Just over a week after business groups appealed to the Biden administration for help resolving a labor dispute at the Ports of Los Angeles and Long Beach, the Pacific Maritime Association and the International Longshore and Warehouse Union reached a tentative agreement. The deal’s full terms weren't released, according to CNBC, but the contract [...]
Cargo volumes are down at the powerhouse ports of Los Angeles and Long Beach, and although some worry that the decline could stick, local CRE professionals are more worried about the impact of macroeconomic trends on the area's industrial market. Shipping backlogs and protracted labor negotiations led to an unlikely scenario at these ports: They've [...]
As the bipartisan infrastructure bill awaits President Joe Biden’s signature to become law, the commercial real estate industry awaits the effects of $550B in new spending. It could be waiting a long time. The nature of infrastructure projects is long-term — doubly so for the transformational projects the bill is supposed to make possible. [...]
Global Supply-Chain Problems Escalate, Threatening Economic Recovery Component shortages, surging prices of raw materials and transportation backups compound the bottlenecks Global supply-chain bottlenecks are feeding on one another, with shortages of components and surging prices of critical raw materials squeezing manufacturers around the world. The supply shocks are already showing signs of choking off the [...]
The Ports of Los Angeles and Long Beach — together, the nation’s busiest — continue to experience record volumes, leading to double-take-worthy industrial fundamentals nearby. The Port of LA reported that between June 2020 and June 2021, it broke eight monthly records and experienced the top four individual months in its 114-year history. Import volumes [...]
The United States’ top port for containerized imports from Asia reported its best February on record as the nation’s economy continues to bounce back from the pandemic. The Port of Los Angeles said it processed 799,315 Twenty-Foot Equivalent Units (TEUs) last month for a 47% jump compared to February 2020 when the world was [...]
Trade volume fell sharply at Southern California's twin ports of Los Angeles and Long Beach in October, as measured by loaded 20-foot equivalent unit containers, known as TEUs. For the month, trade volume was 12.4% lower than a year ago, continuing the decline in shipping activity seen since the end of 2018, while the less-volatile, six-month trailing average declined [...]
