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August 20 2018

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$5.50 $6.00 $6.50 $7.00 2013 2014 2015 2016 2017 Jan.- June 2018 New Jersey warehouse rents climb Source: CBRE © 2018 IHS Markit Industrial real estate rents in New Jersey towns around the Port of New York and New Jersey 18 The Journal of Commerce | August 20 2018 www.joc.com Top 50 Global Container Ports Special Report and distribution facility at John F. Kennedy International Airport. Molly Campbell, director of the port department at the port author- ity, said the city's plan will comple- ment those of her own agency, and those of the federal government and New York state. "Increasing the movement of freight by rail is criti- cal to this region," she said. "And this plan represents an important step in advancing this critical initiative." The authority is expected by year- end to release a master plan that will guide development of the port's 3,000-plus acres of cargo-related property during the next 25 to 30 years. As conceived by the authority, the plan will compile a broad range of ideas on how to reconfigure port fa- cilities to handle expected increases in volume and to maximize revenue. The project is expected to examine the port's six container terminals as well as its auto, bulk, cruise, and adja- cent real estate holdings, and support services and operations. Loaded cargo through the port grew 10.9 percent in the first quarter of the year, to more than 1.2 million TEU, outstripping the 6.5 percent increase on the East Coast as a whole, PIERS figures show. Loaded cargo vol- umes through New York-New Jersey grew 6 percent year over year in 2017, to nearly 4.8 million TEU, as the East Coast volume increased 6.2 percent. The port, like those in other urban areas, has seen demand for real estate surge dramatically with cargo volumes in recent years, as shippers and logistics businesses have sought space, often in compe- tition with e-commerce companies looking for space from which to dis- tribute goods to New York and New Jersey consumers. Average lease rates in the heart of the Port of New York and New Jersey have jumped 40 percent in the last six years. The port authority, which conducted outreach to solicit input from a range of stakeholders, is reviewing their recommendations, spokesman Steve Coleman said. "Once finished, we intend to do an- other round of stakeholder outreach and then release the plan in late 2018," he said. JOC email: hugh.morley@ihsmarkit.com twitter: @HughRMorley1 main container terminals in New Jersey on new barge routes to city destinations. It calls for the development of a barge terminal at the Hunts Point Food Distri- bution Center, one of the city's biggest food markets, in the Bronx, and creating a barge terminal in the container terminal the city is building in Brooklyn, known as South Brooklyn Marine Terminal. The city also said it would work to "advance regional service between New Jersey container terminals, New York City, and New England ports." The plan also calls for the con- struction of new transload facilities in Brooklyn and Queens to provide industrial and food-related busi- nesses with direct access to the national rail network, including the creation of new locations to transfer shipments from one mode of trans- portation to another. In another pro- posal in the report, the city would construct sidings to enable trains to pass each other more easily. The city also pledged to support the development of freight hubs across New York City, and to build warehouse and transloading facili- ties through public-private part- nerships. Two projects planned are 500,000 square foot "urban distri- bution center" at the Brooklyn Army Terminal and a four-acre air cargo the New York City mayor's Office of Sustainability. The city's plan centers on devel- oping new maritime and freight infrastructure to get cargo into the city, and "changing and modernizing how and where freight is stored for distribution and warehousing." On the marine side, the plan would create a hub-and-spoke system in which freight would be transported from the port's 1,200,000 1,300,000 1,400,000 1,500,000 1,600,000 1,700,000 1,800,000 H1 2014 H1 2015 H1 2016 H1 2017 H1 2018 Port of New York and New Jersey imports rise Source: IHS Markit © 2018 IHS Markit Laden import TEU volume with year-over-year change +12.4% +6.2% +5.3% -1.3%

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