Big-box space close to seaports is disappearing fast

CHICAGO, Oct. 2, 2012 —  Competition for market share of inbound shipping remains fierce among U.S. ports, especially as the east coast gears up for an expanded Panama Canal and trade flows continue to shift among developed and emerging countries, according to Jones Lang LaSalle’s fourth annual seaport report. As reported in the firm’s earlier studies, commercial real estate surrounding major U.S. seaports continues to outperform the broader industrial market.  The report, which analyzes the health of major domestic container seaports and their surrounding real estate, also reveals that:

• Exports are creating inland development opportunities – U.S. exports are now creating back-haul opportunities and are driving new connections between domestic maritime ports, inland destinations and their surrounding distribution real estate markets
• Investment is pouring into ports – At least $13 billion of public investment is earmarked for port development in the next decade
• Limited options are available for large space users – Only 20 blocks of space are available for users requiring 250,000 SF within five miles of a major U.S. port