Import volume bolsters East Coast demand.With a $1.8 billion capacity upgrade project underway at Port Newark/Elizabeth, the Port Authority of New York and New Jersey Port Authority of New York and New Jersey, self-sustaining public corporation established in 1921 by the states of New York and New Jersey to administer the activities of the New York–New Jersey port area, which has a waterfront of c. is working hard to support industrial real estate development in the region--and with good reason. A recent Cushman & Wakefield study showed that during 2004, the major California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). ports imported more than $204 billion in goods while New York/New Jersey port districts imported almost $60 billion. Much of the volume increase in recent years reflects expanded sourcing from Asia, especially China. In fact, China today holds a full 11 percent market share, by value, of imports into the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The extraordinary volume on the West Coast has created congestion The condition of a network when there is not enough bandwidth to support the current traffic load. congestion - When the offered load of a data communication path exceeds the capacity. and delays, prompting many importers to consider alternative strategies. Already, overseas companies are diverting di·vert v. di·vert·ed, di·vert·ing, di·verts v.tr. 1. To turn aside from a course or direction: Traffic was diverted around the scene of the accident. 2. more and more goods to the East Coast from overloaded o·ver·load tr.v. o·ver·load·ed, o·ver·load·ing, o·ver·loads To load too heavily. n. An excessive load. Adj. 1. West Coast ports. Viable long-term solutions include increased all-water service to the East Coast from Asia via the Panama and Suez canals Suez Canal, Arab. Qanat as Suways, waterway of Egypt extending from Port Said to Port Tawfiq (near Suez) and connecting the Mediterranean Sea with the Gulf of Suez and thence with the Red Sea. The canal is somewhat more than 100 mi (160 km) long. . Today, the New York/New Jersey region is the second largest in terms of China-based imports, including apparel and textiles, machinery, electronics, and furniture. Recognizing that demand will continue to escalate es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. significantly in the near-term, the Port Authority is working to encourage the creation of new distribution infrastructure to complement the port improvements. The agency recently designated 14 area sites, including a number of Brownfields locations, as "Portfields." These properties, intended for port-related uses, have attracted significant developer interest. One of the most notable projects is Catellus Development Corporation's Port Reading Business Park in Carteret and Woodbridge. The firm is completing construction of a 360,000-square-foot building on the 25-acre Carteret portion of the property and has approvals in place to build up to 3.25 million square feet on 290 adjacent acres in Woodbridge. As leasing agent for the property, we have seen significant levels of interest from users who will benefit from the park's port proximity. Area towns are taking charge as well. A number of local communities are creating redevelopment zones and appointing designated developers. Perth Amboy Perth Amboy (ăm`boi), city (1990 pop. 41,962), Middlesex co., NE N.J., with a harbor on Arthur Kill at the mouth of the Raritan River, which is crossed there to Staten Island, N.Y., by the Outerbridge Crossing (1928); settled 1683, inc. , for example, has named notable developers including Panatoni and Morris Companies to create significant distribution projects to serve this stepped-up demand. Ultimately, New Jersey is well positioned to continue its evolution as the East Coast's leading port hub. In 2004, container volume at Port Newark/Elizabeth grew more than 10 percent, and the value of total cargo in the port has increased nearly 22 percent since 2003. The current Port Authority project is anticipated to double the port's capacity by 2020. With local towns and the development community actively supporting the creation of additional, modern warehouse and distribution space, we are entering an unprecedented time of growth and prosperity in the region. STAN DANZIG, EXECUTIVE DIRECTOR CUSHMAN & WAKEFIELD, NJ |
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