A year after the opening of the Panama Canal expansion, rents for industrial space around the Port of Los Angeles are at an all-time high and vacancy rates are hovering around 1 percent.
Tenants are “fighting for infill locations,” says Griffin Cogorno, vice president of client services for Unire Real Estate Group. “The amount of people looking to take space has been mind-blowing.”
Cargo traffic to Los Angeles and other West Coast ports was expected to drop in the wake of the much-anticipated canal expansion, as Asian shippers diverted cargo through the canal to the East Coast. In fact, container shipments through Gulf Coast and East Coast ports have soared since the new locks opened in June 2016. But the drop-off in cargo to the West Coast has not materialized.
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