As New Jersey's port volume declines, so does industrial demand
![chart of monthly shipping statistics for ports of New York and New Jersey from January 2019 to September 2023](/documents/191207401/195262163/CP_NJ+Databite+-+TEU+Shipping+Volume.png/6721b5ae-31f8-9b29-e42d-955d30f25310?t=1699886983342)
Total loaded shipping volume drops by 17.5% year-over-year. The decline in shipping volume can be linked to economic uncertainty and shifting consumer behavior, leading to reduced demand for specific goods and services. Import-to-Export Ratio Nears 3.5:1 (for every 3.5 loaded imports, there is 1 loaded export). As shipping volume starts to stabilize, we're also witnessing a decreased demand for industrial space. Reduced shipping activity typically translates to decreased need for warehousing and logistics facilities, resulting in reduced demand for industrial real estate.