Engineering Inc. - Winter 2020 - 10

THEPRIVATESIDE

Southeast Port Growth Spurs
Intermodal Opportunities
By Erin McLaughlin

D

Top 5 Fastest Growing U.S. Ports
ue to continued economic growth, Sun
Belt migration and the 2016 Panama
Import &
Growth %
Canal expansion, U.S. seaports on both
Rank
Port
Export
2017-2018
the Gulf and East coasts are experiencTEUs, 2018
ing rapid expansion. Billions in capital
1
Wilmington (NC)
226,021
26.2%
improvements are being invested into
2
Houston (TX)
2,230,348
10.3%
these ports (see Top 5 Fastest Growing U.S.
3
Savannah (GA)
3,404,558
7.4%
Ports), resulting in booming industrial real estate mar4
Mobile (AL)
269,312
7.2%
kets inland and expanded infrastructure connected to
5
Jacksonville
(FL)
880,220
6.8%
these coasts.
As the seaports in the Southeast expand, new inland
TEU - Twenty-Foot Equivalent Unit, which is used to measure a
ship's cargo carrying capacity. The dimensions of one TEU are equal
ports have also emerged (see Fastest Growing Port &
to that of a standard 20-by-8-foot shipping container.
Industrial Real Estate Markets) including two in South
Source: The Journal of Commerce
Carolina (Inland Port Greer and Inland Port Dillon),
the Appalachian Regional Port in Georgia, and the
Virginia Inland Port. Additionally, the intermodal
Top 5 Fastest Growing
market in Lehigh Valley, Pennsylvania, is expanding
Industrial Real Estate Markets
due to Port of New York/New Jersey growth.
When analyzing what geographic areas present the
Market Size
Growth %
best opportunities for capturing work from intermodal
Rank Real Estate Market
(Square Feet) 2010-2018
and logistics clients, "following the freight" from sea
1
Savannah (GA)
45.7 million
to land is a critical strategy. With the most growth
45.7%
occurring in seaports in the Southeast and Texas, the
2
Houston (TX)
63.1 million
35.8%
nearby industrial real estate markets are also experienc3
Charleston (SC)
23.8 million
18.8%
ing some of the most significant expansions (see Top 5
4
Miami (FL)
115.5 million
15.7%
Fastest Growing Industrial Real Estate Markets).
5
Seattle (WA)
175.8 million
12.5%
The story of Wilmington, North Carolina's port
growth is particularly interesting. The small port grew
Source: JLL
by more than 26
percent in one year.
Fastest Growing Port & Industrial Real Estate Markets
Analysts credit this
5 Seattle, WA 12.5%
in large part to the
availability of cold
storage warehousing
on dock and in the
nearby industrial
Lehigh Valley, PA
real estate market.
Virginia Inland Port
Wilmington's port
Inland
Port
Dillon,
SC
is becoming a player
Wilmington, NC
Inland
Port
Greer,
SC
in the growing cold
1
26.2%
Appalachian Regional Port, GA
supply chain, which
3 Charleston, SC 18.8%
1 3
is experiencing an
Savannah, GA 7.4%
Savannah, GA 45.7%
uptick in demand
4
5
due to changing
2 2
Mobile, AL
Jacksonville, FL 6.8%
7.2%
consumer preferHouston, TX
10.3%
4 Miami, FL 15.7%
ences and the wide5 Fastest Growing Container Ports
Houston, TX
spread adoption
35.8%
5 Fastest Growing Industrial Real Estate Markets
of online grocery
5 Emerging Inland Ports
Sources: The Journal of Commerce, JLL & Global Trade Magazine
purchasing.

10

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WINTER 2020
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