As retailers stock up, real estate near ports sees record demand
- Industrial real estate markets are seeing low vacancies and high rents, according to the North American Ports Report from Cushman & Wakefield.
- Some industrial markets near port-adjacent areas are seeing more than 11% rent increases year-over-year. Vacancy rates were also low, particularly in Los Angeles, Vancouver, Savannah, Georgia and the state of New Jersey.
- North American ports handled a record volume of over 13.8 million TEUs handled year-to-date, according to the report. Experts say there is no signs of slowing down.
Port-adjacent markets see high demand for industrial real estate
Industrial vacancy rates at the end of Q2 in each port-adjacent market
Companies are holding more than the usual inventory to prepare for the peak season, which causes less warehouse space to become available.
“People really want their stuff,…