December 21, 2018
Container traffic through the Port of New York and New Jersey set a new monthly record in October, wrote CBRE’s Nicole LaRusso, and “it seems a sure bet” that 2018 will represent a new annual high. This high volume has been occurring in spite of tariffs imposed by the Trump administration.
It’s less clear, though, whether 2019 will follow suit and thus represent continued strong demand for the region’s industrial product. It’s about to begin with “several uncertainties that should be closely watched,” LaRusso wrote.
Among them are the possibility of more tariffs, higher interest rates and slowing economic growth. “These headwinds raise the degree of uncertainty about the volumes we can expect in 2019,” wrote LaRusso.
“However, while growth is not a foregone conclusion, neither is it an abrupt halt,” she noted. Accordingly, “we expect the industrial markets to remain healthy through 2019,” even if volumes diminish somewhat.
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