The Port of New York and New Jersey (PNYNJ), the busiest port on the East Coast, has successfully surpassed pre-pandemic container volume levels in 2023. According to Cushman & Wakefield’s year-end industrial review, PNYNJ handled 7.8 million TEUs in 2023, a significant increase of 4.4% from its previous record in 2019.
This impressive achievement can be attributed to the port’s $220 million project aimed at enhancing its capacity and efficiency. One notable improvement is the redesign and reconstruction of Port Newark’s northern entrance.
However, despite this success story, there was a slight increase in vacancy rates by 240 basis points due to new product deliveries within the region surrounding PNYNJ. Nonetheless, leasing activity surged during Q4 with over one million square feet leased for the first time since early last year.
According to John Obeid, senior research manager at Cushman & Wakefield: “This report showcases PNYNJ’s remarkable resilience and strong recovery from pandemic challenges.” He further adds that despite facing difficulties during these unprecedented times; it remains as busy as ever before on East Coast waters.
In conclusion,”Port of NY/NJ Surpasses Pre-Pandemic Volume” highlights Connect CRE ‘s latest findings regarding this thriving port without mentioning any specific organization or location names.
