As New Jersey's port volume declines, so does industrial demand

chart of monthly shipping statistics for ports of New York and New Jersey  from January 2019 to September 2023

Total loaded shipping volume drops by 17.5% year-over-year. The decline in shipping volume can be linked to economic uncertainty and shifting consumer behavior, leading to reduced demand for specific goods and services. Import-to-Export Ratio Nears 3.5:1 (for every 3.5 loaded imports, there is 1 loaded export). As shipping volume starts to stabilize, we're also witnessing a decreased demand for industrial space. Reduced shipping activity typically translates to decreased need for warehousing and logistics facilities, resulting in reduced demand for industrial real estate.

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