The Port of New York and New Jersey (PNYNJ) has seen vacancy surge to 11.5 percent, a 630 basis point increase from 2023, according to a report from Cushman & Wakefield.
The CRE firm cited a few reasons for this trend including infrastructure failures, labor issues, geopolitical problems, and supply entering the market.
"The fourth quarter added further vacant space, including a 363,062-square-foot listing at 500 Supor Boulevard in Harrison and 260,000 square feet at 481 Doremus Avenue in Newark," said Cushman.
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