Area Development
Even amid economic volatility, real estate in the markets surrounding the country's seaports is leading the U.S. industrial real estate recovery, reveals the new Jones Lang LaSalle's Port, Airport and Global Infrastructure (PAGI) report. A key finding is that overall vacancy rates for seaports have dropped from last year by 1.4 percent to 8.5 percent--outperforming the 9.7 percent vacancy rates held by the general industrial real estate sector.

This third annual index provides a distinctive analysis of seaport- and airport-centric industrial space in gateway U.S. real estate markets by providing detailed information on 24 major seaports and airports plus a macro overview of current trends impacting the domestic sector. It also explores warehouse property fundamentals in the areas surrounding these locations.

"Even with a myriad of global economic challenges, seaport industrial real estate has continued to retain its premium value over inland industrial locations," said John Carver, head of Jones Lang LaSalle's PAGI team. "Rising leasing volumes and demand for warehouse space at these gateway logistics hubs is driving this continued `coast inward' recovery. In the last year, millions of square feet of space have been taken in and around our busiest ports, bringing vacancy rates down."

Highlights from the report include: