The Port of NY & NJ is seeing an impressive amount of activity to start 2025 — but tariffs and trade policy could leave industry players guessing the rest of the way.
Universally recognized as the largest on the East Coast, the port took in a total of 4.4 million TEUs in the second quarter, a 4.9 percent year-over-year increase, a report from Cushman & Wakefield finds.
"Import volume continued to drive growth, increasing by 3.5% to 2.2 million TEUs, while exports rebounded by 4.2% to 712,565 TEUs," the firm explained. The June numbers were particularly strong, as 687,671 TEUs were handled in the month alone.
Another noteworthy stat was leasing. First half signings reached 1.7 million square feet, marking a 75.5 percent surge from the previous 12 months.
Also, rail volume has now seen gains in five consecutive months. May alone saw an impressive 12.3 percent jump to 361,144 containers.
But it was far from a smooth sailing second quarter for the Port of NY & NJ. For one, vacancy saw a significant spike to 12.2 percent, up 450 basis points. Cushman & Wakefield attributed this "largely due to the delivery of new, unoccupied developments."
"Notable new deliveries in the second quarter included a 426,275-square-foot (-sf) speculative project at 145 Industrial Drive in Jersey City, and a two-building speculative development totaling 204,407 sf at 681 Main Street in Belleville," it added.
And two, rents dipped by 2.3 percent to $19.92 per square foot.
But foggy waters are the only thing that the Port of NY & NJ might be able to see, at least in the short term. Cushman & Wakefield said that trade policy and decisions on tariffs will be key to shaping the second-half performance. What that will translate to is unclear. But longer-term, the Chicago-based firm is bullish. This is in part due to improving infrastructure in the area and the willingness to transport larger vessels in the port.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.