Cushman & Wakefield recently released a report which examined port growth and trends to watch.
The firm’s Logistics & Industrial team released on Monday the “2019 North American Ports Outlook” and found the logistics and industrial sector is evolving at an unprecedented pace. C&W said the ports and intermodal industry are essential to the supply chain process and will continue to evolve to meet the increased demand for goods.
Overall, the report found inbound TEU volumes were up 6% from 2017 and outbound loaded volumes were up 2%. Each of the biggest U.S. East Coast ports also did well in 2018, with the largest (New York-New Jersey) recording an 8.2% gain in inbound.
When focused specifically on the Port of New York-New Jersey, the report highlighted three trends to watch in the Garden State:
1. New rail facility in Bayonne, support tracks in Greenville Yards
The construction of a new intermodal rail facility for Global Container Terminal—Bayonne. The project is expected to improve the flow of goods to and from the Port of NY/NJ. It also includes the full redevelopment supportive tracks in Greenville Yard A. Eight of the 13 tracks are currently in service. The project is slated for completion in 2020.
2. Upgrades at Howland Hook Marine Terminal
Approximately 6 acres of pavement will be replaced and restored.
3. Bayonne Bridge
The air draft clearance at the Bayonne Bridge is to be raised as well as replacing the existing main span deck, the N.Y. and N.J. approach structures and access ramps.