U.S. seaports continued to evolve in 2022. While ports on the East and Gulf Coasts took on more volume, West Coast ports struggled with canceled sailings, stuck vessels, and reduced cargo volumes.
Despite the number of challenges U.S. ports faced in 2021, the volume of loaded twenty-foot equivalent units (TEU) passing through the nine ports included in this report increased by 9.9% year-over-year. While ongoing plans to modernize infrastructure and improve port functionality remain necessary for more efficient operations, dredging and infrastructure construction projects are only underway at a handful of locations.
The industrial markets surrounding the nine seaports showcased in this report also performed exceptionally well. Combined, the markets ended the third quarter of 2022 with an overall vacancy rate of just 2.3%, significantly lower than the national average of 3.7%. Despite low vacancy, activity was strong as 220.2 million square feet were absorbed from these markets in 2021 and 115.4 million square feet year-to-date.
