panama Canal extension opens next spring. Distribution center and warehouse occupancy levels have reached historic highs while expensive construction and labor costs keep new development sparse in many seaport industrial real estate markets.
JLL’s seventh annual “Seaports Outlook Report” and index – the first of its kind in the industry – ranks the most prominent ports in North America. According to the report which analyzes the health of major container seaports and their surrounding real estate occupancy levels by total square feet have surpassed 2007 which was the high-point of the last real estate boom.
“We are seeing unprecedented industrial real estate growth around our nation’s seaports” said Mark Levy Managing Director and lead of JLL’s Ports Airports and Global Infrastructure (PAGI) practice group. “Industrial real estate occupancy has grown by 17 million square feet in the West Coast seaport markets between 2007 and 2014 and rose 15 million square feet between 2013 and 2014 alone. The East Coast and Gulf of Mexico seaports had equally impressive gains and increased by 36.9 million square feet between 2007 and 2014.”
The 15 seaports ranked in JLL’s report received a total of 43.4 million Twenty-foot equivalent units (TEU) containers in 2014 marking an 8.5 percent increase from 2007. West Coast cargo volume decreased by 2.2 percent over this time period; while East Coast and Gulf of Mexico cargo volume was up by 25.3 percent. Recent supply chain disruptions on the West Coast have resulted in companies re-evaluating their import strategies which JLL believes were related to TEU volumes rising faster for Gulf and Eastern Seaboard ports.
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