As market uncertainties mount, investors are turning to industrial port markets as a safe spot to park capital, with locations in Florida, Southern California and New York/New Jersey leading the way.
JLL data shows that port markets posted a 23% year over year increase in asking rents in the first quarter, as opposed to a 16% uptick for non-port cities. Miami posted a 53.3% year-over-year increase in rental growth, followed by Los Angeles with 45% growth, Orange County with 27%, New York/New Jersey with 26% and Boston with 22.9 percent to round out the top five.
In addition, 22.1% of total new inventory constructed in the industrial market during the first quarter was delivered in port markets.
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