{"id":1004748257,"date":"2025-02-24T03:16:00","date_gmt":"2025-02-24T11:16:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004748257"},"modified":"2025-02-25T03:34:03","modified_gmt":"2025-02-25T11:34:03","slug":"port-activity-rebounds","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/port-activity-rebounds\/","title":{"rendered":"Port Activity Rebounds"},"content":{"rendered":"\n

Container volumes rose 11.2 percent to 61.3 million TEUs across the top 15 ports last year, marking 2024 as the third-busiest year on record in North America, according to Savills\u2019 new report<\/a>.<\/p>\n\n\n\n

Los Angeles and Long Beach saw the most significant growth as they benefited from shippers that diverted cargo ahead of the first ILA strike in nearly 50 years, as well as efforts to move freight ahead of labor and tariff uncertainties. Baltimore and Montreal were the only ports that saw decreased volumes.<\/p>\n\n\n\n

Savills anticipates that short-term strategies such as front-loading will continue in 2025, if trade policy volatility remains. Additionally, as supply chains diversify, trade will be reduced between U.S. ports and China.<\/p>\n\n\n\n

\u201cThe data confirms importers are front-loading freight, yet warehouse leasing has been slow,\u201d Mark Russo, vice president of industrial research for Savills, told Commercial Property Executive<\/em>.<\/p>\n\n\n\n

\u201cWe expect a demand recovery in port markets in 2025, driven by inventory movement and ultimately dependent on the consumer’s health.\u201d<\/p>\n\n\n\n

\"Chart<\/a>
Container volumes by region. Chart courtesy of Savills Research & Data Services and Local Port Authorities<\/em> <\/figcaption><\/figure>\n\n\n\n

Danny Williams, executive managing director at Newmark, concurred that the front-loading of imports due to tariffs and cargo re-routes from Gulf and East Coast distributors has bolstered LA-LB\u2019s TEU import volume in recent months.<\/p>\n\n\n\n

\u201cLonger rail dwell times, however, suggest a good portion of this cargo is destined for markets outside of Southern California,\u201d Williams said.<\/p>\n\n\n\n

\n\n\n\n

READ ALSO<\/strong>: Industrial Sector Transitions as Supply Shrinks<\/a><\/p>\n\n\n\n

\n\n\n\n

A moderate uptick in touring and leasing activities can be observed, according to his colleague, Dain Fedora, head of Southwest U.S. research at Newmark.<\/p>\n\n\n\n

\u201cHowever, occupiers are still proceeding with caution due to remaining uncertainty surrounding tariffs, inflation, etc.,\u201d he said.<\/p>\n\n\n\n

\"Map<\/a>
The 2024 annual TEU volume & year-over-year change at top North American ports. Chart courtesy of Savills Research & Data Services, Local Port Authorities and U.S. Census Bureau<\/em><\/figcaption><\/figure>\n\n\n\n

Port development activity brisk<\/h2>\n\n\n\n

CRG recognized the increasing demand for logistics and distribution space near major ports early on, making strategic investments in key markets like Savannah, Mike Demperio, the company\u2019s executive vice president of the Southeast region, told CPE<\/em>.<\/p>\n\n\n\n

The Cubes at West Port and The Cubes at Interstate Centre II are examples of the company\u2019s commitment to support supply chain efficiencies in proximity to the Port of Savannah, according to Demperio.<\/p>\n\n\n\n

The Cubes at West Port is a 764-acre master-planned industrial park in Bryan County, Ga., approximately 25 miles west of Savannah. The development will include a 1 million-square-foot industrial facility<\/a> for Lecangs.<\/p>\n\n\n\n

The Cubes at Interstate Centre II is a 300-acre development within the broader Interstate Centre industrial park in Bryan County, Ga., approximately 25 miles west of Savannah.<\/p>\n\n\n\n

\u201cThe project was designed to accommodate growing demand for logistics and warehouse space, driven in part by the recent expansion of the Port of Savannah, located about 30 miles east,\u201d Demperio said.<\/p>\n\n\n\n

