Leasing in 2024 plunged by 21 percent to 1.8 million square feet. But on the bright side, the category saw a 28.3 percent improvement in the fourth quarter to 476,906 square feet compared with the previous three months, although that figure is still 7.1 percent below the quarterly average in the past 24 months.

Also, there were some more positives in the performance of the PNYNJ. In fact, Cushman said the port had its third-busiest year on record after handling 8.7 million TEUs, representing an 11.4 percent rise from the previous year. Also, the port generates the most traffic on the East Coast and owns the biggest 250-mile radius population in North America, according to Cushman.

Additionally, the PNYNJ rents climbed 5 percent year-over-year to $20.93 per square foot.

"The port community demonstrated exceptional adaptability, minimizing disruptions from unexpected events such as the Francis Scott Key Bridge collapse near Baltimore and a three-day International Longshoremen’s Association strike in October," Cushman explained.

Going forward, Cushman points to two factors that forecast to generate further growth for the PNYNJ. This includes the enhancement of the Newark-Elizabeth port complex and a deal struck with the U.S. Army Corps of Engineers, which could lead to expanding navigational channels to 55 feet.