How do the West Coast ports stack up against their Atlantic counter-ports? How have shifts in cargo activity affected the real estate markets surrounding Pacific seaports? Where does the opportunity lie for developers and occupiers?
Port-centric markets, particularly those on the West Coast, have historically proven more resilient to market downturns than their inland counterparts. Compared to the national average vacancy rate in the 8 percent range, port markets on the West Coast are closer to 5.1 percent. Considerable activity has occurred in port-centric markets in the last 12 months by tenants seeking to lower their real estate costs by locking in new terms at current pricing levels. In so doing, they are reaffirming their commitment to the West Coast. By comparison, East Coast port markets are experiencing vacancy rates in excess of 12 percent.
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