CRG\u2019s first building at the development, the 700,000-square-foot Building A, was leased to McKesson Medical-Surgical in November 2021. The second warehouse, the 465,250-square-foot Building E, has been completed, while Buildings B and C are currently under construction.<\/p>\n\n\n\n

A fifth building is also planned. Upon completion, The Cubes at Interstate Centre II will comprise nearly 4.3 million square feet of Class A industrial space.<\/p>\n\n\n\n

\u201cAs container volumes continue to rise, we anticipate strong demand for well-located, state-of-the-art distribution centers to help companies mitigate congestion and labor challenges while optimizing access to major transportation networks.\u201d<\/p>\n\n\n\n

Houston, Jacksonville, Georgia markets stay active<\/h2>\n\n\n\n

JLL reported that there have been substantial transaction volume increases in Houston (20 percent increase year-over-year) and Jacksonville (48 percent increase year-over-year), according to Trent Agnew, senior managing director & industrial group leader at JLL.<\/p>\n\n\n\n

Notable deals such as Stonepeak acquiring over 1.8 million square feet<\/a> of industrial space in Jacksonville and purchasing Houston’s Independence Logistics Park demonstrate strong interest from diverse investors who believe these markets will outperform the broader industrial market, including core funds, separate accounts and infrastructure funds, he said.<\/p>\n\n\n\n

\u201cLooking ahead, we anticipate a marked increase in activity in established markets like New Jersey and Southern California,\u201d Agnew told CPE<\/em>.<\/p>\n\n\n\n

\u201cAs leasing demand accelerates in 2025, following the container growth experienced in 2024, and rents bottom out, these markets will offer an attractive entry point for investors who have been historically priced out.\u201d<\/p>\n\n\n\n

Earlier this year, Avison Young reported on two speculative Class A industrial buildings totaling 540,408 square feet that are coming to the new Northeast Georgia Inland Port.<\/p>\n\n\n\n

Alliance Industrial Co<\/a>. will break ground this quarter on the Alliance 985 Business Park, which is slated to be delivered in early 2026 at 3605 Atlanta Hwy Flowery Branch, Ga.<\/p>\n\n\n\n

Avison Young has arranged the sale of the 66.75 acres of land needed for the development. The first building will be 113,536 square feet, and the second will be 426,872 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid diversified supply chains and trade policy volatility, Savills expects shippers\u2019 short-term strategies to continue.<\/p>\n","protected":false},"author":3568,"featured_media":1004748339,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,21783,23891,21742,37749,51037],"tags":[33022,51981,32796,50999,34107],"class_list":["post-1004748257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-investment","category-national","category-latest","category-research-center-cpe","category-trends","tag-avison-young","tag-crg","tag-jll","tag-newmark","tag-savills"],"acf":[],"yoast_head":"\nPort Activity Rebounds - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Container volume increases marked 2024 as the third-busiest year on record in North America, according to Savills\u2019 new port activity report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/port-activity-rebounds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Port Activity Rebounds\" \/>\n<meta property=\"og:description\" content=\"Container volume increases marked 2024 as the third-busiest year on record in North America, according to Savills\u2019 new port activity report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/port-activity-rebounds\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-24T11:16:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-25T11:34:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Port-activity-Savills.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"611\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Richard Berger\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-activity-rebounds\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/port-activity-rebounds\/\",\"name\":\"Port Activity Rebounds - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-activity-rebounds\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-activity-rebounds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Port-activity-Savills.png\",\"datePublished\":\"2025-02-24T11:16:00+00:00\",\"dateModified\":\"2025-02-25T11:34:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6d4c5f1b2f682b3604ad9fe73c19fed7\"},\"description\":\"Container volume increases marked 2024 as the third-busiest year on record in North America, according to Savills\u2019 new port activity report.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-activity-rebounds\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/port-activity-rebounds\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-activity-rebounds\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Port-activity-Savills.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Port-activity-Savills.png\",\"width\":800,\"height\":611,\"caption\":\"The 2024 annual TEU volume & year-over-year change at top North American ports. 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