Port Pulse - 1Q 2012
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Transcript of Port Pulse - 1Q 2012
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Jones Lang LaSalle Pulse Port of New York/New Jersey Outlook Q1 2012 3
Select Port submarket development projects
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* UTHTC approved projects
Bayonne Bridge
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602 York Street, Elizabeth*524,000 SF (100% Preleased)Estimated Delivery: Q4 2013
228 North Avenue E, Elizabeth529,650 SF (0% Preleased)
Estimated Delivery: TBD
219-295 Route 1 & 9, Jersey City*878,403 SF (0% Preleased)Estimated Delivery: 4Q 2013
52-62 Cornelia St, Newark*220,000 SF (100% Preleased)
Estimated Delivery: Q3 2012
Port RedevelopmentIn anticipation of the widening of the PanamaCanal, the Port Authority of New York and NewJersey, along with its operating partners, hascommitted to redeveloping the Port so that itcan accommodate the greater containervolumes that will come as a result of thewidening of the Panama Canal. The project,
which will total approximately $3 billion, isanticipated to be completed by late 2014.These redevelopment projects include:
The raising the Bayonne Bridge will allowthe larger container vessels to pass underthe bridge. The bridge, which connectsBayonne with Staten Island, will be raisedfrom a 151 foot clearance to a 215 footclearance via the Raise the Roadwayproject. This is expected to be completed in2014.
The dredging of the Kill Van Kull and
Newark Bay channels to 50 feet is anecessary project that will allow the largervessels to navigate these waterways to theNew Jersey and New York ports. Started in2005, this project will be completed by theU.S. Army Corps of Engineers in 2014.
Enhancements to the On-Port and Inlandrail connections will allow the Port tobecome even more attractive for speedcargo operators throughout the country andCanada. The $600 million ExpressRailproject will allow in excess of 1.5 millioncontainers to be transported via rail perannum as more tracks are added and otherefficiencies are implemented.
Numerous infrastructure improvementprojects undertaken at individual ports willguarantee that the ports will be able tohandle the anticipated additional containervolume both via ship and via rail by 2014.
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429 Delancy Street, Newark815,775 SF (0% Preleased)Estimated Delivery: TBD
Kill Van Kull
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Jones Lang LaSalle Pulse Port of New York/New Jersey Outlook Q1 2012 4
For more information, please contact:
David E. Knee, SIORManaging DirectorIndustrial | Supply Chain & Logistics Solutions+1 201 393 [email protected]
Bob SilvermanSenior Vice PresidentIndustrial | Supply Chain & Logistics Solutions+1 201 393 [email protected]
2012 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Craig LeibowitzAnalystIndustrial | Supply Chain & Logistics Solutions+1 201 393 [email protected]
Aaron AhlburnVice President
Americas Director of Research, Industrial & Retail+1 424 294 [email protected]
Daniel Fenton
Research Manager, Americas Industrial
+1 404 995 2353
